Lok Sabha Question No. 468 (UNSTARRED), answered on 2023-07-24
Subject: Atal Pension Yojana
Ministry: FINANCE
Asked by: V. Kalanidhi, Kripanath Mallah, Jaskaur Meena

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF FINANCIAL SERVICES

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## LOK SABHA UNSTARRED QUESTION NO. 468

## TO BE ANSWERED ON 24 th  JULY, 2023 (MONDAY)/ / SRAVANA 2, 1945 (SAKA)

## ATAL PENSION YOJANA

468. Dr. Kalanidhi Veeraswamy, Shri Kripanath Mallah, Shrimati Jaskaur Meena;

Will the Minister of Finance be pleased to state:

- (a) the salient features of the Atal Pension Yojana (APY);
- (b) the details of the number of subscribers enrolled under this scheme within Tamil Nadu so far;
- (c) the details of the total Assets Under Management (AUM) in APY and the investment return generated under this scheme since its inception within the country including Tamil Nadu;
- (d) whether the Government has set any target for Public Sector Banks and Regional Rural Banks under this scheme and if so, the details thereof;
- (e) whether the growth of subscribers under this scheme is being noticed across the country and if so, the details thereof; and
- (f) the details of the initiatives being taken by the Government for achieving the set target?

## ANSWER

## THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (DR. BHAGWAT KARAD)

(a)  Atal Pension Yojana (APY) was launched on 9 th  May, 2015, with the objective of creating a universal  social  security  system  for  all  Indians,  especially  the  poor,  the  under-privileged  and  the workers in the unorganised sector. It is open to all citizens of India between 18-40 years of age having a  savings  bank  account  in  a  bank  or  post-office.  For  better  targeting  of  guaranteed  pension  to unorganised sector workers, an income tax payer shall not be eligible to join APY from 1 st  October, 2022. The subscriber under APY is required to make a monthly/quarterly/six monthly contribution of an amount determined by the amount of pension chosen and the age of joining the scheme. The subscriber shall receive a government guaranteed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month or Rs. 5000 per month, after the age of 60 years until death, depending on the contribution chosen. The spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber after the death of the subscriber. After the death of both subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age 60 of the subscriber.

(b) As per data provided by Pension Fund Regulatory and Development Authority (PFRDA), a total of 37,94,087 enrolments have been made under APY in Tamil Nadu, as on 30 th  June, 2023.

(c)  As  per  data  provided  by  PFRDA,  the total  Assets  Under  Management  (AUM)  in  APY is Rs. 29,025.38 crores, as on 1 st  July, 2023, and the returns generated under APY since inception are 8.92%, as on 30 th  June, 2023.

- (d) For the Financial Year 2023-24, the Government has set a target of 100 Average Account Per Branch (AAPB) for both Public Sector Banks and Regional Rural Banks.

(e) Total number of subscribers enrolled since inception at the end of FY 2022-23 is 5,20,58,664. From beginning of FY 2016-17, APY enrolment has grown at a compounded annual growth rate (CAGR) of 55%

(f) The following activities are being undertaken by PFRDA and the Government to promote APY and increase its coverage:

- i. Regular monitoring of Banks and State Level Bankers' Committee (SLBCs) is undertaken in respect of achievements.
- ii. The performance of APY is monitored through regular review meetings with Banks at senior level.
- iii. Periodic advertisements are published in  print,  electronic,  and  social media  for awareness creation.
- iv. Physical APY outreach program and townhall meetings are organised at various locations pan India.
- v. APY Subscribers Information Brochure is available online in 13 vernacular languages for expanding accessibility and understanding.
- vi. Virtual  capacity  building  programs  for  Banking  Correspondents  (BCs)  and  field  staff  of Banks, Self Help Group (SHG) members, bank-sakhis of State Rural Livelihoods Missions (SRLMs) are being organised to propagate APY to eligible beneficiaries.
- vii. Activating online channels such as e-APY, net-banking, mobile app and bank's web-portal, for easy online onboarding.
- viii. APY Help Desk and Chatbot at Protean - CRA are operational for assisting APY subscribers.
- ix. QR Codes for APY User services, APY Transactional services, APY Information services, APY Podcast/Videos, APY Call Centre are available for creating awareness regarding the benefits of APY and services that are being offered to APY subscribers.

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