Atal Pension Yojana crosses 3 crore subscribers throughout FY21
Atal Pension Yojana has added over 79 lakh subscribers throughout FY 2020-21, the Pension Fund Regulatory and Development Authority (PFRDA) mentioned at this time.
Atal Pension Yojana (APY) was launched in May 2015 and present variety of subscribers stands at 3 crores. It took lower than six months to enroll 50 lakh new APY subscribers to succeed in 3 crore enrollments from 2.5 crore enrolments, the PFRDA mentioned in a launch.
Out of whole 79.14 lakh subscribers who joined APY within the FY 2020-21, State Bank of India sourced 22.07 lakh subscribers, i.e. 28% of whole enrolments. It was adopted by Canara Bank and Indian Bank, which sourced 5.89 lakh and 5.17 lakh subscribers respectively, throughout the identical interval. Further, Bank of Baroda, Airtel Payment Bank, Bank of India, Central Bank of India, Punjab National Bank, Union Bank of India, Indian Overseas Bank, Axis Bank, HDFC Bank, Aryavart Bank and Baroda UP Bank have sourced new APY accounts between 1 and 5 lakh, throughout FY 2020-21.
Among the State-wise distribution, greater than 20 lakh APY subscribers obtained enrolled in 5 states as on March 31, 2021. Uttar-Pradesh was on the high with 45.4 lakh APY enrollments adopted by Bihar with 28.22 lakh, West Bengal with 23.92 lakh, Maharashtra with 23.17 lakh and Tamilnadu with 22.57 lakh cumulative APY enrollments, as on 31 March 2021. The different six states Andhra-Pradesh, Karnataka, Madhya Pradesh, Rajasthan, Gujarat and Odisha have finished APY enrolments between 10 and 20 lakh, as on 31 March,2021.
The desire for a pension quantity ₹1000 per 30 days has elevated over final six years. Out of the overall enrolments beneath APY, round 77% subscribers have opted for ₹1000 month-to-month pension quantity, as on 31 March 2021 compared to 38% subscribers who opted for ₹1000 month-to-month pension quantity, as on 31 March 2016.
Also, gender hole in APY enrolments has narrowed with elevated participation of feminine subscribers. Share of feminine subscribers has been elevated to 44% as on 31 March 2021 from 37% as on 31 March 2016. Further, age profile of APY subscribers suggests development of accelerating enrolments at youthful age. As on 31 March 2021 greater than 43% subscribers obtained enrolled are aged between 18 to 25 years, a rise from the sooner stage of 29%, as on 31 March 2016, the PFRDA launch mentioned.
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