Financial Inclusion in India and Its Challenges

[pib] Atal Pension Yojana:  Marking 5 Years of ImplementationGovt. SchemesPIB

Note4Students

From UPSC perspective, the following things are important :

Prelims level : APY, NPS, PFRDA

Mains level : Old age security concerns addressed by APY


The flagship social security scheme ‘Atal Pension Yojana’ (APY) has completed five years of successful implementation.

Five years of successfull implemention of APY is a significant feat. A statement based prelims question on terms of enrolment of the APY can be asked.

Atal Pension Yojana

  • APY is a government-backed pension scheme, primarily targeted at the unorganised sector.
  • It is a social security scheme launched by the government on 9th May 2015 to provide a defined pension between Rs 1,000 to Rs 5,000.
  • It aims of delivering old age income security particularly to the workers in the unorganised sector with a guarantee of minimum pension after 60 years of age.

Terms of enrolment

  • APY can be subscribed by any Indian citizen in the age group of 18-40 years having a bank account and its uniqueness is attributable to three distinctive benefits.
  • First, it provides a minimum guaranteed pension ranging from Rs 1000 to Rs 5000 on attaining 60 years of age,
  • Secondly, the amount of pension is guaranteed for a lifetime to spouse on death of the subscriber.
  • And lastly, in the event of the death of both the subscriber and the spouse, entire pension corpus is paid to the nominee.

Success of the scheme

  • The scheme has now 2.23 crores enrolment.
  • Apart from remarkable enrolments, the scheme has been implemented comprehensively across the country covering all states and UTs with male to a female subscription ratio of 57:43.

About PFRDA

  • Pension Fund Regulatory and Development Authority (PFRDA) is the statutory authority established by an enactment of the Parliament.
  • It aims to regulate, promote and ensure orderly growth of the National Pension System (NPS) and pension schemes to which this Act applies.
  • NPS was initially notified for central government employees recruits w.e.f. 1st Jan 2004 and subsequently adopted by almost all State Governments for its employees.
  • NPS was extended to all Indian citizens (resident/non-resident/overseas) on a voluntary basis and to corporates for its employees.

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Hari Prasad
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Sir this month Apy may deduction had been stopped from my account why