Finance Ministry announced that the payment banks such as Airtel payments bank and small finance bank such as Utkarsh and ESAF will also offer Atal Pension Yojana (APY) to the customers.
Presently, the scheme is being channelized through mainstream commercial banks like State Bank of India, PNB, BoB, Canara Bank , among others.
Central Government has decided to strengthen the existing channels of APY scheme distribution. The channelization of scheme through payments banks and small finance banks will boost to outreach of subscribers under APY.
There are 11 payments bank and 10 small finance banks which have received license from RBI to start banking operation in India.
Important Points to know about Atal Pension Yojana
- Atal Pension Yojana, is old age pension scheme launched in 2015 by Government of India and administrer by the PFRDA and implemented through banks.
- The scheme is applicable to all citizens of India in 18-40 years age group.
- There are over 84 lakh subscribers registered under the Atal Pension Yojana (APY) Scheme with an asset base of more than Rs. 3,194 crore as on January 23, 2018.
- In order to familiarise these Small Finance Banks and Payment Banks in the APY, the Pension Fund Regulatory and Development Authority (PFRDA) conducted an orientation meeting on January 15 for all the small finance banks and payment banks and discussed the scheme’s implementation.
- The small finance banks that have started the operations and are now eligible for offering Atal Pension Yojana are Ujjivan Small Finance Bank, Janalakshmi Small Finance Bank, Equitas, A U Small Finance Bank, Capital Small Finance Bank, ESAF, Utkarsh Small Finance Bank, Suryoday, and Fincare Small Finance Bank.
- The payments banks that have already started their banking operations and hence, are eligible for offering the Atal Pension Yojana (APY) are Paytm Payment Bank, Airtel Payment Bank, India Post Payment Bank and Fino Payment Bank.