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Subscriber base touched 80 lakh under Atal Pension Yojana

An official from Atal Pension Yojana has announced that PFRDA – run Atal Pension Yojana (APY) has reached a subscriber base of 80 lakh.

Now, the subscribers’ base under the Atal Pension Yojana (APY) has reached more than 80 lakhs and growing at a good pace,
the Pension Fund Regulatory and Development Authority of India (PFRDA) said in a statement.

As per the reports, Uttar Pradesh (UP) is the highest contributing state at 11.41 lakh APY subscribers, followed by Bihar and Tamil Nadu at 8.87 lakh and 6.60 lakh respectively.

To make the program popular amongst the masses PFRDA (Pension Fund Regulatory and Development Authority) has taken various initiatives in order to expand the outreach of the program and easing operations under APY such as account statement view and e – PRAN (Permanent Retirement Account Number) so that customers can easily access their account.

In this matter, the official said that

it is promoting digital initiatives for the convenience of subscribers and they can register for the scheme online as well to eliminate the need for furnishing physical documents.

The APY (Atal Pension Yojana) was earlier known as Swavalamban Yojana. This scheme is a Government-backed Pension Scheme which is launched by the Prime Minister Narendra Modi on 9th May 2015 in Kolkata, West Bengal. This scheme is administered by PFRDA (Pension Fund Regulatory and Development Authority) under the National Pension System.

The main objective of this scheme is to enhance the old age income security of the working poor and it mainly focuses on the weaker sections of the society. This scheme provides a guaranteed monthly pension amount. The scheme came into operation in June 2015 and under this plan, the subscriber will receive a fixed pension after the age of 60 depending on their contribution amount and tenure.

 


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