The Pension Fund Regulatory and Development Authority (PFRDA) stated that the total enrollments for the Atal Pension Yojana had crossed 3.30 crore, with 28 lakh subscribers enrolling in the last five months. The scheme was launched by Prime Minister Narendra Modi in May 2015, primarily targeting people working in the unorganised sector. However, any citizen aged 18-40 years who had a savings account with a bank or a post office could apply for the scheme.
APY is a guaranteed scheme of the government that ensures a pension ranging from ₹1,000 to ₹5,000 from the retirement age of 60 years. The amount of the pension, however, depends on the investment made by the subscriber.
PSBs Highest In Enrolling Subscribers
With 2.33 crore, Public Sector Banks accounted for the highest APY subscribers. The data released by the Press Information Bureau (PIB) mentioned that regional rural banks had 61.32 lakh subscribers, while private banks had 20.62 lakh subscribers.
There were 10.78 lakh subscribers in small finance banks and payments banks together. On the other hand, the Department of Posts and Cooperative banks had 3.40 lakh and 84,627 subscribers.
The State Bank of India, Canara Bank, Bank of Baroda, Airtel Payments Bank, Union Bank of India, Bank of India, Indian Bank, Central Bank of India and Punjab National Bank garnered more than 1 lakh subscribers each from April 1, 2021, to August 24, 2021. Almost 78 per cent took the ₹1,000 monthly pension plan while the subscribers for ₹5,000 pension plan were 14 per cent.
44% Women Subscribers
Uttar Pradesh, Bihar, West Bengal, Maharashtra, Tamil Nadu, Andhra Pradesh, Karnataka, Madhya Pradesh, Rajasthan, Gujarat and Odisha are amongst the topmost for the enrollment of subscribers, with more than 10 lakh subscribers till August 25.
The press release also stated that 44 per cent of the subscribers were women, while another 44 per cent belonged to a very young age group of 18-25 years.