Step up efforts to expand pension coverage: PFRDA Chairperson S Ramann

PFRDA Chairperson S Ramann called on banks, particularly private lenders, to step up efforts, improve persistency, and enhance financial literacy for broader pension coverage

Pension Fund Regulatory and Development Authority (PFRDA) Chairperson S Ramann on Monday called on banks, particularly private sector lenders, to enhance efforts to expand pension coverage across the country.

 

“Atal Pension Yojana (APY) with over ₹48,000 crore assets under management (AUM) and 9.12 per cent compound annual growth rate (CAGR) since inception is a robust and sustainable pension product, and I urge all banks, particularly private sector banks, to enhance efforts, improve persistency, and drive financial literacy to achieve pension saturation,” said Ramann.

 

PFRDA organised the APY Annual Felicitation Programme in New Delhi, recognising banks, state-level bankers’ committees (SLBCs), branches, and lead district managers (LDMs) for their outstanding contribution to the APY during the financial year 2024-25 (FY25). In total, 44 service providers, 10 SLBCs, and the country’s top five branches and LDMs were awarded for surpassing their annual enrolment targets.

 

According to PFRDA data, gross enrolments under APY had crossed 8.11 crore as of August 21, with more than 1.17 crore new subscribers added in FY25 alone. The scheme is increasingly finding favour among women and the younger population, with women accounting for 55 per cent of enrolments during the year.

 

Among public sector banks, Bank of India achieved 126 per cent of its target, State Bank of India 123 per cent, Indian Bank 118 per cent, Punjab & Sind Bank 106 per cent, and Union Bank of India 103 per cent.

 

In the private sector, IDBI Bank led the way with 145 per cent. Regional Rural Banks were standout performers, with Jharkhand Rajya Gramin Bank achieving 393 per cent, Tripura Gramin Bank 351 per cent, Punjab Gramin Bank 157 per cent, Andhra Pradesh Grameena Bank 152 per cent, and Assam Gramin Vikash Bank 149 per cent. AU Small Finance Bank also contributed significantly with 109 per cent. Cooperative banks made their mark too, led by Shri Mahila Sewa Sahakari Bank at 400 per cent, Andhra Pradesh State Co-op Bank at 207 per cent, South Canara DCC Bank at 142 per cent, Mizoram Co-op Apex Bank at 125 per cent, and Sabarkantha DCC Bank at 111 per cent.

 

“With APY emerging as a trusted retirement solution for millions, PFRDA reaffirmed its commitment to working closely with banks and post offices to ensure every eligible citizen is covered under the scheme, securing a dignified future for all,” said PFRDA in a statement.