Over 52 lakh new subscribers have joined Atal Pension Yojana (APY) during 2020-21 so far, taking the total enrolment under the government's social security scheme to 2.75 crore at end-December, an official release said.
APY is a guaranteed pension scheme of the government which offers triple benefits to subscribers on attaining 60 years of age.
It offers minimum guaranteed pension to subscribers, same guaranteed pension to the spouse after the demise of a subscriber and return of the accumulated pension wealth to the nominee.
Despite the unprecedented challenges poised due to pandemic, addition of more than 52 lakh new subscribers in the financial year 2020-21 so far has been remarkable and result of untiring efforts of banks, the Pension Regulatory Fund and Development Authority of India (PFRDA) said in the release.
State Bank of India alone enrolled more than 15 lakh new APY subscribers.
PFRDA said it is committed to continue its endeavour to popularise the scheme through various campaigns at national and state levels, constant engagement with bankers, participation in State-Level Banker's Committee (SLBC) meetings, publicity through media and introducing digital on-boarding of APY subscribers.
PFRDA is the statutory authority established by an enactment of the Parliament to regulate, promote and ensure orderly growth of the National Pension System (NPS) and pension schemes to which this Act applies.