2024-10-08 16:17:00
The total gross enrolments under the scheme have crossed 7 crore, with an enrolment of over 56 lakh members in the current financial year 2024-25, the Pension Fund Regulatory and Development Authority (PFRDA) said in a statement.
This feat of bringing in the most vulnerable sections of society under the coverage of pension has been made possible with the untiring efforts of all the Banks and SLBCs, it said.
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Atal Pension Yojana: A Milestone Achieved
The Atal Pension Yojana (APY), a government-backed pension scheme, has crossed the 7 crore mark in gross enrolments, marking a significant milestone in its 10-year journey. Launched on May 9, 2015, the APY aims to create a universal social security system for all Indians, with a focus on the poor, underprivileged, and workers in the unorganised sector.
According to the Pension Fund Regulatory and Development Authority (PFRDA), the APY has enrolled over 56 lakh members in the current financial year 2024-25, taking the total gross enrolments to over 7 crore. This achievement is a testament to the tireless efforts of banks and SLBCs (State-Level Bankers’ Committees) in bringing the most vulnerable sections of society under the coverage of pension.
The APY, based on the National Pension Scheme, aims to provide a steady stream of income to all citizens of India after the age of 60 [1]. The scheme offers a guaranteed minimum pension of Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000, or Rs. 5,000 per month at the age of 60 [3].
The APY has been a groundbreaking initiative in promoting financial inclusion and social security in India. The scheme has been well-received by citizens, with over 7 crore individuals enrolling in the programme. The PFRDA’s efforts to streamline the enrolment process and improve awareness about the scheme have contributed significantly to its success.
As the APY continues to grow, it is essential to address the challenges that lie ahead. Ensuring the sustainability of the scheme, improving the quality of services, and enhancing the benefits offered to subscribers will be crucial in maintaining the momentum.
the Atal Pension Yojana has achieved a remarkable milestone, with over 7 crore gross enrolments. As the scheme continues to evolve, it is essential to focus on improving the services and benefits offered to subscribers, ensuring the sustainability of the programme, and promoting financial inclusion and social security in India.
References:
[1] Bank of Baroda. (n.d.). Atal Pension Yojana.
[2] NSDL-CRA. (n.d.). Atal Pension Yojana.
[3] India.gov.in. (2018). Atal Pension Yojana.
