Atal Pension Yojana Total Enrolments Crossed 4 Crore

As of March 2022, the overall enrollments in the APY Scheme had surpassed 4.01 crore, with more than 99 lakh APY accounts opened during the financial year 2021-22. The scheme’s enormous success was owing to the active participation of all types of banks. Public-sector banks accounted for around 71% of enrolments, while Regional Rural Banks accounted for 19%, Private Sector Banks accounted for 6%, and Payment and Small Finance Banks accounted for 3%.

In the Public-sector Bank category, State Bank of India, Indian Bank, Bank of India, Bank of Baroda, and Central Bank of India met their annual targets.

While Vidarbha Konkan Bank, Tripura Gramin Bank, Jharkhand Rajya Gramin Bank , Paschim Banga Gramin Bank, Baroda UP Bank, Uttarbanga Ksheriya Gramin Bank ,Aryavart Bank, Baroda Gujarat Gramin Bank, Uttar Bihar Gramin Bank, Maharashtra Gramin Bank, Odisha Gramya Bank, Madhya Pradesh Gramin Bank, Karnataka Vikas Grameena Bank, Chaitanya Godavari Grameena Bank, Telangana Grameena Bank, Andhra Pradesh Grameena Vikas Bank, Baroda Rajasthan Kshetriya Gramin Bank, Rajasthan Marudhara Gramin Bank, Dakshin Bihar Gramin Bank, Prathama UP Gramin Bank, Punjab Gramin Bank, Puduvai Bharthiar Grama Bank, Andhra Pragathi Grameena Bank, Manipur Rural Bank and Uttarakhand Gramin Bank achieved annual targets in the Regional Rural Bank category.

Other banks that met their annual targets were 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.

Aside from the banks, nine State Level Banker’s Committees (Bihar, Jharkhand, Assam, Uttar Pradesh, West Bengal, Rajasthan, Madhya Pradesh, Odisha, and Tripura) met their annual targets under APY.

As of March 31, 2022, over 80% of APY subscribers had opted for a Rs 1000 pension plan, while 13% had opted for a Rs 5000 pension plan. Female subscribers make up 44% of all APY subscribers, while male members make up 56%. Furthermore, 45 percent of all APY subscribers are between the ages of 18 and 25.

In his statement on Independence Day 2021, our Hon’ble Prime Minister stressed the saturation of the government’s social security systems, including the Atal Pension Yojana, to every eligible citizen. In accordance with the Government’s saturation mission, the PFRDA has committed to conducting outreach initiatives in collaboration with all SLBCs and RRBs around the country. Thirteen such physical outreach initiatives were carried out in FY 2021-22, and the remaining programmes will be carried out in the current financial year.

PFRDA has planned to target Jan Dhan account holders, encourage digital enrolment to young people, and collaborate with other Central Ministries, State Governments, and organisations such as NRLM/ SRLM on APY outreach activities via webinars and townhall meetings.

PFRDA administers the Government of India’s guaranteed pension scheme, Atal Pension Yojana. The scheme allows any Indian citizen between the ages of 18 and 40 to enrol through any bank or post office branch where they have a savings bank account. A subscriber will receive a minimum guaranteed pension of Rs.1000 to Rs.5000 per month from the age of 60, depending on his contribution, under the scheme. After the demise of the subscriber, the same pension would be provided to the subscriber’s spouse, and upon the demise of both the subscriber and spouse, the pension wealth collected by the subscriber up to the age of 60 would be returned to the nominee.

PFRDA is committed to increasing total enrolment under APY and contributing to India becoming a pensioned society.