Atal Pension Yojana (APY), launched to provide financial security to the unorganized sector employees of the country in their old age, has completed its 10 years. In these ten years, this scheme has achieved unprecedented success, which has provided pension support to millions of people. Let us know about the special achievements of this scheme, the increasing youth participation in it, and the important contribution of banks.
8.1 crore people got support in 10 years
According to the Pension Fund Regulatory and Development Authority of India (PFRDA), more than 8.1 crore people have joined Atal Pension Yojana (APY) so far. This number shows the tremendous popularity of the scheme. In the last business year itself, more than 1.17 crore new customers joined this scheme, out of which 55% were women. These figures are proof that people are now becoming more aware of the financial security of their future.
The importance of pensions is also increasing among the youth
Earlier, when pension was associated only with the elderly, the younger generation also understood their importance. PFRDA has reported that 46% of the new customers are youth in the age group of 18 to 25 years. This is a positive change, which shows that the young generation is investing from an early stage to secure their future.
The total asset under management (AUM) of this scheme has crossed ₹ 48,000 crore, with a compound annual growth rate (CAGR) of 9.12% since its inception. This scheme has also set a record of adding 50 lakh new customers in a single business year.
Commendable contribution of banks
PFRDA Chairman S. Raman has praised the important role of banks in the success of APY. He said, “This result reflects the importance of banks’ reach.” He urged all banks, especially private sector banks, to increase efforts towards pension, improve continuity, and increase awareness.
Public sector banks like Bank of India, State Bank of India (SBI), and Indian Bank have exceeded their targets. Among private institutions, IDBI Bank has been at the forefront in this regard. Regional rural and cooperative banks of Jharkhand, Tripura, and Andhra Pradesh have also achieved phenomenal results. The regulator said that the scheme has been implemented in all states and union territories, and has received great adoption, especially in small towns and rural districts. The scheme has been extremely successful in its objective of bringing financial security to every corner of India.