Karnataka Vikas Grameena Bank Gets National Award for APY Implementation

Karnataka Vikas Grameena Bank (KVGB), a regional rural bank sponsored by Canara Bank, has been honoured with a national award by the Pension Fund Regulatory and Development Authority (PFRDA) for significant enrolment under the Atal Pension Yojana (APY).

Who has received this award?

Shreekant M Bhandiwad, Chairman of KVGB, received the award from Vivek Joshi, Secretary, Department of Financial Services, Government of India, and Deepak Mohanty, Chairman of PFRDA, in New Delhi on June 21. APY provides a safety net for workers in the informal sector, ensuring a pre-defined pension after 60 years.

Achievements of Karnataka Vikas Grameena Bank

Explaining KVGB’s achievements, Bhandiwad said the bank has enrolled 4,27,736 cumulative accounts under APY. During 2023-24, it enrolled 86,350 accounts against a target of 67,932, achieving the target well ahead of schedule. Stating that PFRDA had set a target of an average of 100 accounts per branch, he said the bank surpassed this with an average of 137 accounts, the highest among all banks in South India.

Current Situation

KVGB’s pivotal role in implementing all three social security schemes (PMJJBY, PMSBY, and APY) launched by the Central government, he reiterated the bank’s commitment to ensuring access to social security benefits for villagers and people from unorganised sectors, alongside its primary banking activities. KVGB currently operates 629 branches across nine districts from Vijayapura to Mangaluru.