RBI holds conference for directors on boards of Public Sector Banks
The Reserve Bank of India held a conference for the directors on the Boards of Public Sector Banks. The conference was held in New Delhi on Monday.
Total enrollment under the Atal Pension Yojana (APY) crossed the 5.20 crore mark as on 31 March 2023.
The scheme enrolled more than 1.19 crore new subscribers in 2022-23 as compared to 99 lakh in the last financial year, depicting a growth of more than 20 per cent. As on date, the total assets under management (AUM) in APY is more than Rs. 27,200 crore and the scheme has generated an investment return of 8.69 per cent since its inception.
In the Public Sector Banks (PSBs) category, nine banks achieved the annual target while the Bank of India, State Bank of India, and the Indian Bank sourced more than 100 APY accounts per branch.
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Under the Regional Rural Banks (RRBs) category, 32 banks achieved the annual target while the Jharkhand Rajya Gramin Bank, Vidharbha Konkan Gramin Bank, Tripura Gramin Bank and the Baroda Uttar Pradesh Gramin Bank sourced more than 160 APY accounts per branch. Also, the Tamilnad Mercantile Bank, Dhanlaxmi Bank and Airtel Payments Bank achieved the annual target allocated by the Ministry of Finance.
Further, twelve states – Bihar, Jharkhand, Assam, Uttar Pradesh, West Bengal, Madhya Pradesh, Tripura, Rajasthan, Andhra Pradesh, Chhattisgarh, Odisha and Uttarakhand –also achieved their annual targets with the help and support of their respective State Level Banker’s Committee (SLBCs).
The Pension Fund Regulatory and Development Authority (PFRDA) conducted 47 APY Outreach programmes and Town Hall meetings pan India at various locations, in coordination with SLBCs and RRBs. Many initiatives were taken such as the launch of a digital onboarding facility using Aadhaar, the launch of revamped APY app,17 podcasts for creating awareness on the benefits of APY, the launch of a Chatbot facility for seeking basic information on APY, etc.
Under the APY, a subscriber would receive a lifelong minimum guaranteed pension of Rs 1,000 to Rs 5,000 per month from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the APY. The same pension would be paid to the spouse of the subscriber after the demise of the subscriber and on the demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned back to the nominee.
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