PFRDA conducts Strategy-Review meeting for the expansion of the Atal Pension Yojana (APY)

PFRDA reviewed performance and strategies of Banks and State Level Banker’s Committees for FY 2023-24 to accelerate comprehensive coverage of APY. The achievers for the previous year’s performance were felicitated during the program.

All India enrolment under APY increased by 1.19 Cr during FY 2022-23 thus taking the gross enrolment to 5. 20 Cr. The enrolment target for FY 2023-24 is 1.30 Cr.

The Public sector Banks having head offices at West Zone have contributed significantly towards the annual target of FY 2022-23 with Bank of India achieving 161% of the target followed by State Bank of India (153%) and Union Bank of India (123%). Similarly, the Regional Rural Banks of the Zone have also performed well with Vidharbha Konkan Gramin Bank achieving 246% of annual target. It was followed by Baroda Gujarat Gramin Bank (136%) and Maharashtra Gramin Bank (119%). As on Jul/15/2023, APY coverage in the states of West zone (Maharashtra, Gujarat, Goa and DN&DD) has surpassed 66 lakh.

The meeting was chaired by Dr. Deepak Mohanty, Chairman, PFRDA wherein he appreciated the efforts by bankers and urged them to strive for Pension Saturation in respective states as there is substantial potential. The senior officials of PFRDA, Banks and SLBCs also attended the program.

Atal Pension Yojana is the guaranteed pension scheme of the Government of India providing monthly pension in the range of Rs. 1000- Rs. 5000, to self and spouse with the return of accumulated corpus to the surviving nominees.