1. Atal Pension Yojana subscribers to touch 1 crore by March 2018: Finance Ministry

Atal Pension Yojana subscribers to touch 1 crore by March 2018: Finance Ministry

The subscriber base of Atal Pension Yojana (APY), a guaranteed pension scheme for unorganised sector, is expected to increase to 1 crore by March next year, Finance Ministry said today.

By: | New Delhi | Published: October 13, 2017 5:47 PM
atal pension yojana, atal pension yojana beneficiaries, finance ministry data on atal pension yojana Pitching for increasing the pace of Aadhaar seeding, Kumar said, efforts have to be made to push this beyond the current level of 40 per cent. (Express Photo)

The subscriber base of Atal Pension Yojana (APY), a guaranteed pension scheme for unorganised sector, is expected to increase to 1 crore by March next year, Finance Ministry said today. “APY is not only a flagship scheme of the government, it is an important instrument for inclusion…within three years, the scheme has been able to mobilise nearly 69 lakh accounts,” Financial Services Secretary Rajiv Kumar said in a video message to an event organised by PFRDA here. Given the huge population, he said, there is a long way to go as the pension coverage is very low in the country. “When the enrolment under PMJJY (Pradhan Mantri Jeevan Jyoti Bima Yojana) and PMSBY (Pradhan Mantri Suraksha Bima Yojana) can reach to the level of 13 crore, I see no reason for APY to lag behind. We have fixed a target of 1 crore this year to be achieved by March 31,” he said. Under APY, the monthly pension would be available to the subscriber, and after him to his spouse and after their death, the pension corpus, as accumulated at the age 60 of the subscriber, would be returned to the nominee of the subscriber.

Pitching for increasing the pace of Aadhaar seeding, Kumar said, efforts have to be made to push this beyond the current level of 40 per cent. The Pension Fund Regulatory and Development Authority (PFRDA) is also offering APY by Aadhaar in a completely digital manner, he said. Talking about digital initiative, PFRDA Chairman Hemant Contractor said the pension regulator has developed the process to offer APY enrolment through eNPS (national pension system) platform for wider reach. The customers of the bank can visit eNPS portal and submit Aadhaar or bank name and savings bank account number to join the scheme.

Under this channel a complete end-to-end digital environment for subscription is enabled without submission of physical form at the convenience of the customer without visiting bank or post office. Till now, APY was available for subscription through banks, business correspondents and through Internet banking.

  1. R
    Reader
    Oct 14, 2017 at 9:53 am
    A centralized and inter-linked biometric database like Aadhaar will lead to profiling and self-censorship, endangering freedom. Personal data gathered under the Aadhaar program is prone to misuse and surveillance. Aadhaar project has created a vulnerability to identi-ty fraud, even identi-ty theft. Easy harvesting of biometrics traits and publicly-available Aadhaar numbers increase the risk of impersonation, especially online and banking fraud. Centralized databases can be hacked. Biometrics can be cloned, copied and reused. Thus, BIOMETRICS CAN BE FAKED. High-resolution cameras can capture your fingerprints and iris information from a distance. Every eye hospital will have iris images of its patients. So another person can clone your fingerprints and iris images without your knowledge, and the same can be used for authentication. If the Aadhaar scheme is NOT STOPPED by the Supreme Court, the biometric features of Indians will soon be cloned, misused, and even traded.
    Reply
    1. R
      Reader
      Oct 14, 2017 at 9:53 am
      UK’s Biometric ID Database was dismantled. Why the United Kingdom's biometrics-linked National Identi-ty Card project to create a centralized register of sensitive information about residents similar to Aadhaar was scrapped in 2010?? The reasons were the massive threat posed to the privacy of people, the possibility of a surveillance state, the dangers of maintaining such a huge centralized repository of personal information, and the purposes it could be used for, and the dangers of such a centralized database being hacked. The other reasons were the unreliability of such a large-scale biometric verification processes, and the ethics of using biometric identification.
      Reply
      1. R
        Reader
        Oct 14, 2017 at 9:52 am
        The US Social Security Number (SSN) card has NO BIOMETRIC DETAILS, no photograph, no physical description and no birth date. All it does is confirm that a particular number has been issued to a particular name. Instead, a driving license or state ID card is used as an identification for adults. The US government DOES NOT collect the biometric details of its own citizens for the purpose of issuing Social Security Number. The US collects the fingerprints of only those citizens who are involved in any criminal activity (it has nothing to do with SSN), and the citizens of other countries who come to the US.
        Reply

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