Total enrolment under Atal Pension Yojana crossed 5.20 crore mark

Tags: Government Schemes National News

The Finance Ministry has said that the total enrollment under the Atal Pension Yojana (APY) has crossed the figure of five crore 20 lakh till March 31 this year.

An overview of the news

• The scheme envisages enrollment of more than one crore 19 lakh new subscribers in the financial year 2022-23 as compared to 99 lakh in the previous financial year, showing a growth of over 20 per cent.

• According to the ministry, the total assets under management in APY is more than Rs 27 thousand 200 crore and the scheme has earned an investment return of 8.69 per cent since the inception of the scheme.

• In the public sector banks (PSBs) category, nine banks achieved the annual target, while Bank of India, State Bank of India and Indian Bank opened more than a hundred APY accounts per branch, according to ministry data.

• Under the category of Regional Rural Banks (RRBs), 32 banks achieved the annual target, while Jharkhand State Gramin Bank, Vidarbha Konkan Gramin Bank, Tripura Gramin Bank and Baroda Uttar Pradesh Gramin Bank opened more than 160 APY accounts per branch.

About Atal Pension Yojana

• Atal Pension Yojana is a guaranteed pension scheme of the Government of India administered by the Pension Fund Regulatory and Development Authority (PFRDA).

• The scheme allows any citizen of India between the age group of 18-40 years to join through bank or post office branches where the person has a savings bank account.

• Under this scheme, a subscriber will receive a minimum guaranteed pension of Rs 1000 to Rs 5000 per month from the age of 60 years, depending on his contribution.

• On the death of the subscriber, the pension is guaranteed to the spouse for life.

• In the event of death of both the subscriber and his/her spouse, the full pension amount is paid to the nominee.