Payments banks to sell Atal Pension scheme

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New Delhi:The Central government announced recently that the payments banks such as Airtel payments bank and small finance banks such as Utkarsh and ESAF will also offer social security scheme, Atal Pension Yojana (APY), to their subscribers. 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 Banks include Ujjivan Small Finance Bank, Janalakshmi Small Finance Bank, Suryoday Small Finance Bank, India Post Payment Bank and Paytm Payment Bank. The Ministry said, given the strength, expertise and reach of these new age banks, they can play a pivotal role in outreach of subscribers under APY.

The Ministry said, participation in APY not only builds a pensioned society but also adds sustainable fee income to Banks by way of attractive incentive for mobilizing 120 to 150 rupees for each APY account. At present, over 84 lacs subscribers are registered under the APY scheme with an asset base of more than 3,194 crore rupees.

Participation in the APY not only builds a pensioned society but also adds sustainable fee income to banks by way of attractive incentive for mobilising APY at Rs 120-150 for each account, an official notification from the Ministry of Finance said.

In order to familiarise these small finance banks and payment banks in the APY, the Pension Fund Regulatory and Development Authority (PFRDA) had conducted an orientation meeting on January 15 and discussed the implementation of schemes in these banks.

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