The Atal Pension Yojana (APY), a flagship pension scheme of the government to cover the workers in the unorganised sector, has crossed 1.9 crore subscriber mark, pension sector regulator PFRDA said.
The primary reason for the uptick in enrollment was an achievement of targets allocated to banks for the opening of new APY accounts, it said in a statement.
“In this financial year, the response towards the enrollment of APY was overwhelming and more than 36 lakh APY accounts have been added till October 31, 2019, indicating a growth of 33 per cent in comparison to 26 per cent growth during the corresponding period, last fiscal,” the Pension Fund Regulatory and Development Authority (PFRDA) said.
APY is being administered by the PFRDA.
Out of the 36 lakh new APY accounts, 27.5 lakh were sourced by public sector banks, 5.5 lakh accounts by regional rural banks and around 3 lakh accounts by the private sector and payment banks.
Among public sector banks, State Bank of India contributed with nearly 11.5 lakh additions in APY accounts followed by Canara Bank and Bank of India.
In terms of average account per branch, SBI sourced highest APY accounts followed by Indian Bank and Bank of India.
Among RRBs, Baroda Uttar Pradesh Gramin Bank, Dakshin Bihar Gramin Bank and Andhra Pradesh Grameena Vikas Bank sourced maximum APY accounts, whereas, in terms of average accounts per branch Tripura Gramin Bank, Maharashtra Gramin Bank and Baroda Uttar Pradesh Gramin Bank topped the list.
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