Small Finance and Payments banks to offer Atal Pension Yojana

By: |
New Delhi | Published: January 26, 2018 5:57:53 PM

The Central government on Friday said "Payments Banks and Small Finance Banks" will offer social security scheme Atal Pension Yojana (APY) to their subscribers.

Atal Pension Yojana, news on Atal Pension Yojana, Small Finance, Payments Banks and Small Finance Banks, Reserve Bank of India, PFRDA, New Delhi, APYAccording to the Ministry, currently there are 11 Payments Banks and 10 Small Finance Banks that have received license from the Reserve Bank of India (RBI) to start their operations.

The Central government on Friday said “Payments Banks and Small Finance Banks” will offer social security scheme Atal Pension Yojana (APY) to their subscribers. “To strengthen the existing channels of APY distribution, it is felt that these new Payments Banks and Small Finance Banks will provide a boost to the outreach of subscribers under APY,” the Ministry of Finance said in a statement. According to the Ministry, currently there are 11 Payments Banks and 10 Small Finance Banks that have received license from the Reserve Bank of India (RBI) to start their operations.

“In order to familiarise these Small Finance Banks and Payment Banks in APY, the Pension Fund Regulatory and Development Authority (PFRDA) has conducted an Orientation Meeting on January 15, 2018 in New Delhi for all the Small Finance Banks and Payment Banks and discussed the implementation of Scheme in these banks,” the statement said.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.