The Central government announced recently that the payments banks such as Airtel payments bank and small finance banks such as Utkarsh and ESAF will also offer social security scheme, Atal Pension Yojana (APY), to their subscribers. Currently, the scheme is offered via all mainstream banks such as State Bank of India (SBI), Oriental Bank of Commerce and Bank of Baroda, among others.
The ministry of finance on Friday decided to strengthen the existing channels of Atal Pension Yojana (APY) distribution. In a bid to widen the APY net, it was felt that the new payments banks and small finance banks will provide the much-needed impetus to the outreach of subscribers under APY, the finance ministry said in a statement.
Five Things To Know About Atal Pension Yojana (APY)
1. Launched in May 2015, Atal Pension Yojana is a Government of India's old age pension scheme, administered by the PFRDA, and implemented through all the banks nationwide. The scheme is applicable to all citizen of India aged between 18 to 40 years.
2. There are over 84 lakh subscribers registered under the Atal Pension Yojana (APY) Scheme with an asset base of more than Rs 3,194 crore as on January 23, 2018.
3. In order to familiarise these Small Finance Banks and Payment Banks in the APY, the Pension Fund Regulatory and Development Authority (PFRDA) conducted an orientation meeting on January 15 for all the small finance banks and payment banks and discussed the scheme's implementation.
4. The small finance banks that have started the operations and are now eligible for offering Atal Pension Yojana are Ujjivan Small Finance Bank, Janalakshmi Small Finance Bank, Equitas, A U Small Finance Bank, Capital Small Finance Bank, ESAF, Utkarsh Small Finance Bank, Suryoday, and Fincare Small Finance Bank.
5. The payments banks that have already started their banking operations and hence, are eligible for offering the Atal Pension Yojana (APY) are Paytm Payment Bank, Airtel Payment Bank, India Post Payment Bank and Fino Payment Bank.
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