Record Surge in Atal Pension Yojana Enrollments: 12.2 Million New Accounts in 2023-24
News Mania Desk/ Agnibeena Ghosh/23rd June 2024
The Atal Pension Yojana (APY), a government-backed social security scheme, witnessed a record 12.2 million new enrollments during the fiscal year 2023-24, bringing the total number of accounts to an impressive 66.2 million. This data, released by the Pension Fund Regulatory and Development Authority (PFRDA), underscores the growing popularity of the scheme among Indian citizens.
Public-sector banks have played a pivotal role in this surge, contributing to approximately 70.44% of total enrollments. Regional rural banks followed with 19.80%, private sector banks at 6.18%, payment banks at 0.37%, small finance banks at 0.62%, and cooperative banks at 2.39%. This widespread participation across different banking sectors highlights the extensive reach and acceptance of the APY scheme.
The APY saw a remarkable 24% growth in gross enrollments by the end of FY 2023-24, reaching a total of 64.4 million. This growth trajectory is indicative of the scheme’s increasing appeal, particularly among women and younger individuals. PFRDA Chairman Deepak Mohanty noted that 52% of the new enrollments in FY24 were women, and since the scheme’s inception, 70% of the total gross enrollments have been from the 18 to 30 age group.
Uttar Pradesh led the states with over 10 million enrollments, followed by Bihar, Maharashtra, West Bengal, and Tamil Nadu, each with 5 million enrollments. Madhya Pradesh, Andhra Pradesh, Rajasthan, and Karnataka each recorded 3 million enrollments, while Gujarat, Odisha, and Jharkhand each accounted for 2 million. These 12 states collectively represent over 80% of the total enrollments, showcasing significant regional engagement with the APY.
Prime Minister Narendra Modi has stressed the importance of ensuring that every eligible individual is covered by the government’s social security schemes, including the APY. To support this mission, PFRDA has been actively engaging in outreach programs in collaboration with State-level Bankers’ Committees (SLBCs) and Regional Rural Banks (RRBs) across the country. More such campaigns are planned for the current financial year to further boost enrollments.
A key focus of these campaigns is to target Jan Dhan account holders and promote digital enrollment methods, aiming to attract a younger demographic. This initiative involves coordination with various central ministries, state governments, and related agencies to streamline and enhance the enrollment process.
The APY scheme is accessible to any Indian citizen aged 18-40 with a savings bank account. Subscribers are assured a minimum guaranteed pension ranging from Rs 1,000 to Rs 5,000 per month upon reaching the age of 60, based on their contributions. In the event of a subscriber’s demise, the same pension amount is paid to their spouse, ensuring continued financial security.
This robust framework not only provides a safety net for the elderly but also encourages a culture of savings and financial planning among younger generations. As the PFRDA continues its efforts to expand the scheme’s reach, the Atal Pension Yojana is poised to become a cornerstone of India’s social security landscape, fostering economic stability and security for millions of its citizens
