HT Bureau
GUWAHATI, Jan 30: Atal Pension Yojana (APY), the flagship social security scheme of the Government of India, which was launched on May 9, 2015, to provide old age income security to all Citizens of India recently crossed the landmark of 5 crore enrolments. The scheme has done very well in the calendar year 2022 by enrolling more than 1.25 crore new subscribers in comparison to 92 lahks new subscribers enrolment in the calendar year 2021.
To date, 29 banks have already surpassed the annual target allocated by the government of India. In the Public-sector Bank category, Bank of India, State Bank of India, and Indian Bank have achieved the allocated targets, while in the Regional Rural Bank (RRB) category, 21 banks have achieved the allocated targets, with the highest achievement by Jharkhand Rajya Gramin Bank, Vidharbha Konkan Gramin Bank, and Baroda UP Bank. Public sector banks and Regional Rural Banks together have 89% of the contribution in the total enrolments. In the private bank category, Tamilnad Mercantile Bank has achieved the annual target. In addition to the banks, many states like Bihar, Jharkhand, Uttar Pradesh, Assam, West Bengal, Madhya Pradesh, and Tripura have also achieved their annual targets by monitoring from their respective State Level Banker’s Committee (SLBCs).
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Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs 1000 to 5000 per month from the age of 60, depending on their contributions, which would vary based on the age of joining the APY. 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 to the nominee.
