Atal Pension Yojana: Over 65 lakh enrolments in APY so far in FY22

Since the APY was launched on May 9, 2015, total enrolments under the scheme have reached 3.68 crore, with assets under management of around Rs 20,000 crore.

With new enrolments crossing 65 lakh under the Atal Pension Yojana (APY) so far in the current financial year, the Pension Regulatory and Development Authority (PFRDA) is hopeful that APY subscribers in the year will reach the one-crore mark by March 31.

APY is the government-backed, voluntary scheme meant to provide old-age income security in the form of minimum assured pension (ranging from Rs 1,000-5,000/ month) in proportion to individual contributions, even as it is market-linked. It forms the bulk of the subscriber base in the fold of the New Pension System (NPS).

Since the APY was launched on May 9, 2015, total enrolments under the scheme have reached 3.68 crore, with assets under management of around Rs 20,000 crore.

“This feat of bringing in the most vulnerable sections of society under the coverage of pension was possible only with the untiring efforts of public and private banks, regional rural banks, payments banks, small finance banks, co-operative banks, Department of Posts and the support extended by the state level bankers’ committees,” PFRDA chairman Supratim Bandyopadhyay said.

“In addition to achieving one crore enrolment during this current financial year, going forward we have the task of achieving pension saturation in the country. We shall continuously undertake proactive initiatives for achieving it,” Bandyopadhyay said.

Under APY, the amount of pension is guaranteed for lifetime to the spouse on death of the subscriber. In the event of death of both the subscriber and the spouse, the entire pension corpus is paid to the nominee.

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