PFRDA reviewed strategies for the expansion of the Atal Pension Yojana (APY) in Kolkata

Kolkata, 14th July 2023: PFRDA reviewed the strategies of Banks and State Level Banker’s Committees (SLBCs) for FY 2023-24 for the expansion and comprehensive coverage of APY. Further, the achievers of the previous year’s performance for FY 2022-23 were felicitated during the program.

All India enrolment under APY has increased by 1.19 Cr during FY 2022-23 thus taking the gross enrolment to 5.20 Cr. With respect to East Zone in FY 2022-23, the majority of the bank branches of East Zone have achieved the allocated target set by the Govt. of India. The gross enrolment target for FY 2023-24 is 1.30 Cr.

Most of the SLBCs in the East Zone over-achieved the annual target of FY 2022-23 with Bihar achieving 192% of the target followed by Jharkhand (183%) and Assam (174%). Similarly, the Regional Rural Banks of the Zone have also performed well with Jharkhand Rajya Gramin Bank achieving 304 Average Account Per Branch (AAPB). It was followed by Tripura Gramin Bank (162 AAPB) and Assam Gramin Vikas Bank (139 AAPB). As on 30th June 2023, APY coverage in the states of East Zone has surpassed 1.63 Cr. enrolments.

The meeting was chaired by Dr. Deepak Mohanty, Chairman, PFRDA. He appreciated the efforts of Banks and SLBCs and discussed strategies to ensure pension saturation and coverage of APY. The meeting was attended by the senior officers of PFRDA, Banks and SLBCs.

Atal Pension Yojana is the guaranteed pension scheme of the Government of India providing monthly pension in the range of Rs. 1000- Rs. 5000, to self and spouse with the return of accumulated corpus to the surviving nominees.