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Small Finance Banks and Payment Banks to offer Atal Pension Yojana; To provide a boost to the outreach of subscribers under APY.

Delhi 

Small Banks and Payment Banks to offer Atal Pension Yojana; To provide a boost to the outreach of subscribers under APY.

Atal Pension (APY) is a Government of India's Old Age Pension Scheme being implemented through all Banks across the country as per the mandate received from the Ministry of and monitored periodically at PMO. The Prime Minister, Shri Narendra Modi had launched the Social Security Scheme on 9th May 2015 and dedicated the First Ever Guaranteed Pension Product to the people of the country.

Payments Banks and Small Banks are a New Model of banks conceptualized by the Reserve Bank of India (RBI). 11 Payment Banks and 10 Small Banks have received license from Reserve Bank of India to start banking operations in India. Small Banks and Payment Banks are new age banks and given the strength of the bank, expertise and it reach, Small Bank and Payment Bank can play a pivotal role in outreach of subscribers under APY.

To strengthen the existing channels of APY distribution, it is felt that these new Payments Banks and Small Banks will provide a boost to the outreach of subscribers under APY . Participation in APY not only builds a pensioned society but also adds sustainable fee income to Banks by way of attractive incentive for mobilizing APY @ Rs 120-150 for each Account.

In order to familiarize these Small Banks and Payment Banks in Atal Pension (APY), the Pension Fund Regulatory and Development Authority (PFRDA) has conducted an Orientation Meeting on 15thJanuary 2018 in New Delhi for all the Small Banks and Payment Banks and discussed the implementation of Scheme in these banks. All Small Bank and Payment Bank have positively responded to the initiative undertaken by PFRDA and has committed towards the greater cause of building a pensioned India as per the vision of the Prime Minister of India, Shri Narendra Modi.

Currently the below mentioned Small Banks and Payment Banks has started banking operations:

Small Banks

Payment Bank

  • Paytm Payment Bank.
  • Airtel Payment Bank.
  • India Post Payment Bank.
  • Fino Payment Bank.

As on 23rdJanuary 2018, there are more than 84 lacs subscribers registered under the APY Scheme with an asset base of more than Rs. 3,194 crore.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 26 2018. 00:20 IST