Enrolments under Atal Pension Yojana (APY) spiked from 68,83,373 in fiscal 2020 to 79,14,154 in fiscal 2021, and finally to 99,11,472 the following year, an increase of 43.9 percent in two years.
The information was shared by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Rajya Sabha.
The Atal Pension Yojana (APY) was launched on May 9, 2015, and was operationalised w.e.f. June 1, 2015. Minimum age of joining APY is 18 years and maximum age is 40 years.
As per the scheme, subscriber will receive pension benefit on attaining the age of 60 years. Hence, the pension benefit under APY is expected to start from 2035 onwards.
The minister stated that the total fund allocated under APY for Government Co-contribution, Payment of Incentive to Banks, Promotional Campaign, and Gap fund, since inception up to February, 2023, is ₹2,078.94 crore out of which an amount of ₹1,529.41 crore has been released till Feb 2023.
He further stated that the following activities are being undertaken by PFRDA to promote APY and increase its coverage:
Virtual capacity building programs for Banking Correspondents (BCs) and field staff of Banks, Self Help Group (SHG) members, bank-sakhis of SRLMs are being organised to propagate APY to eligible beneficiaries.
Engagement with National Centre for Financial Education (NCFE), National Bank for Agriculture And Rural Development. (NABARD), National Rural Livelihoods Mission (NRLM) and various State Rural Livelihood Missions (SRLMs) to spread the awareness about APY and to reach at the grassroot level.
Regular monitoring of Banks and State Level Bankers' Committees (SLBCs)/State-coordinators of Banks/ lead district managers (LDMs) is undertaken in respect of the allocated annual targets.
Periodic advertisements are published in print, electronic and social media for awareness creation.
Subscriber Awareness Programs are being conducted for subscribers through Video Conferencing (VC) in coordination with an empanelled training agency.