Karnataka Vikas Grameena Bank (KVGB) Honored with National Award for Atal Pension Yojana Enrolment Excellence

Tags: Awards

Karnataka Vikas Grameena Bank (KVGB), sponsored by Canara Bank, received the National Award from the Pension Fund Regulatory and Development Authority (PFRDA) for highest enrolment under Atal Pension Yojana (APY).

An Overview of the News 

• The award ceremony took place on 21st June, 2024 in New Delhi, Delhi, jointly presented by Vivek Joshi, Secretary, Department of Financial Services (DFS), Ministry of Finance, Government of India, and Deepank Mohanty, Chairman, PFRDA.

• Shreekant M Bhandiwad, Chairman of KVGB, accepted the award on behalf of the bank.

Enrolment Achievements:

• KVGB has opened over 4.27 lakh accounts under APY.

• During FY 24 (2023-24), KVGB enrolled 86,350 accounts, surpassing the target of 67,932 set by PFRDA.

• KVGB achieved an average of 137 accounts per branch, exceeding the PFRDA's target of 100 accounts per branch, the highest among all banks in South India.

About Atal Pension Yojana (APY):

• APY is a voluntary old-age income security scheme aimed at addressing longevity risks among workers in the unorganized sector.

• Implemented by PFRDA under the National Pension System (NPS) framework.

• Minimum age for enrolment is 18 years, maximum age is 40 years, and the age of pension commencement is 60 years.

• Beneficiaries receive a guaranteed minimum monthly pension ranging from Rs 1,000 to Rs 5,000 based on their contributions.

About Karnataka Vikas Grameena Bank (KVGB):

• Formed by the merger of four Regional Rural Banks (RRBs): Malaprabha Grameena Bank, Bijapur Grameena Bank, Varada Grameena Bank, and Netravathi Grameena Bank.

• Sponsored by Canara Bank with share capital contributions from the Government of India (50%), Government of Karnataka (15%), and Canara Bank (35%).

• Headquarters located in Dharwad, Karnataka.

• Established on 12th September 2005.

• Current Chairman: Shreekant M Bhandiwad.