The company also aims to expand the availability of the scheme at 1,00,000 of its banking points
Airtel Payments Bank has announced on Thursday to launch Atal Pension Yojana for its savings account customers. With this announcement, it has become the first payments bank in the country to offer this Pension Fund Regulatory and Development Authority (PFRDA) administered scheme. The company also aims to expand the availability of the scheme at 1,00,000 of its banking points.
"We are committed to building a financially inclusive India and are happy to partner with PFRDA to add Atal Pension Yojana to the suite of financial inclusion products offered through our banking platform. With our unique and vast distribution, we can extend the benefits of this scheme to the unorganized workforce in a simple, easy and transparent manner, enabling financial security for all," Anubrata Biswas, Managing Director and Chief Executive Officer, Airtel Payments Bank, said.
Atal Pension Yojana (APY) is an initiative by the Government of India which was rolled-out in 2015 with the aim of providing pension benefits and social security for workers in the unorganized sector who have joined the National Pension Scheme (NPS). The scheme is available to account holders between the age of 18 and 40 and offers a minimum guaranteed monthly pension from Rs 1,000 to Rs 5,000 upon turning 60 years old, depending on the customer's contribution which begins at as low as Rs 42 per month. In addition to this, the spouse gets a monthly pension after the death of the subscriber and the nominee gets the corpus amount of up to Rs 8.5 lakh in the event of the death of the subscriber and spouse. The minimum period of contribution by a subscriber under APY should be 20 years or more. The Central government would also co-contribute 50% of the total contribution or Rs 1,000 per annum, whichever is lower to each eligible subscriber account for a period of five years who had joined between June 2015 and December 2015.
PFRDA in a statement said, "Established with the primary objective of financial inclusion, the payment banks are poised to make a significant contribution to deeply proliferate financial services among the population who are underserved by the banking network. Their outreach, technology platform and the potential target segment perfectly aligns with the ideal customer profiling of an Atal Pension Yojana subscriber. We are delighted to engage with Airtel Payments Bank and are confident that this partnership will help increase enrolments for Atal Pension Yojana across India."
Airtel Payments Bank has also collaborated with Bharti AXA to provide Pradhan Mantri Jeevan Jyot Bima Yojana (PMJJBY), a government-backed life insurance scheme aimed at increasing penetration of life insurance products among the underinsured masses and boosting financial inclusion.
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