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Atal Pension Yojana subscriber base touches over 97 lakh by end of FY18: PFRDA

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As per data released by Pension Fund Regulatory and Development Authority (PFRDA), subscriber base of Atal Pension Yojana (APY) stood at 97.05 lakh at the end of the financial year 2017-18.
Atal Pension Yojana subscriber base touches over 97 lakh by end of FY18: PFRDA
About Atal Pension Yojana (APY):

  • Atal Pension Yojana is a guaranteed pension scheme (mainly catering to the unorganised sector employees), launched by Prime Minister Narendra Modi on May 9, 2015. It became operational from June 1, 2015.
  • It is administered by Pension Fund Regulatory and Development Authority (PFRDA).
  • All Indian citizens in the age group of 18-40 years are eligible to subscribe for this scheme.
  • Depending on the age at entry and amount of contribution, every subscriber will get a guaranteed pension in the range of Rs. 1000 – Rs. 5000 per month after he/she attains the age of 60 years.
  • The scheme is being executed across the country through APY service providers comprising Public Sector Banks, Private Banks, Regional Rural Banks, District Cooperative Banks, State Cooperative Banks, Urban Cooperative Banks, Department of Posts and one foreign bank.

Growth in Number of APY Subscribers:

Although the subscriber base of Atal Pension Yojana (APY) stood at 97.05 lakh at the end of the financial year 2017-18, it is slightly lower than the target of 1 crore set by PFRDA.

  • There was an addition of over 48.21 lakh APY subscribers in 2017-18.
  • PFRDA, the administrator of APY, has taken various initiatives for the expansion of outreach and ease the operations under the APY.
  • Subscribers have been given online access to their statement of transaction (e-SOT) and Permanent Retirement Account Number (e-PRAN).
  • Besides, a mobile application has also been introduced, through which, customers can view their account details.

Quick Facts about PFRDA:
♦ Founded in – 2003
♦ Headquarters – New Delhi
♦ Current Chairman – Hemant Contractor