Atal Pension Yojana to replace Swavalamban Yojana from June 1

The Narendra Modi government's key social security scheme, Atal Pension Yojana (APY), will replace the previous government's Swavalamban Yojana NPS Lite, which did not find much acceptance among people. The scheme will be launched on June 1 and focus on the unorganised sector. All subscribing workers below the age of 40 would be eligible for pension of up to Rs 5,000 per month on attainment of 60 years of age, Department of Financial Services Secretary Hasmukh Adhia told PTI in an interview It will be a simple product open to all bank account...

Read More

PFRDA aims to open 56 lakh Swavalamban Pension accounts through banks and NBFCs in 2014-15

Chairman of Pension Fund Regulatory Development Authority (PFRDA), Hemant G Contractor, has urged banks to propagate growth of pension schemes and set a target of opening 70 accounts per branch, amounting to a total target of 56 lacs Swavalamban accounts for the FY 2014-15. The objective is to partner with banks along with NBFCs and work as aggregators to help achieve old age income security and long-term financial inclusion.Public Sector Banks, regional rural banks, micro-finance institutions and Non-Banking Financial Companies (NBFCs) with their...

Read More