The Ministry of Finance has announced that “Payments Banks and Small Finance Banks” will offer social security scheme Atal Pension Yojana (APY) to their subscribers. It was done to strengthen the existing channels of APY distribution.
According to the Ministry, currently, there are 11 Payments Banks and 10 Small Finance Banks that have received the license from the Reserve Bank of India (RBI) to start their operations.
About Atal Pension Yojana (APY) in brief-
- The APY was launched by Prime Minister Narendra Modi on May 9, 2015.
- It is the first ever guaranteed pension product, open to all citizens between the ages of 18 and 40 years.
- It provides a minimum guaranteed pension of Rs1,000 to Rs5,000 per month, after the age of 60 years, depending on the monthly contribution made by a subscriber.
Source- The Hindu Business Line