Union Government allows Atal Pension Yojana for Small Finance Banks and Payments Banks

The Union Government has allowed Small Finance Banks and Payments Banks to offer Atal Pension Yojana (APY). Recently, 10 Small Finance Banks and 11 Payment Banks have got license from Reserve Bank of India to start banking operations in the country. The Banks include Ujjivan Small Finance Bank, Janalakshmi Small Finance Bank, Suryoday Small Finance Bank, India Post Payment Bank and Paytm Payment Bank. The social security scheme “APY” was launched in 2015 and was the first ever dedicated Guaranteed Pension Product to the people of the country.

The scheme is available to the people in the age group of 18 to 40 years. Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs 1,000 to 5,000 per month from the age of 60 years depending upon the contribution. At present, over 84 lacs subscribers are registered under the APY scheme with an asset base of more than 3,194 crore rupees.