Wednesday, 4 May 2016

Atal Pension Yojana: Regulator Eyes 70 Lakh New Subscribers in India

NEW DELHI: Pension regulator PFRDA is hopeful of enrolling at least 60-70 lakh new subscribers this fiscal to its Atal Pension Yojana (APY), a micro pension product primarily targeted at the unorganised sector. Since the launch of APY in July last year,  the number of subscribers for this product has touched 20 lakhs.

After more than three-hour long discussion with officers of public sector banks, post offices and micro finance, Hemant Contractor, Chairman of PFRDA said, “We are confident of doing much better this year as nearly 1,47,000 offices would distribute APY this year.”

The major concern the that was being raised by banks, post offices and micro finance institutions were the product requires lot of awareness among people and stressed the need for training of officers as well.   

Contractor’s optimism also came from the likely push that postal department for this product this fiscal. “About 20,000 post offices that are already networked under an IT platform (CBS) will start distributing APY. This will be big boost for APY,” Contractor said.

India Post had started APY distribution only from December last year. As on date, only about 1,000 post offices are offering APY, he said. Contractor said that 2015-16 saw huge response from individual subscribers with a record 1.3 lakh new subscribers opting for this products. This was more than the aggregate level recorded for the previous four years.

“The additional tax break of Rs 50,000 has been a real kicker. It has boosted interest in NPS,” the regulator  added.


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