New Delhi, June 22: The Atal Pension Yojana (APY) has achieved a record addition of 12.2 million new accounts in the fiscal year 2023-24, bringing the total enrolments under the government’s social security scheme to 66.2 million, according to the Pension Fund Regulatory and Development Authority (PFRDA).
The data reveals that public-sector banks account for 70.44% of the total enrolments, regional rural banks 19.80%, private sector banks 6.18%, payment banks 0.37%, small finance banks 0.62%, and cooperative banks 2.39%.
The government pension scheme saw a 24% growth in gross enrolments, reaching 64.4 million by the end of FY 23-24. APY is gaining significant traction among women and youth, noted PFRDA chairman Deepak Mohanty.
In FY24, 52% of new enrolments were women. Additionally, since the scheme's inception, 70% of subscribers have been in the 18 to 30 age group.
Uttar Pradesh leads the states with over 10 million enrolments, followed by Bihar, Maharashtra, West Bengal, and Tamil Nadu with 5 million each. Madhya Pradesh, Andhra Pradesh, Rajasthan, and Karnataka have 3 million each, while Gujarat, Odisha, and Jharkhand have 2 million each. These 12 states represent over 80% of the total enrolments.
Prime Minister Narendra Modi has stressed the importance of ensuring comprehensive coverage of the government's social security schemes, including APY, for all eligible individuals.
As part of this mission, the PFRDA has initiated outreach programs in collaboration with all State-Level Bankers' Committees (SLBCs) and regional rural banks (RRBs) nationwide. More such campaigns are planned for the current financial year.
To expand membership, the PFRDA is targeting Jan Dhan account holders and promoting digital enrolment methods to attract the younger population. This effort involves coordination with various central ministries, state governments, and agencies.
Under the APY scheme, any citizen aged 18-40 can join through a bank or post office branch where they hold a savings account. Subscribers are guaranteed a minimum pension of Rs 1,000 to Rs 5,000 per month from the age of 60, based on their contributions. In the event of a subscriber's death, the same pension amount will be paid to the spouse.
