PFRDA identifies 21 Banks as Makers of Excellence under Atal Pension Yojana Outreach Programme

With a view to bring the economically disadvantaged section of the society in the unorganized sector within the pension fold or old age income security coverage, Government had launched the Atal Pension Yojana (APY)in May 2015. ​ ​

Pension Fund Regulatory and Development A​uthority (PFRDA) in association with Department of Financial Services, Ministry of Finance conducts APY Outreach Programme on a regular basis. Accordingly, PFRDA has observed a Campaign namely, Makers of Excellence for the Chairmen and MDs of all the Public Sector Banks, Private Sector Banks, Regional Rural Banks, Cooperative Banks (Rural & Urban) & Department of Post for registration of subscriber under APY during the month of Dec 2017 for a fortnight. Under the campaign, nearly, 6 lacs APY accounts were sourced by the APY Service Provider Banks. Targets were allocated to various banks to be achieved during the Campaign. A total of 21 banks- 6 Public sector banks, 14 Regional Rural Banks and 1 Cooperative Bank were able to achieve the target under the campaign and became the Makers of Excellence. PFRDA has planned to award the Top Management of the winning banks at the upcoming PFRDA Pension Conclave in national capital.

The winning B​anks and their performance is as below:

S. No. Name of the APY Service Provider Category Number of Branches Minimum No. of Funded Accounts to be Sourced under Makers of Excellence Campaign Actual No. of Funded Accounts Sourced under Makers of Excellence Campaign Remarks (Qualified/Not Qualified1 CANARA BANK PSU 6,050 35,000 101,669 Qualified2 INDIAN BANK PSU 2,588 15,000 76,823 Qualified3 ANDHRA BANK PSU 2,903 15,000 57,315 Qualified4 BANK OF BARODA PSU 5,460 30,000 42,665 Qualified5 ALLAHABAD BANK PSU 3,143 20,000 30,029 Qualified6 VIJAYA BANK PSU 1,603 10,000 28,241 Qualified7 GRAMIN BANK OF ARYAVART RRB 700 3,500 5,915 Qualified8 MADHYA BIHAR GRAMIN BANK RRB 698 3,490 5,507 Qualified9 PRAGATHI KRISHNA GRAMIN BANK RRB 650 3,250 5,383 Qualified10 PRATHAMA BANK RRB 412 2,060 5,288 Qualified11 BARODA UTTAR PRADESH GRAMIN BANK RRB 924 4,620 5,125 Qualified12 ANDHRA PRADESH GRAMEENA VIKAS BANK RRB 768 3,840 4,893 Qualified13 BARODA RAJASTHAN KSHETRIYA GRAMIN BANK RRB 819 4,095 4,560 Qualified14 PURVANCHAL BANK RRB 570 2,850 3,368 Qualified15 KAVERI GRAMEENA BANK RRB 497 2,485 2,942 Qualified16 DENA GUJARAT GRAMIN BANK RRB 234 1,170 2,322 Qualified17 BIHAR GRAMIN BANK RRB 376 1,880 2,258 Qualified18 CHAITANYA GODAVARI GRAMEENA BANK RRB 203 1,015 1,714 Qualified19 PALLAVAN GRAMA BANK RRB 256 1,280 1,431 Qualified20 SAPTAGIRI GRAMEENA BANK RRB 207 1,035 1,074 Qualified21 THE BEGUSARAI CENTRAL COOPERATIVE BANK LTD DCCB 9 45 113 Qualified

The APY scheme became operational from 1st June, 2015 and is available to all citizens of India in the age group of 18-40 years. Under the ​S​cheme, a subscriber would receive a minimum guaranteed pension of Rs.1000 to Rs.5000 per month, depending upon his contribution, from the age of 60 years. The same pension would be paid to the spouse of the subscriber and on the demise of both the subscriber and spouse, the accumulated pension wealth is returned to the nominee.

The APY Scheme follows the same investment pattern as applicable to the NPS contribution of Central Govt employees. During the year 2016-17, it has earned a return of 13.91%.

The number of ​current APY Subscribers ha​s​ crossed 86​ lacs mark​. The yearly addition in APY enrollment is provided below:

APY Subscriber Addition (In Lacs)Year 2015-16 2016-17 2017-18 ( till 13thFeb 2018) Total
24.84 23.99 37.63 86.46

Powered by Capital Market - Live News