A record 12.2 million new accounts were opened under the Atal Pension Yojana (APY) during the fiscal year 2023-24, bringing the total enrollments to 66.2 million. This significant achievement in the government’s social security scheme was reported by the Pension Fund Regulatory and Development Authority (PFRDA).
Enrollment Statistics
According to APY data:
- Public-sector banks facilitated 70.44% of the total enrollments.
- Regional rural banks contributed 19.80%.
- Private sector banks accounted for 6.18%.
- Payment banks facilitated 0.37%.
- Small finance banks contributed 0.62%.
- Cooperative banks accounted for 2.39%.
Growth and Popularity
The government pension scheme saw a 24% growth in gross enrollments, reaching 64.4 million by the end of FY 2023-24. APY is rapidly gaining popularity among women and youth, as noted by PFRDA chairman Deepak Mohanty. In FY24, 52% of new enrollments were women, and since the scheme’s inception, 70% of subscribers are in the 18 to 30 years age group.
State-wise Enrollments
Uttar Pradesh leads with over 10 million enrollments, followed by Bihar, Maharashtra, West Bengal, and Tamil Nadu (5 million each). Madhya Pradesh, Andhra Pradesh, Rajasthan, and Karnataka each have 3 million enrollments, while Gujarat, Odisha, and Jharkhand each have 2 million. These 12 states account for more than 80% of total enrollments.
Government’s Mission and Outreach
Prime Minister Narendra Modi has emphasized the importance of saturating the government’s social security schemes, including APY, for every entitled person. As part of this mission, PFRDA has conducted outreach programs in coordination with all State-level Bankers’ Committees (SLBCs) and Regional Rural Banks (RRBs) across the country. More campaigns are planned for the current financial year.
Future Targets
PFRDA aims to target Jan Dhan account holders and promote digital enrollment to attract the young population. The agency plans to involve other Central ministries, state governments, and various agencies to further expand membership.
Scheme Details
The APY scheme is open to any citizen aged 18-40 who has a savings bank account in a bank or post office. Under the scheme, subscribers will receive a minimum guaranteed pension of Rs 1,000 to Rs 5,000 per month from the age of 60, based on their contributions. In the event of a subscriber’s demise, the same pension would be paid to their spouse.
