More Than 5 Core Indians Citizens Subscribed To Atal Pension Yojana (APY) Scheme

APY, the agshipsocial security scheme of the Government of India, which was launched on 9th May 2015, with the objective to provide old age income security to all Citizens of India, particularly to the people working in the unorganised sectors, has recently crossed the landmark of 5 crore enrolments. The scheme has done very well in the calendar year 2022 by enrolling more than 1.25 crore new subscribers in comparison to 92 lakh new subscriber’s enrolment in the calendar year 2021. 

Till date, 29 banks have alreadysurpassed the annual target allocatedby 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 RuralBank (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 RegionalRural Banks togetherhave 89% of the contribution in the total enrolments. In private bank category, TamilnadMercantile Bank has achieved the annual target. In addition to the banks, many states like Bihar, Jharkhand, Uttar Pradesh, Assam, West Bengal, Madhya Pradesh and Tripura have alsoachieved their annual targets by monitoring from their respective State Level Banker’s Committee (SLBCs). 

PFRDA, in line with the saturation drive as announcedin by Hon’ble PM in his Independence Day speech of the year 2021, took various initiatives for outreach of thescheme i.e. Launch of APY Outreach program and Town Hall meetings pan India. So far, more than 40 physicalprograms have been conducted at various locations, in co- ordination with SLBCs and RRBs. Engagement with National Rural Livelihood Mission (NRLM), State Rural Livelihood Missions (SRLMs) are being done for broadbasing of APY and enrollingmore APY subscribers. Further, many digitalinitiatives have been taken recently,like launch of digital on-boarding facility using Aadhaar,launch of podcastsfor creating awarenesson bene?ts of APY, launch of chatbotfacility for seeking basic information on APY, setting up of help desk for existing subscribers in addition to the help desk for prospective subscribers. 

Few positivetrends have been noticed in the pro?le of the subscribers as currently enrolments of females in the scheme has grown to 45% of total enrolments, in comparison to 38%, as recorded in the year 2017. Similarly, subscribers between age 18 and 25 years have grown to 45% of total enrolments, in comparison to 32% as recorded in the year 2017. As on date, total assets under management (AUM) in APY is also more than Rs. 25,000 crores. 

Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs.1000to Rs.5000 per month from the age of 60 years, dependingon their contributions, which itself would vary based on the age of joining the APY. The samepension would be paid to the spouse of the subscriber after the demise of the subscriber and on the demiseof both the subscriber and spouse, the pension wealthas accumulated till age 60 of the subscriber would be returnedback to the nominee. 

This scheme is open to all Indian-citizen who are between 18 and 40 years and have savings bank accounts in a bank or post-o?ce. From 1st of October, 2022 any income tax payer is not permitted to open new APY account. As per the objective of the scheme,PFRDA is committedto take total enrolments under Atal PensionYojana to greaterheights and contribute towards making India a pensionedsociety.