 "Enrolments under APY cross 52 million mark; AUM over Rs 27,200 crore")
Total enrolment under Atal Pension Yojana (APY) crossed 52 million crore mark by the end of FY23. The scheme enrolled more than 11.9 million new subscribers in FY23, the highest ever enrolments since the inception of the scheme. This is 20 per cent growth compared to 9.9 million in the last financial year.
“As on date, the total Assets Under Management (AUM) in APY is more than Rs 27,200 crore and the scheme has generated investment return of 8.69 per cent since the inception of the scheme,” the Ministry of Finance said in a release.
Nine Public Sector Banks (PSBs) and 32 Regional Rural Banks (RRBs) achieved their targets under the scheme for FY23.
The release said that 12 states- Bihar, Jharkhand, Assam, Uttar Pradesh, West Bengal, Madhya Pradesh, Tripura, Rajasthan, Andhra Pradesh, Chhattisgarh, Odisha, and Uttarakhand- also achieved their annual targets with the help and support of their respective State Level Banker’s Committee (SLBCs).
The Finance Ministry said Pension Fund Regulatory and Development Authority (PFRDA) conducted 47 APY outreach programs and town hall meetings pan India at various locations, in coordination with SLBCs and RRBs. Many initiatives were taken such as the launch of a digital onboarding facility using Aadhaar, the launch of revamped APY app,17 podcasts for creating awareness on the benefits of APY, the launch of a Chatbot facility for seeking basic information on APY, etc.
Under APY, a subscriber would receive a lifelong minimum guaranteed pension of Rs 1,000 to Rs 5,000 per month from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the APY.