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APY subscribers are to touch 1 crore by March 2018 – Ministry of Finance

Subscribers of Atal Pension Yojana (APY) is expected to increase to 1 crore by March next year, as stated by the Ministry of Finance.

In an event organised by PFRDA (Pension Fund Regulatory and Development Authority), Financial Services Secretory Rajiv Kumar said that

APY is not only a flagship scheme of the government, it is an important instrument for inclusion…within three years, the scheme has been able to mobilise nearly 69 lakh accounts

He also said that keeping the huge population of the country in mind, pension coverage is very low which needs to go upward.

When the enrolment under PMJJY (Pradhan Mantri Jeevan Jyoti Bima Yojana) and PMSBY (Pradhan Mantri Suraksha Bima Yojana) can reach to the level of 13 crore, I see no reason for APY to lag behind. We have fixed a target of 1 crore this year to be achieved by March 31
he also added.

Atal Pension Yojana (APY) is a scheme which is backed by the government and it is specially designed keeping the unorganised sector in mind. This scheme is administered by the PFRDA (Pension Fund Regulatory and Development Authority) under the NPS (National Pension System). This scheme was launched in order to cultivate savings habit in unorganised section of the society. And in old age, this scheme helps the weaker section by providing regular income. As under this plan the subscribers will be given regular pension once they have attained the age of 60 years old, depending on the amount they have invested and tenure.

Recently government have mandated Aadhaar card with every other official government documents and schemes. Hence, Government have made Aadhaar compulsory for the APY (Atal Pension Yojana) beneficiaries.

An APY subscriber will have to get the Aadhaar number recorded in his or her APY pension account and also in his / her savings account where the periodic pension contribution installments are debited and government co-contribution is to be credited

And PFRDA (Pension Fund Regulatory and Development Authority) is also offering APY by Aadhaar in a completely digital manner.

PFRDAs chairman Hemant Contractor added that pension regulator has developed the process to offer APY enrolment through e – NPS (national pension system) platform for wider reach.

Till now the interested people had to visit bank or could enrol through business correspondents and now they can enrol themselves at the convenience of their house i.e. through internet.

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