More than 65 lakh enrolments in Atal Pension Yojana so far in fiscal FY22

6 Jan 2022 , 03:36 PM

Since its inception, the journey of Atal Pension Yojana (APY) has been substantive with 3.68 crore enrolments. The performance in this financial year has been good as more than 65 lakh subscribers enrolled which is the highest ever enrolment during the same period since the launch of the scheme. Apart from enrolments, male to a female subscription ratio of 56:44 is improving and asset under management is around Rs. 20,000 crore.

Supratim Bandyopadhyay, Chairman, Pension Fund Regulatory and Development Authority (PFRDA), which administers Atal Pension Yojana, said, “This feat of bringing in the most vulnerable sections of the society under the coverage of pension was possible only with the untiring efforts of Public & Private Banks, Regional Rural Banks, Payments Banks, Small Finance Banks, Co-operative banks, Department of Posts and the support extended by the State Level Bankers’ Committees.”

“In addition to achieving One crore enrolment during this current Financial year, going forward we have the task of achieving Pension Saturation in the country and we shall continuously undertake proactive initiatives for achieving it,” the PFRDA Chairman added.

APY can be subscribed by any Indian citizen in the age group of 18-40 years having a bank account and its uniqueness is attributable to three distinctive benefits. First, it provides a minimum guaranteed pension ranging from Rs 1000 to Rs 5000 on attaining 60 years of age, Secondly, the amount of pension is guaranteed for a lifetime to spouse on the death of the subscriber and lastly, in the event of death of both the subscriber and the spouse, entire pension corpus is paid to the nominee.