By TIOL News Service

NEW DELHI, MAR 17, 2018: PENSION Fund Regulatory and Development Authority (PFRDA) today organized a Felicitation Programme to recognize the winning APY service providers under the “We for Victory” Campaign where in more than 4 lakh accounts were mobilised by the banks. The Campaign was launched during 7th January to 20 th January, 2018 for recognizing the efforts of Zonal Heads/Circle /Regional Heads & Middle Management (Level-2) Of Banks..

The Chairman, PFRDA highlighted the importance of Atal Pension Scheme in every individual's life. He also expressed the appreciation for the well performing APY-SPs. He desired to make the APY Pension Scheme available for people between 18-50 years and to have a provision of early superannuation focusing on the unorganised sector as they become unemployable early. The APY-SPs were facilitated with awards for the campaign by Chairman. Zonal Manager of 14 Public Sector Banks and 9 Regional Rural Banks have been felicitated for good performance under APY

Mr A G Das, Executive Director, PFRDA applaud the performance by APY SPs and motivated them to achieve the milestone of 1 crore in FY 2017-18.

With a view to bring the economically disadvantaged section of the society in the unorganized sector within the pension fold or old age income security coverage, Government had launched the Atal Pension Yojana in May 2015.

In order to expand the outreach of APY across the country, all the Public Sector Banks, Private Sector Banks, Regional Rural Banks, Cooperative Banks (Rural & Urban) & Department of Post are involved in the registration of subscriber under APY. As on date there are 233 active service providers under APY and more than 93 lacs subscribers have been registered under the scheme.

The subscribers' base under the Atal Pension Yojana (APY) has reachednearly 93 Lakhs. The scheme became operational from 1st June, 2015 and is available to all citizens of India in the age group of 18-40 years. Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs.1000 to Rs.5000 per month, depending upon his contribution, from the age of 60 years. The same pension would be paid to the spouse of the subscriber and on the demise of both the subscriber and spouse, the accumulated pension wealth is returned to the nominee.

The APY Scheme follows the same investment pattern as applicable to the NPS contribution of Central Govt employees. During the year 2016-17, it has earned a return of 13.91%.