Speed Post News Network
New Delhi : With a view to bringing the economically disadvantaged section of the society in the unorganized sector within the pension fold or old age income security coverage, the Government had launched the Atal Pension Yojana (APY) in May 2015. The number of current APY subscribers has crossed 86 lakh mark.
The Pension Fund Regulatory and Development Authority (PFRDA), in association with Department of Financial Services, Ministry of Finance, conducts APY Outreach Programme on a regular basis.
Accordingly, PFRDA observed a Campaign, ‘Makers of Excellence’ for the Chairman and MDs of all the Public Sector Banks, Private Sector Banks, Regional Rural Banks, Cooperative Banks (Rural & Urban) & Department of Post for registration of subscriber under APY during the month of December 2017 for a fortnight. Under the campaign, nearly, 6 lakh APY accounts were sourced by the APY Service Provider Banks.
A total of 21 banks- 6 Public sector banks, 14 Regional Rural Banks and 1 Cooperative Bank were able to achieve the target under the campaign and became the Makers of Excellence. PFRDA has planned to award the Top Management of the winning banks at the upcoming PFRDA Pension Conclave in national capital, according to a PIB release.
The APY scheme became operational from June 1, 2015, and is available to all citizens of India in the age group of 18-40 years. Under the Scheme, a subscriber would receive a minimum guaranteed pension of Rs 1,000 to Rs 5,000 per month depending on his contribution, from the age of 60 years. The same pension would be paid to the spouse of the subscriber and on the demise of both the subscriber and spouse, the accumulated pension wealth is returned to the nominee.