Atal Pension Yojana has more than 1.9 cr subscribers now
New Delhi, November 4 () Atal Pension Yojana (APY), an emblematic government pension scheme to cover workers in the unorganized sector, has crossed the subscriber mark of Rs 1.9 million, said the sector regulator of PFRDA pensions.
The main reason for the increase in enrollment was the achievement of the objectives assigned to banks for the opening of new APY accounts, he said in a statement.
In this financial year, the response to APY enrollment was overwhelming and more than 36 lakh APY accounts were added until October 31, 2019, indicating a 33% growth compared to 26% growth during the corresponding period. prosecutor, said the Pension Fund Regulatory and Development Authority (PFRDA).
APY is being administered by the PFRDA.
Of the 36 lakh new APY accounts, 27.5 lakh came from public sector banks, 5.5 lakh regional rural bank accounts and about 3 lakh private sector accounts and payment banks.
Among public sector banks, State Bank of India contributed almost 11.5 lakh of additions to APY accounts, followed by Canara Bank and Bank of India.
In terms of the average account per branch, SBI obtained the highest APY accounts followed by Indian Bank and Bank of India.
Among the RRB, Baroda Uttar Pradesh Gramin Bank, Dakshin Bihar Gramin Bank and Andhra Pradesh Grameena Vikas Bank obtained maximum APY accounts, while in terms of average accounts per branch, Tripura Gramin Bank, Maharashtra Gramin Bank and Baroda Uttar Pradesh Gramin Bank led the list.
In the payment bank category, Airtel Payments Bank has obtained around 1.8 lakh of APY accounts so far this fiscal year, against the annual target of 50,000 APY accounts.
In the category of private sector banks, HDFC Bank was the main contributor in terms of number of registrations, while Karnataka Bank had the best performance in terms of average account per branch.
PFRDA has planned to expand the subscriber base under APY by targeting 2.25 million crore by March 2020, which belong to the unorganized sector and are not covered by any social security scheme, according to the statement.
There is a long way to go since there are currently around 45 million crore in the unorganized sector. However, with the support of the government, the objective of providing pension coverage to these many people can be achieved, albeit with other government social security schemes. he added. The pension sector regulator has been organizing various promotional campaigns and municipal meetings for the promotion of APY through banks and taking it to the next level and contributing to making India a pension society. KPM ANU