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Small Finance Banks and Payment Banks to offer Atal Pension Yojana

Published on January 29, 2018
The Central Government has allowed the Small Finance Banks and Payments Banks to offer Atal Pension Yojana (APY).At present, there are 11 Payments Banks and 10 Small Finance Banks that have received license from the Reserve Bank of India (RBI) to start their operations in the country.
Small Finance Banks and Payment Banks to offer Atal Pension Yojana
  • An orientation meeting was conducted on January 15, 2018 in New Delhi by the Pension Fund Regulatory and Development Authority (PFRDA) for the Small Finance Banks and Payment Banks.
  • This was done to familiarise these Small Finance Banks and Payment Banks in APY and to discuss the implementation of Scheme in these banks.
  • The banks include Ujjivan Small Finance Bank, Janalakshmi Small Finance Bank, Suryoday Small Finance Bank, Fincare Small Finance Bank, Equitas, A U Small Finance Bank, Capital Small Finance Bank, ESAF and Paytm Payments Bank, Airtel Payments Bank etc.
  • Currently, the scheme is offered via all mainstream banks such as State Bank of India (SBI), Oriental Bank of Commerce and Bank of Baroda, among others. 
  • 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. 

About APY (Atal Pension Yojana)

  • APY was launched by Prime Minister Narendra Modi on May 9, 2015, as the first ever guaranteed pension product, open to all citizens between the ages of 18 and 40 years. 
  • It provides a minimum guaranteed pension of Rs 1,000 to Rs 5,000 per month, after the age of 60 years, depending on the monthly contribution made by a subscriber.
  • APY not only builds a pensioned society but also adds sustainable fee income to banks through attractive incentives for mobilizing Rs 120 to 150 for each APY account.
  • At present, the APY has over 84 lakh subscribers and overall assets of Rs 3,194 crore.

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