Atal Pension Yojana Enrolments Cross 40 Million In March 2022; 45% Subscribers Aged 18-25

The total enrolments under the Atal Pension Yojana (APY) scheme crossed 40.1 million as of March 2022, of which 9.9 million accounts were opened during FY2021-22. 

An active participation by all categories of banks saw this surge in enrolments. Around 71 per cent of the enrolments were done by public sector banks, 19 per cent by regional rural banks (RRBs), 6 per cent by private sector banks, 3 per cent by payment banks, and the rest by small finance banks. 

State Bank of India, Indian Bank, Bank of India, Bank of Baroda, and Central Bank of India achieved their annual target in the public-sector bank category.

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, and Karnataka Vikas Grameena Bank, achieved annual targets in the RRB category.

The other banks which also achieved their targets in the RRB category include 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. 

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 achieved their annual target in the other bank categories.

Apart from these banks, nine state level banker’s committees from Bihar, Jharkhand, Assam, Uttar Pradesh, West Bengal, Rajasthan, Madhya Pradesh, Odisha and Tripura achieved annual targets under the Atal Pension Yojana. 

Out of the total enrolments under APY as on March 31, 2022, nearly 80 per cent subscribers have opted for Rs 1,000 pension plan, and 13 per cent for Rs 5,000 pension plan. Male subscribers outnumber the females by 56: 44. Also, of the total number of subscribers, 45 per cent are aged between 18 and 25 years.

On his Independence Day 2021 speech, Prime Minister Narendra Modi had emphasised on the saturation of government’s social security schemes, including APY to each and every entitled person. In line with the government’s mission, the Provident Fund Regulatory Development Authority (PFRDA) had undertaken to conduct outreach programs in co-ordination with all state level bankers’ committee (SLBC) and RRBs across the country. In FY 2021-22, 13 such physical outreach programs were conducted, and the remaining programs will be conducted in this financial year.

PFRDA has strategised to target jan-dhan accounts holders, promote digital mode of enrolment to target young population, involve other central ministries, state governments and agencies like NRLM/ SRLM for APY outreach programs through webinars and townhall meetings.

Atal Pension Yojana is a guaranteed pension scheme of the Government of India administered by the PFRDA. The scheme allows any citizen of India between the age group of 18 and 40 years to join through the bank or post office branches where one has a savings bank account. Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs.1,000-5,000 per month from the age of 60 years, depending upon his contribution. The same pension would be paid to the spouse after the demise of subscriber, and on demise of both the subscriber and the spouse, the pension wealth accumulated till age 60 of the subscriber would be returned to the nominee.