Explorer

Small finance, payment banks to expand pension scheme outreach

New Delhi [India], Jan 27 (ANI): A total of 11 payment banks and 10 small finance banks were granted license from the Reserve Bank of India (RBI) to start banking operations in India, in a move to help expand the outreach of Atal Pension Yojana (APY), the government's pension scheme.

Payment banks and small finance banks are a new model of banking conceptualised by the RBI.

Given the strength of the bank, expertise and its reach, these kinds of banks are expected to play a pivotal role in expanding the outreach of subscribers under the APY, the government said on Friday.

Participation in the APY not only builds a pensioned society but also adds sustainable fee income to banks by way of attractive incentive for mobilising APY at Rs 120-150 for each account, an official notification from the Ministry of Finance said.

In order to familiarise these small finance banks and payment banks in the APY, the Pension Fund Regulatory and Development Authority (PFRDA) had conducted an orientation meeting on January 15 and discussed the implementation of schemes in these banks.

Among the chosen entities, the small finance banks that are currently operational under the aforementioned initiative are Ujjivan Small Finance Bank, Janalakshmi Small Finance Bank, Equitas Small Finance Bank, A U Small Finance Bank, Capital Small Finance Bank, ESAF Small Finance Bank, Utkarsh Small Finance Bank, Suryoday Small Finance Bank and Fincare Small Finance Bank.

Meanwhile, Paytm Payment Bank, Airtel Payment Bank, India Post Payment Bank and Fino Payment Bank are currently operating under the scheme.

On a related note, the APY is an old age pension scheme being implemented through all banks across the country as per the mandate received from the Ministry of Finance and monitored periodically at the Prime Minister's Office.

This social security scheme was launched on May 9, 2015, by Prime Minister Narendra Modi.

As on January 23, 2018, there are more than 84 lakh subscribers registered under the APY scheme, with an asset base of more than Rs 3,194 crore. (ANI)


This story has not been edited. It has been published as provided by ANI

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headline

Kejriwal To Stay Delhi CM From Jail As High Court Finds 'No Legal Bar,' Ball In LG's Court Now
Kejriwal To Stay Delhi CM From Jail As High Court Finds 'No Legal Bar,' Ball In LG's Court Now
PM Modi Calls Congress A 'Bully' After Lawyers Write To CJI. Here's What He Said
PM Modi Calls Congress A 'Bully' After Lawyers Write To CJI. Here's What He Said
Roof Collapses During Renovation Work At Chennai Bar, 3 Dead
Roof Collapses During Renovation Work At Chennai Bar, 3 Dead
Arvind Kejriwal To Stay In ED Custody For 3 More Days — A Timeline Of Delhi CM's Battle In Courts
Arvind Kejriwal To Stay In ED Custody For 3 More Days — A Timeline Of Delhi CM's Battle In Courts
Advertisement
for smartphones
and tablets

Videos

Elvish Yadav's reaction on Munawar Faruqui's arrest, Watch Video | HOT NewsNawazuddin Siddiqui And Aliya Fixes Relationship Disbalance For Kids Upbringing | Khabar Filmy HaiRamayana: Sakshi Tanwar dismisses speculations of being a part of the movie, Watch videoWill there be a date clash between Bigg Boss 18 and Lock Up Season 2? | HOT News

Photogallery

Embed widget