Friday, February 3, 2023

During FY21, the Atal Pension Yojana will cross 3 crore subscribers.

The Pension Fund Regulatory and Development Authority (PFRDA) announced today that the Atal Pension Yojana gained over 79 lakh new subscribers in FY 2020-21.

State Bank of India sourced 22.07 lakh subscribers, or 28 percent of total enrolments, out of the total 79.14 lakh who joined APY in FY 2020-21.

The Atal Pension Yojana (APY) was launched in May 2015, and there are currently 3 crores of subscribers. According to the PFRDA, it took less than six months to enroll 50 lakh, new APY subscribers, taking the total number of APY subscribers to 3 crores from 2.5 crores.

State Bank of India sourced 22.07 lakh subscribers, or 28 percent of total enrolments, out of a total of 79.14 lakh who joined APY in FY 2020-21. Canara Bank and Indian Bank came in second and third, with 5.89 lakh and 5.17 lakh subscribers, respectively, during the same time span. In addition, during the fiscal year 2020-21, Bank of Baroda, Airtel Payment Bank, Bank of India, Central Bank of India, Punjab National Bank, Union Bank of India, Indian Overseas Bank, Axis Bank, HDFC Bank, Aryavart Bank, and Baroda UP Bank sourced new APY accounts ranging from 1 to 5 lakh.

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More than 20 lakh APY subscribers were enrolled in 5 states as of March 31, 2021, according to the state-by-state distribution. As of March 31, 2021, Uttar Pradesh led the way with 45.4 lakh APY enrollments, followed by Bihar with 28.22 lakh, West Bengal with 23.92 lakh, Maharashtra with 23.17 lakh, and Tamilnadu with 22.57 lakh. As of March 31, 2021, the other six states of Andhra Pradesh, Karnataka, Madhya Pradesh, Rajasthan, Gujarat, and Odisha had enrolled between 10 and 20 lakh people in the APY.

Over the last six years, the preference for a monthly pension of $1,000 has risen. As of 31 March 2021, approximately 77 percent of APY subscribers had chosen a 1000 monthly pension amount, compared to 38 percent of subscribers who had chosen a 1000 monthly pension amount as of 31 March 2016.

In addition, the gender disparity in APY enrolments has narrowed as female subscribers have increased their participation. Female subscribers rose from 37% to 44% as of March 31, 2021, compared to 37% as of March 31, 2016. Furthermore, the age profile of APY subscribers shows a pattern of younger enrolment. According to the PFRDA, more than 43 percent of subscribers registered on March 31, 2021, are between the ages of 18 and 25, up from 29 percent on March 31, 2016, according to the PFRDA.

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