AUM -Rs. 28,434 Cr, Generates RoI Of 8.92 %

 

APY aims to deliver old age income security to all citizens of India, particularly to the workers in the unorganised sector.

MUMBAI, May 13 (The CONNECT) – Atal Pension Yojana (APY) a flagship social security scheme of the Government of India has completed eight years of successful implementation. The scheme was launched on 9th May 2015 by Narendra Modi with the objective of delivering old age income security to all citizens of India, particularly to the workers in the unorganised sector.

 

 

The scheme has been implemented comprehensively across the country covering all states and Union Territories with total enrolments crossing the mark of 5.25 crore. APY enrolments have continuously shown an increasing trend since its inception. In new enrolments, there has been a growth of 20% in FY 2022-23 over FY 2021-22 in comparison to a growth of 25% in FY 2021-22 over FY2020-21. As on date, the total assets under management (AUM) in APY is more than Rs. 28,434 crore and the scheme has generated an investment return of 8.92 % since inception of the scheme.

This feat of bringing in the most vulnerable sections of society under the coverage of pension could not have been possible without the untiring efforts of Public and Private Banks, Regional Rural Banks, Payments Banks, Small Finance Banks, the Department of Posts, and the support extended by the State Level Bankers’ Committees.

 

 

New APY account can be opened by any Indian citizen, in the age group of 18-40 years, who is having a savings bank account and who is not an income taxpayer. Under APY, a subscriber would receive a lifelong minimum guaranteed pension of Rs.1000 to Rs.5000 per month from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the APY scheme. 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 back to the nominee.

Banks wise details of the Number of subscribers enrolled under APY, in last 8 Years (in lakhs)

Category   of Banks As on (March 31, 2016) As on (March 31, 2017) As on (March 31, 2018) As on (March 31, 2019) As on

(March 31, 2020)

 

As on

(March 31, 2021)

 

As on

(March 31, 2022)

Additions During FY 2022-23 As on

(March 31, 2023)

 

As on

(May 09, 2023)

Public Sector Banks 16.581 29.859 64.443 105.35 154.183 209.195 278.487 86.607 365.095 368.77
Regional Rural Banks 4.763 11.152 19.871 31.711 43.301 57.107 75.280 24.267 99.548 100.41
Private Banks 2.531 5.586 9.829 13.297 18.20 23.193 29.210 5.13 34.347 34.54
Small Finance Bank 0.09 0.157 0.351 0.862 0.785 1.648 1.67
Payment Bank 0.481 3.44 8.188 12.880 2.159 15.039 15.12
Co-op Banks 0.22 0.339 0.456 0.543 0.705 0.80 0.928 0.141 1.069 1.10
DOP 0.753 1.899 2.453 2.703 3.02 3.321 3.623 0.215 3.839 3.84
Total 24.84 48.83 97.05 154.18 223.01 302.15 401.27 119.31 520.58 525.45