Atal Pension Yojana adds record 12.2 million new members

NEW DELHI: A record 12.2 million new accounts were opened in the Atal Pension Yojana (APY) during 2023-24 taking the total enrolments to 66.2 million under the government’s social security scheme, according to figures compiled by the Pension Fund Regulatory and Authority (PFRDA).

According to APY data, around 70.44 percent of the total enrolments in the scheme has been done by public-sector banks, 19.80 percent by regional rural banks, 6.18 percent by private sector banks, 0.37 percent by payment banks, 0.62 percent by small finance banks and 2.39 percent by cooperative banks.

The government pension scheme achieved a growth of 24 percent in gross enrolments at the end of FY 23-24 standing at 64.4 million. APY is rapidly gaining popularity among women and youth, PFRDA chairman Deepak Mohanty said

As part of its campaign to expand membership, PFRDA aims to target Jan Dhan account holders and promote a digital mode of enrolment to target the young population, involving other Central ministries, state governments and agencies. The APY scheme allows any citizen aged 18-40 to join through a bank or post office branch in which a person has a savings bank account.

Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs 1,000 to Rs 5,000 per month from the age of 60 years, depending upon their contribution. The same pension would be paid to the spouse in case of the demise of the subscriber. (IANS)

Also Read: Finance Minister Nirmala Sitharaman rebuts Congress charges on Atal Pension Yojana (sentinelassam.com)

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