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On March 31st, the total number of enrollments in the Atal Pension Yojana (APY) exceeded 52 million. Atal Pension Yojna a government-supported scheme that ensures a minimum monthly pension of Rs. 1,000-5,000 to its subscribers based on their contributions.
According to a statement released by the finance ministry, the Atal Pension Yojana (APY) witnessed a growth of over 20%, enrolling more than 11.9 million new subscribers in FY23, as compared to 9.9 million in FY22. Currently, the scheme has generated an investment return of 8.69% since its inception on May 9, 2015, and has total assets under management (AUM) of over Rs 27,200 crore.
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The Atal Pension Yojana (APY) guarantees a minimum monthly pension of Rs 1,000 to Rs 5,000 for life to its subscribers, starting from the age of 60 years, based on their contributions. In the case of the subscriber’s demise, their spouse would receive the same pension, and after the demise of both the subscriber and their spouse, the nominee would receive the pension wealth accumulated till the subscriber reached the age of 60.
With the support of their State Level Banker’s Committees (SLBCs), Bihar, Jharkhand, Assam, Uttar Pradesh, West Bengal, Madhya Pradesh, Tripura, Rajasthan, Andhra Pradesh, Chhattisgarh, Odisha, and Uttarakhand have met their annual enrolment targets for the Atal Pension Yojana (APY). Furthermore, in the category of Public Sector Banks (PSBs), 9 banks accomplished their annual targets, and Bank of India, State Bank of India, and Indian Bank were able to acquire more than 100 APY accounts per branch.
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In the Regional Rural Banks (RRBs) category, 32 banks met their annual targets for the Atal Pension Yojana (APY), with Baroda Uttar Pradesh Gramin Bank, Jharkhand Rajya Gramin Bank, Vidharbha Konkan Gramin Bank, and Tripura Gramin Bank securing over 160 APY accounts per branch. Additionally, Tamilnad Mercantile Bank, Dhanlaxmi Bank, and Airtel Payments Bank accomplished the annual target assigned by the Ministry of Finance.
The Pension Fund Regulatory and Development Authority (PFRDA), in collaboration with SLBCs and RRBs, organized 47 outreach programs and town hall meetings throughout India to promote the Atal Pension Yojana (APY). Several initiatives were taken to raise awareness about the benefits of the scheme, including the introduction of a digital onboarding feature using Aadhaar, the release of a revamped APY mobile application, the creation of 17 podcasts, and the introduction of a Chatbot service for obtaining basic information about APY.
