More than 52 lakh new subscribers have been enrolled under Atal Pension Yojana (APY), during the financial year 2020-21 so far and the total enrolments have crossed landmark of 2.75 crores on December/31/2020. APY is a guaranteed pension scheme of Government of India which offers triple benefits to the subscribers, on attaining 60 years of age; minimum guaranteed pension to the subscribers, same guaranteed pension to the spouse after the demise of subscribers and return of the accumulated pension wealth as accumulated till age 60 of the subscribers, to their nominee.
Despite the unprecedented challenges poised due to pandemic, addition of more than 52 lakh new subscribers in the financial year 2020-21 so far has been remarkable and result of untiring efforts of banks. During such period, State Bank of India has enrolled more than 15 lac new APY subscribers while other banks like Canara Bank, Indian Bank, Central Bank of India, Bank of India, Bank of Baroda, Airtel Payments Bank Ltd, Punjab National Bank, Axis Bank Ltd., Union Bank of India and Indian Overseas Bank have sourced more than 1 lakh APY accounts.
Encouraged by high-pace of enrolments under the scheme, PFRDA is committed to continue its endeavour to popularize the scheme through various APY campaigns getting launched at national and state levels, constant engagement with bankers through Video-Conferences (VCs), participation in the State-Level Banker’s Committee (SLBC) meetings, publicity through social, print & electronic media and introducing digital on-boarding of APY subscribers.
Pension Fund Regulatory and Development Authority (PFRDA) is the statutory authority established by an enactment of the Parliament, to regulate, promote and ensure orderly growth of the National Pension System (NPS) and pension schemes to which this Act applies. NPS was initially notified for central government employees recruits wef 1st Jan 2004 and subsequently adopted by almost all State Governments for its employees. NPS was extended to all Indian citizens (resident/non-resident/overseas) on a voluntary basis and to corporates for its employees.
As on 10th Oct 2020, the total number of subscribers under NPS and Atal Pension Yojana has crossed 3.76 crores and the Asset under Management (AUM) has grown to Rs 5,05,424 crores.