PFRDA Identifies 21 Banks as Makers of Excellence Under Atal Pension Yojana Outreach Programme (Download PDF)

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21 banks were identified as Makers of Excellence under Atal Pension Yojna Outreach programme by Pension Fund Regulatory and Development Authority (PFRDA). Atal Pension Yojna aims to bring the economically disadvantaged section of the society in the unorganized sector within the pension fold or old age income security coverage.

Image of Atal Pension Yojana

Image of Atal Pension Yojana

Image of Atal Pension Yojana

  • APY was launched in May 2015. The Number of Current APY subscribers has crossed 86 Lacs mark.
  • The Pension Fund Regulatory and Development A​uthority (PFRDA) in association with Department of Financial Services, Ministry of Finance conducts APY Outreach Programme on a regular basis.

How Were the Banks Selected Makers of Excellence Awards?

  • Makers of Excellence was for Chairmen and MDs of all the Public Sector Banks, Private Sector Banks, Regional Rural Banks, Cooperative Banks (Rural & Urban) & Department of Post

  • The campaign was conducted under APY during the month of Dec 2017 for a fortnight.

  • Under the campaign, nearly, 6 lacs APY accounts were sourced by the APY Service Provider Banks.

  • Targets were allocated to various banks to be achieved during the Campaign.

  • 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 awarded the top management of the winning banks at the upcoming PFRDA Pension Conclave in national capital.

What is APY?

  • Atal Pension Yojana (APY) is a pension scheme for unorganised sector workers such as personal maids, drivers, gardeners etc.

  • Launched in June 2015 as a replacement to previous government’s Swavalamban Yojana NPS Lite.

  • Aims to help workers save money for their old age while they are working and guarantees returns post retirement.

  • Promises a co-contribution by Central Government of 50 % of the total prescribed contribution by a worker, up to Rs. 1000 per annum, but only to those who joined APY before 31.12. 2015.

  • Available to all citizens of India in the age group of 18 - 40 years.

  • A subscriber would receive a minimum guaranteed pension of Rs. 1000 to Rs. 5000 per month, depending upon his contribution, from the age of 60 years.

  • Same pension would be paid to the spouse of the subscriber postpartum.

  • On the demise of both the subscriber and spouse, the accumulated pension wealth is returned to the nominee.

What is Pension Fund Regulatory and Development Authority?

  • The Pension Fund Regulatory and Development Authority (PFRDA) is the pension regulator of India.
  • PFRDA is a quasi-government organization with executive, legislative, and judicial powers.
  • PFRDA promotes old age income security by establishing, developing, and regulating pension funds.
  • PFRDA protects the interests of subscribers to schemes of pension funds and related matters.
  • Currently, PFRDA is regulating and administering the National Pension System (NPS) along with administering the Atal Pension Yojna (APY) which is a defined benefits pension scheme for the unorganized sector, guaranteed by the Government of India.

- Published/Last Modified on: April 17, 2018

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