Enrolments under Atal Pension Yojana cross 5 cr mark, up 20% in 2022-23

New Delhi, April 27 (SocialNews.XYZ) Total enrolment under the Atal Pension Yojana (APY) crossed the 5.20 crore mark as on March 31, 2023.

According to Finance Ministry sources, the scheme enrolled more than 1.19 crore new subscribers in 2022-23 as compared to 99 lakh in the corresponding fiscal, registering a growth of 20 per cent

As on date, the total assets under management (AUM) in APY is more than Rs 27,200 crore and the scheme has generated investment return of 8.69 per cent since its inception.

In the public sector banks (PSBs) category, nine banks achieved the annual target while Bank of India, State Bank of India, and Indian Bank sourced more than 100 APY accounts per branch.

Under the regional rural banks (RRBs) category, 32 banks achieved the annual target while Jharkhand Rajya Gramin Bank, Vidharbha Konkan Gramin Bank, Tripura Gramin Bank and Baroda Uttar Pradesh Gramin Bank sourced more than 160 APY accounts per branch, sources informed further.

Also, Tamilnad Mercantile Bank, Dhanlaxmi Bank and Airtel Payments Bank achieved the annual target allocated by the Finance Ministry.

Bihar, Jharkhand, Assam, Uttar Pradesh, West Bengal, Madhya Pradesh, Tripura, Rajasthan, Andhra Pradesh, Chhattisgarh, Odisha and Uttarakhand have also achieved their annual targets with the help and support of their respective State Level Banker's Committee (SLBCs).

Under APY, a subscriber would receive a lifelong minimum guaranteed pension of Rs 1,000 to Rs 5,000 per month from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the the scheme.

The same pension would be paid to the spouse of the subscriber after the demise of the subscriber and on the demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned back to the nominee.

Source: IANS