DFS Secretary Urges Banks to Promote Higher Pension Slabs in Atal Pension Yojana
Department of Financial Services Secretary encourages banks to guide APY subscribers towards increased pension contributions.
Source: GNews PM SchemeThe Secretary of the Department of Financial Services (DFS) has asked banks to encourage subscribers of the Atal Pension Yojana (APY) to opt for higher pension slabs. This move aims to ensure better financial security for individuals in their old age. The APY scheme, launched by the government, provides a guaranteed pension based on contributions. By pushing for higher slabs, the government seeks to enhance the retirement benefits for a larger number of people, making the scheme more impactful for long-term financial planning.
- The Atal Pension Yojana (APY) was launched by the Government of India in 2015.
- It is administered by the Pension Fund Regulatory and Development Authority (PFRDA).
- APY provides a guaranteed minimum pension ranging from Rs. 1,000 to Rs. 5,000 per month.
- Subscribers can choose their desired pension amount and contribution period.
- The scheme is open to all Indian citizens between 18 and 40 years of age.
A government-backed pension scheme in India, launched in 2015, aimed at providing social security to workers in the unorganised sector. It offers a guaranteed minimum pension of Rs. 1,000 to Rs. 5,000 per month upon retirement, based on contributions made during the working years. It is administered by PFRDA.
A department under the Ministry of Finance, Government of India. It covers banking, insurance, financial services, and pension reforms. DFS is responsible for policy formulation and administration of various financial sector initiatives and schemes, including those related to public sector banks and financial institutions.
The statutory body established by the Government of India under the PFRDA Act, 2013. It is responsible for the regulation and development of the pension sector in India. PFRDA oversees the National Pension System (NPS) and the Atal Pension Yojana (APY).
Exams frequently test the launch year, administering body, age criteria, and the minimum/maximum pension amounts of the Atal Pension Yojana.
APY: 'A' for Atal, 'P' for Pension, 'Y' for Yojana. Remember it's for 'Aam Aadmi' (common man) for their 'Pension' in 'Yojana' (scheme).