Center Government relaxes Atal pension Yojana (APY) norms

With an aim to increase the coverage of center govt relaxes Atal pension Yojana (APY). As per the new norms of APY, now the small finance banks and payment banks can also offer Atal Pension Yojana (APY) thus resulting in increase of scheme coverage. The norms relaxation was announced by Ministry of Finance.

The meeting of Pension Fund Regulatory and Development Authority (PFRDA) with small finance banks and payment banks was conducted this month on January 15, 2018 in New Delhi to make these institutions familiar with APY.

The new move will benefit the government to cater the increasing number of APY pension beneficiaries. Also it will help APY pensioners to get benefits at earliest level because of increase in number of service providers.

As per the government data, There have been till 23 January, 2018, more than 84 lakh subscribers who registered under the APY with an asset base of more than Rs. 3,194 crore. This move of increasing coverage of APY will surely help govt to expand their pension service.

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