Indian Economy News

More than 5 crore citizens have subscribed to Atal Pension Yojana: PFRDA

  • IBEF
  • January 31, 2023

Atal Pension Yojana (APY), the flagship social security scheme of the Government of India has crossed the landmark 5 crores of enrolments recently, as informed by the Pension Fund Regulatory and Development Authority (PFRDA). In the calendar year 2022, more than 1.25 crore new subscribers have enrolled in the scheme, as against 92 lakh new subscriber enrolment in 2021.

The scheme was launched in May 2015, with the objective to provide old-age income security to all citizens, particularly to the people working in the unorganised sectors. Under the scheme, a subscriber would receive a minimum guaranteed pension of US$ 12.26-61.3 (Rs.1000-5000) per month from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the APY. This scheme is open to all Indian citizens who are between 18-40 years and have savings bank accounts in a bank or post-office. As of now, the total assets under management (AUM) in APY is more than US$ 3.06 billion (Rs. 25,000 crores).

As of now, over 29 banks have surpassed the annual target allocated by the Government of India. In the public-sector bank category, Bank of India, State Bank of India, and Indian Bank have achieved the allocated targets, while in the Regional Rural Bank (RRB) category, 21 banks have achieved the allocated targets, with the highest achievement by Jharkhand Rajya Gramin Bank, Vidharbha Konkan Gramin Bank, and Baroda UP Bank. Public sector banks and Regional Rural Banks together have 89% of the contribution in the total enrolments. In terms of the states, many states like Bihar, Jharkhand, Uttar Pradesh, Assam, West Bengal, Madhya Pradesh, and Tripura have also achieved their annual targets by monitoring from their respective State Level Banker’s Committee (SLBCs).

The enrolments of females in the scheme have increased to 45% of the total enrolments and the subscribers between the age group 18-25 have also grown to 45% of the total enrolments.

As per the objective of the scheme, PFRDA is committed to take total enrolments under Atal Pension Yojana to greater heights and contributing towards making India a pensioned society.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.