Atal Pension Yojana crosses 3 crore subscribers during FY21
- Out of total 79.14 lakh subscribers who joined APY in the FY 2020-21, State Bank of India sourced 22.07 lakh subscribers, i.e. 28% of total enrolments
Atal Pension Yojana has added over 79 lakh subscribers during FY 2020-21, the Pension Fund Regulatory and Development Authority (PFRDA) said today.
Atal Pension Yojana (APY) was launched in May 2015 and current number of subscribers stands at 3 crores. It took less than six months to enroll 50 lakh new APY subscribers to reach 3 crore enrollments from 2.5 crore enrolments, the PFRDA said in a release.
Out of total 79.14 lakh subscribers who joined APY in the FY 2020-21, State Bank of India sourced 22.07 lakh subscribers, i.e. 28% of total enrolments. It was followed by Canara Bank and Indian Bank, which sourced 5.89 lakh and 5.17 lakh subscribers respectively, during the same period. Further, Bank of Baroda, Airtel Payment Bank, Bank of India, Central Bank of India, Punjab National Bank, Union Bank of India, Indian Overseas Bank, Axis Bank, HDFC Bank, Aryavart Bank and Baroda UP Bank have sourced new APY accounts between 1 and 5 lakh, during FY 2020-21.
Among the State-wise distribution, more than 20 lakh APY subscribers got enrolled in 5 states as on March 31, 2021. Uttar-Pradesh was at the top with 45.4 lakh APY enrollments followed by Bihar with 28.22 lakh, West Bengal with 23.92 lakh, Maharashtra with 23.17 lakh and Tamilnadu with 22.57 lakh cumulative APY enrollments, as on 31 March 2021. The other six states Andhra-Pradesh, Karnataka, Madhya Pradesh, Rajasthan, Gujarat and Odisha have done APY enrolments between 10 and 20 lakh, as on 31 March,2021.
The preference for a pension amount ₹1000 per month has increased over last six years. Out of the total enrolments under APY, around 77% subscribers have opted for ₹1000 monthly pension amount, as on 31 March 2021 in comparison to 38% subscribers who opted for ₹1000 monthly pension amount, as on 31 March 2016.
Also, gender gap in APY enrolments has narrowed with increased participation of female subscribers. Share of female subscribers has been increased to 44% as on 31 March 2021 from 37% as on 31 March 2016. Further, age profile of APY subscribers suggests trend of increasing enrolments at younger age. As on 31 March 2021 more than 43% subscribers got enrolled are aged between 18 to 25 years, an increase from the earlier level of 29%, as on 31 March 2016, the PFRDA release said.
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First Published:22 Apr 2021, 09:54 PM IST
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