The Atal Pension Yojana (APY) has crossed the landmark of 50 million enrolments. In calendar year 2022, the scheme saw more than 12.5 million new subscribers enrolling for the scheme, up from the 9.2 million enrolments in calendar year 2021, the Pension Fund Regulatory and Development Authority (PFRDA) has said.

The central government had launched Atal Pension Yojana on May 9, 2015 with the objective of providing old age income security to all Indian citizens, particularly to people working in the unorganised sector.

According to PFRDA, 29 banks have already surpassed the annual target allocated by the central government.

Among the public sector banks, Bank of India, the State Bank of India and Indian Bank have achieved their allocated targets.

In the regional rural bank (RRB) category, 21 banks have achieved the allocated targets, with the highest being achieved by the Jharkhand Rajya Gramin Bank, Vidharbha Konkan Gramin Bank and Baroda UP Bank.

Public sector banks and regional rural banks together have 89 per cent of the contribution in the total enrolments.

Among private banks, Tamilnad Mercantile Bank has achieved the annual target, PFRDA said.

In addition to the public, private and rural banks, many states, such as Assam, Bihar, Jharkhand, Madhya Pradesh, Tripura, Uttar Pradesh and West Bengal have also achieved their annual targets by monitoring from their respective State Level Banker’s Committee (SLBCs).

PFRDA said it took various initiatives for the outreach of the scheme. These include, among others, launch of the APY Outreach Program and town hall meetings across India.

According to PFRDA, so far, more than 40 physical programs have been conducted at various locations in co-ordination with the State Level Bankers’ Committee (SLBCs), RRBs, National Rural Livelihood Mission (NRLM), and state Rural Livelihood Missions (SRLMs).

“In addition, many digital initiatives have been taken recently, such as the launch of digital on-boarding facility using Aadhaar, launch of podcasts for creating awareness on benefits of APY, launch of chatbot facility for seeking basic information on APY, and setting up of help desk for existing subscribers in addition to the help desk for prospective subscribers,” PFRDA said in the statement.

As on date, the total assets under management (AUM) in APY is more than Rs. 25,000 crore.

The Atal Pension Yojana provides each subscriber with a guaranteed minimum pension of Rs. 1,000 to Rs. 5,000 per month from the age of 60 years, depending on their contributions, which again would vary based on the age of joining the APY.

After the death of the subscriber, the pension would be paid to the spouse of the subscriber, and thereafter, upon the death of the spouse, the pension wealth accumulated till age 60 will be given to the nominees.

This scheme is open to all Indian citizens aged between 18 and 40 years with a savings bank accounts in a bank or post office. From October 1, 2022, the PFRDA brought in a major change under which income tax payers are not permitted to open new APY accounts.