Atal Pension Yojana subscribers count cross 4 cr mark by March 2022

APY had seen this tremendous success due to the active participation of all categories of banks

AgenciesUpdated: Thursday, April 21, 2022, 04:55 PM IST
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Around 71 per cent of the enrolments are done by public sector banks (PSBs), 19 per cent by regional rural banks (RRBs). / Representational Image |

Total enrolments under the Atal Pension Yojana, which is targeted at workers in the unorganised sector, have crossed the 4 crore mark by the end of 2021-22, the PFRDA said on Thursday.

More than 99 lakh APY accounts were opened during FY2021-22, taking the number of subscribers to 4.01 crore at end-March 2022, the Pension Fund Regulatory and Development Authority (PFRDA) said in a release.

The pension fund regulator said that the APY had seen this tremendous success due to the active participation of all categories of banks.

Around 71 per cent of the enrolments are done by public sector banks (PSBs), 19 per cent by regional rural banks (RRBs), 6 per cent by private sector banks, 3 per cent by payment and small finance banks (SFBs).

State Bank of India, Indian Bank, Bank of India, Bank of Baroda and Central Bank of India achieved the annual target in the PSBs category.

The PFRDA said Tamilnad Mercantile Bank, AU Small Finance Bank, Shri Mahila Sewa Sahakari Bank, The Kalupur Commercial Co-operative Bank, The Sabarkantha District Central Co-Operative Bank and Rajkot Nagarik Sahakari Bank achieved the annual target in other bank categories.

Apart from the banks, 9 state-level banker's committees (SLBCs) -- Bihar, Jharkhand, Assam, Uttar Pradesh, West Bengal, Rajasthan, Madhya Pradesh, Odisha and Tripura achieved annual targets under APY, it said.

Of the total enrolments under APY at end-March 2022, nearly 80 per cent of subscribers have opted for Rs 1,000 pension plan and 13 per cent for Rs 5,000 pension plan.

Around 44 per cent of subscribers are female while 56 per cent are male subscribers. Further, 45 per cent of APY subscribers are aged between 18 and 25 years.

The PFRDA said that in line with the government's saturation mission, it has undertaken conducted outreach programmes in coordination with all SLBCs and RRBs across the country.

During 2021-22, 13 such physical outreach programmes were conducted and the remaining programmes will be conducted in the current financial year 2022-23.

Prime Minister Narendra Modi in his Independence Day speech in August 2021 had emphasized on the saturation of the government's social security schemes including Atal Pension Yojana to each and every entitled person.

(With inputs from PTI)

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