Almost 40% more people signed up for the Atal Pension Yojana for the fiscal year 2019–2022.
The Atal Pension Yojana (APY) was introduced on May 9th, 2015, and began to be used on June 1st, 2015. The age requirement to join APY is 18 years old, with a 40 years maximum.
According to the plan, once a subscriber turns 60 years old, they begin to earn pension benefits. Thus, it is anticipated that the APY pension benefit will begin in 2035.
In a written response to a question in the Rajya Sabha today, Union Minister of State for Finance Dr. Bhagwat Kisanrao Karad made this claim.
According to the Minister, a total of Rs. 2078.94 crores has been allotted under the Atal Pension Yojana for Government Co-contribution, Payment of Incentives to Banks, Promotional Campaign, and Gap Fund since its establishment through February 2023, of which Rs. 1529.41 crores has been released as of that date.
Giving additional details, the Minister stated that enrollments in the Scheme during the fiscal years (FY) 2019–20, 2020–21, and 2021–22 were, respectively, 68,83,373, 79,14,154, and 99,11,472. This information was based on data provided by the Pension Fund Regulatory and Development Authority (PFRDA).
The Minister added that PFRDA is promoting APY and expanding its reach through the following initiatives:
To spread APY to qualified beneficiaries, virtual capacity-building sessions are being organized for Banking Correspondents (BCs) and field employees of Banks, members of Self Help Groups (SHGs), and bank-sakhis of SRLMs.
Working with the National Centre for Financial Education (NCFE), the National Bank for Agriculture and Rural Development (NABARD), the National Rural Livelihoods Mission (NRLM), and several State Rural Livelihood Missions (SRLMs) to raise knowledge of APY and to reach out to the general public.
Regarding the assigned annual targets, lead district managers (LDMs) and State Level Bankers’ Committees (SLBCs), State-coordinators of Banks, are routinely monitored.
For the purpose of raising awareness, periodic advertising is published in print, electronic, and social media.
Video conferencing (VC) is used to conduct subscriber awareness programs for subscribers in collaboration with an authorized training organization.
Town hall gatherings and physical Atal Pension Yojana outreach programs are organized around India.
activating online channels for simple online onboarding, such as e-APY, net banking, mobile apps, and the bank’s website.
The Atal Pension Yojana Subscribers Information Brochure is offered in 13 local tongues to increase accessibility and comprehension.
The Protean – CRA’s APY Help Desk and Chatbot are open and ready to help APY subscribers.
To raise awareness of the advantages of Atal Pension Yojana and the services provided to APY subscribers, QR Codes are available for APY User Services, APY Transactional Services, APY Information Services, APY Podcast/Videos, and APY Call Center.
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Sources: www.pib.gov.in
