Over 1.19 crore subscribers were enrolled in the Atal Pension Yojana in FY2022-23, helping cross the 5.20 crore mark, the Pension Fund Regulatory Development Authority (PFRDA) said on Thursday.
In the previous financial year, 99 lakh subscribers had been added to the scheme, which meant their numbers grew more than 20 per cent in FY2022-23.
The total assets under management (AUM) in Atal Pension Yojana (APY) is more than Rs. 27,200 crores, with the scheme generating a return of around 8.6 per cent since its inception.
Nine public sector banks have achieved their annual target of APY subscriptions.
In addition, the Bank of India, State Bank of India, and Indian Bank sourced more than 100 APY accounts per branch, PFRDA said in a statement.
In the regional rural bank category, 32 banks have achieved their annual target. The Jharkhand Rajya Gramin Bank, Vidharbha Konkan Gramin Bank, Tripura Gramin Bank, and Baroda Uttar Pradesh Gramin Bank sourced more than 160 APY accounts per branch. Also, Tamilnad Mercantile Bank, Dhanlaxmi Bank, and Airtel Payments Bank achieved their target allocated by the Ministry of Finance.
Also, Bihar, Jharkhand, Assam, Uttar Pradesh, West Bengal, Madhya Pradesh, Tripura, Rajasthan, Andhra Pradesh, Chhattisgarh, Odisha, and Uttarakhand have completed their annual targets with the support of their respective state-level banker committees (SLBCs).
Subscription Growth
The positive growth in the number of subscribers has been attributed to the scheme’s numerous outreach programmes spanning various locations across India.
PFRDA said it has conducted 47 outreach programmes and town hall meetings pan India in collaboration with state-level banker committees (SLBCs) and regional rural banks (RRBs).
Initiatives such as the launch of a digital onboarding facility using Aadhaar, revamped APY app, Chatbot for information, and numerous podcasts have helped create awareness of the scheme.
What Is Atal Pension Yojana?
An APY subscriber receives a lifelong minimum guaranteed pension of Rs. 1,000 to Rs. 5,000 per month after 60 years, depending on their contributions, which vary based on the age of joining the APY.
After the subscriber’s death, the same pension is paid to the spouse, and if both the subscriber and the spouse pass away, the nominee will receive the pension wealth accumulated till age 60 of the subscribe
