The Karnataka Grameena Bank (KGB) has been awarded by the Pension Fund Regulatory and Development Authority (PFRDA) for its outstanding performance under the Atal Pension Yojana (APY). The bank has exceeded its enrolment target by a wide margin and emerged top performing bank in Karnataka.
Why Karnataka Grameena Bank Honored With Award
Karnataka Grameena Bank was recognized for its remarkable enrolment performance under the Atal Pension Yojana.
The bank achieved the,
- 2,49,185 APY account enrolments
- Against the target of 1,75,500 accounts
- Achievement rate of 142%
This was the highest performance among the all banks in Karnataka and make the KGB a standout performer in pension outreach.
The award was presented during the APY Annual Felicitation Program in the New Delhi.
Who Presented the Award?
The honor was presented to Mr. Shreekant M. Bhandiwad, who is the Chairman of Karnataka Grameena Bank.
The award was conferred by the,
- M. Nagaraju – Secretary, Department of Financial Services (DFS), Government of India
- S. Ramann – Chairperson, PFRDA
The recognition showcases the bank’s contribution to the social security expansion through pension inclusion.
What is Atal Pension Yojana (APY)?
Atal Pension Yojana (APY) is the union government-backed pension scheme which aims to primarily at workers in the unorganized sector.
It provides the subscribers with a guaranteed monthly pension after the age of 60.
The scheme was launched to strengthen the social security coverage among economically vulnerable citizens.
It is managed under the PFRDA.
It is India’s one of the major social security initiatives.
About Karnataka Grameena Bank
Karnataka Grameena Bank (KGB) is the major Regional Rural Bank (RRB) in state of Karnataka.
The bank was formed through the amalgamation of the two regional rural banks in Karnataka.
This bank has presence across the Karnataka.
The bank plays the crucial role in rural banking, financial inclusion and welfare scheme outreach.
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