APY Subscribers can make half-yearly, quarterly payments

To increase the subscription of the Atal Pension Yojana (APY) among informal sector workers and make the scheme more viable, the government has modified the flagship programme to give subscribers an option to make contributions on a monthly, quarterly or half-yearly basis, instead of only on a monthly basis earlier. Also, the provision related to the discontinuation of payment of contribution has been substantially modified in favour of the subscriber,...

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Pensions regulator PFRDA asks banks to process APY contributions quickly

Pensions regulator PFRDA has flayed banks for not adhering to timelines for processing contributions to recently launched Atal pension yojana (APY), which is among the key social security schemes launched by prime minister Narendra Modi in May. The regulator has a daunting task of getting two crore subscribers for Atal pension yojana by this year end and as of now it has about five lakh subscribers enrolled. And tardy processing of contributions...

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