MORE THAN 99 LAKH APY ACCOUNTS ENROLLED DURING FY 2021-22
INDIA: The total enrollments under APY Scheme have crossed 4.01 crore as of March 2022 out of which more than 99 lakh APY accounts were opened during FY 2021-22. The scheme had seen this tremendous success due to the active participation of all categories of Banks. Around 71% of the enrolments are done by Public-sector banks, 19% by Regional Rural Banks, 6% by Private Sector Banks, and 3% by Payment and Small Finance Banks.
State Bank of India, Indian Bank, Bank of India, Bank of Baroda, and Central Bank of India achieved the annual target in the Public-sector Bank category.
While Vidarbha Konkan Bank, Tripura Gramin Bank, Jharkhand Rajya Gramin Bank, Paschim Banga Gramin Bank, Baroda UP Bank, Uttarbanga Ksheriya Gramin Bank, Aryavart Bank, Baroda Gujarat Gramin Bank, Uttar Bihar Gramin Bank, Maharashtra Gramin Bank, Odisha Gramya Bank, Madhya Pradesh Gramin Bank, Karnataka Vikas Grameena Bank, Chaitanya Godavari Grameena Bank, Telangana Grameena Bank, Andhra Pradesh Grameena Vikas Bank, Baroda Rajasthan Kshetriya Gramin Bank, Rajasthan Marudhara Gramin Bank, Dakshin Bihar Gramin Bank, Prathama UP Gramin Bank, Punjab Gramin Bank, Puduvai Bharathiar Grama Bank, Andhra Pragathi Grameena Bank, Manipur Rural Bank, and Uttarakhand Gramin Bank achieved annual targets in the Regional Rural Bank category.
Also, Tamilnad Mercantile Bank, AU Small Finance Bank, Shri Mahila Sewa Sahakari Bank, The Kalupur Commercial Co-operative Bank, The Sabarkantha District Central Co-Operative Bank, and Rajkot Nagarik Sahakari Bank achieved the annual targets in other bank categories.
Apart from the Banks, 9 State Level Banker’s Committees Bihar, Jharkhand, Assam, Uttar Pradesh, West-Bengal, Rajasthan, Madhya Pradesh, Odisha, and Tripura achieved annual targets under APY.
Out of the total enrolments under APY as of 31st March 2022, nearly 80% of subscribers have opted for a Rs 1000 pension plan and 13% for a Rs 5000 pension plan. Out of the total APY subscribers, 44 % are female subscribers while 56% are male subscribers. Further, out of the total APY subscribers, 45% are aged between 18 and 25 years.
In Independence Day 2021 speech our Hon’ble Prime-minister emphasized the saturation of the Government’s social security schemes including the Atal Pension Yojana to each and every entitled person. PFRDA, in line with the Government’s saturation mission, has undertaken conducted outreach programs in coordination with all SLBCs and RRBs across the country. In the FY 2021-22, 13 such physical outreach programs were conducted and the remaining programs will be conducted in the current Financial Year.
PFRDA has strategized to target Jan-Dhan accounts holders and promote a digital mode of enrolment to target the young population, involving other Central ministries, State Governments, and agencies like NRLM/ SRLM for APY outreach programs through webinars and town hall meetings.
Atal Pension Yojana is the guaranteed pension scheme of the Government of India administered by PFRDA. The scheme allows any Citizen of India between the age group of 18-40 years to join through the bank or post office branches where one has a savings bank account. Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs.1000 to Rs.5000 per month from the age of 60 years, depending upon his contribution. The same pension would be paid to the spouse of the subscriber after the demise of the subscriber and on the demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned back to the nominee.
PFRDA is committed to taking total enrolments under APY to greater heights and contributing toward making India a pensioned society.
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