Atal Pension Yojana (APY) Surpasses 5.20 Crore Enrollments

Over 5.20 crore people have enrolled in the Atal Pension Yojana, as of March 31, 2023. 

  • In the financial year 2022-23, the scheme gained over 1.19 crore new members, marking a growth of over 20% from the previous year’s 99 lakh. 
  • Currently, the total assets managed by the scheme are worth more than Rs. 27,200 crore, and it has generated an investment return of 8.69% since its inception.

More About the Atal Pension Yojana News

  • In the PSBs category, 9 banks met their annual target for enrolling subscribers to the Atal Pension Yojana (APY) while Bank of India, State Bank of India, and Indian Bank surpassed the target of 100 APY accounts per branch. 
  • Similarly, in the RRBs category, 32 banks achieved their annual target and Jharkhand Rajya Gramin Bank, Vidharbha Konkan Gramin Bank, Tripura Gramin Bank, and Baroda Uttar Pradesh Gramin Bank exceeded the target of 160 APY accounts per branch. 
  • Additionally, Tamilnad Mercantile Bank, Dhanlaxmi Bank, and Airtel Payments Bank achieved their annual target set by the Ministry of Finance.
  • Additionally, 12 states – Bihar, Jharkhand, Assam, Uttar Pradesh, West Bengal, Madhya Pradesh, Tripura, Rajasthan, Andhra Pradesh, Chhattisgarh, Odisha, and Uttarakhand – achieved their annual targets with the support of their respective State Level Bankers Committee (SLBCs).
  • To promote and support APY enrolment, the Pension Fund Regulatory and Development Authority (PFRDA) conducted 47 outreach programs and town hall meetings across India in coordination with SLBCs and RRBs. 
  • PFRDA also introduced various initiatives, such as the digital onboarding facility using Aadhaar, a revamped APY app, podcasts to create awareness about the scheme, a chatbot to provide basic information about APY, and more.

About Atal Pension Yojana (APY):

  • The Atal Pension Yojana (APY) was introduced on May 9, 2015, to establish a social security system that includes all Indians, particularly those in the unorganised sector, as well as the poor and underprivileged. 
  • It is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through the National Pension System (NPS). 
  • Any Indian citizen aged between 18-40 years can become an APY subscriber, with varying contribution levels. The contribution is lower for those who join early and higher for those who join later.
  • Atal Pension Yojana Benefits
    • It provides a guaranteed minimum pension of ₹ 1000 to Rs. 5000 to the subscribers after they attain the age of 60. 
    • The pension amount is ensured for the lifetime of the subscriber’s spouse upon their death.
    • In case of the death of both the subscriber and the spouse, the entire pension fund is paid to the nominee.
  • Similar to the National Pension System (NPS), the contributions made towards the Atal Pension Yojana (APY) are eligible for tax benefits.

Author

  • Shubham Mittal

    Shubham Mittal is a renowned current affairs writer and expert in government exam preparation, inspiring readers with insightful articles and guiding aspirants with his expertise.

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