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Atal Pension Yojana- Coverage extension
January 28 , 2018
2363 days
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- The Finance Ministry has decided to allow small finance banks and payment banks to offer the Atal Pension Yojana (APY), which is expected to significantly increase the coverage of the scheme.
- This is also expected to strengthen the existing channels of APY distribution.
- It is a monthly pension scheme became operational from June 1, 2015.
- It is available to all the citizens of India in the age group of 18-40 years.
- Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs 1,000 to Rs 5,000 per month, depending upon his contribution, from the age of 60 years.
- The same pension would be paid to the spouse of the subscriber and on the demise of both the subscriber and the spouse, the accumulated pension wealth is returned to the nominee.
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