​PFRDA identifies 21 Banks as Makers of Excellence under Atal Pension Yojana Outreach Programme;The Number of Current APY subscribers crosses 86 Lacs mark

​PFRDA identifies 21 Banks as Makers of Excellence under Atal Pension Yojana Outreach Programme;The Number of Current APY subscribers crosses 86 Lacs mark

Ministry of Finance

15 FEB 2018

​PFRDA identifies 21 Banks as Makers of Excellence under Atal Pension Yojana Outreach Programme;The Number of Current APY subscribers crosses 86 Lacs mark. 

With a view to bring the economically disadvantaged section of the society in the unorganized sector within the pension fold or old age income security coverage, Government had launched the Atal Pension Yojana (APY)in May 2015. ​                            ​

 Pension Fund Regulatory and Development A​uthority (PFRDA) in association with Department of Financial Services, Ministry of Finance conducts APY Outreach Programme on a regular basis. Accordingly, PFRDA has observed a Campaign namely, Makers of Excellence for the Chairmen and MDs of all the Public Sector Banks, Private Sector Banks, Regional Rural Banks, Cooperative Banks (Rural & Urban) & Department of Post for registration of subscriber under APY during the month of Dec 2017 for a fortnight.  Under the campaign, nearly, 6 lacs APY accounts were sourced by the APY Service Provider Banks. Targets were allocated to various banks to be achieved during the Campaign. A total of 21 banks- 6 Public sector banks, 14 Regional Rural Banks and 1 Cooperative Bank were able to achieve the target under the campaign and became the Makers of Excellence. PFRDA has planned to award the Top Management of the winning banks at the upcoming PFRDA Pension Conclave in national capital.

The winning B​anks and their performance is as below:

The APY scheme became operational from 1st June, 2015 and is available to all citizens of India in the age group of 18-40 years. Under the ​S​cheme, a subscriber would receive a minimum guaranteed pension of Rs.1000 to Rs.5000 per month, depending upon his contribution, from the age of 60 years.  The same pension would be paid to the spouse of the subscriber  and  on  the  demise of  both  the  subscriber  and  spouse,  the accumulated pension wealth is returned to the nominee.

The APY Scheme follows the same investment pattern as applicable to the NPS contribution of Central Govt employees.  During the year 2016-17, it has earned a return of 13.91%.

The number of ​current APY Subscribers ha​s​ crossed 86​ lacs mark​. The yearly addition in APY enrollment is provided below:

Source : PIB