Over 52 lakh new subscribers have joined Atal Pension Yojana (APY) throughout 2020-21 up to now, taking the entire enrolment below the federal government’s social safety scheme to 2.75 crore at end-December, an official launch stated.
APY is a assured pension scheme of the federal government which affords triple advantages to subscribers on attaining 60 years of age.
It affords minimal assured pension to subscribers, similar assured pension to the partner after the demise of a subscriber and return of the accrued pension wealth to the nominee.
Regardless of the unprecedented challenges poised as a consequence of pandemic, addition of greater than 52 lakh new subscribers within the monetary yr 2020-21 up to now has been exceptional and results of untiring efforts of banks, the Pension Regulatory Fund and Growth Authority of India (PFRDA) stated within the launch.
State Financial institution of India alone enrolled greater than 15 lakh new APY subscribers.
PFRDA stated it’s dedicated to proceed its endeavour to popularise the scheme by means of numerous campaigns at nationwide and state ranges, fixed engagement with bankers, participation in State-Degree Banker’s Committee (SLBC) conferences, publicity by means of media and introducing digital on-boarding of APY subscribers.
PFRDA is the statutory authority established by an enactment of the Parliament to control, promote and guarantee orderly development of the Nationwide Pension System (NPS) and pension schemes to which this Act applies.