Pension Fund Regulatory and Development Authority (PFRDA), the administrative Authority for Atal Pension Yojana (APY) has taken several steps for extension of the benefits of the Scheme to the Citizens of India. The subscriber can enroll through internet banking without submission of physical application form. Many banks are offering this facility for their customers. Efforts are taken to completely digitize the APY enrolment. PFRDA has developed the process to offer APY enrolment through eNPS platform for wider reach. eNPS platform has been already enabled for NPS subscriptions and this user friendly platform will be expanded to make subscription under APY in a complete end to end digital environment without submission of physical form at the convenience of the customer without visiting bank or post office.
PFRDA has conducted meetings with Banks and Department of Post on 23.05.2017 & 29.05.2017 at PFRDA office, New Delhi and at Chennai respectively for the earliest roll out of the facility.
Shri B.S. Bhandari, Whole Time Member, Economics, PFRDA had addressed the meetings where Senior officials of IT/Nodal officers of the Banks/Deptt of Post were present at Delhi. Shri A.G Das, Chief General Manager, PFRDA had briefed about the benefits of APY@eNPS platform to the Service Providers under APY. The APY service providers have been advised to develop APY@eNPS channel features before 30th June 2017.
The meeting at Chennai was chaired by Shri K Mohan Gandhi, DGM, PFRDA wherein he highlighted the benefits of APY@eNPS platform and urged the IT team of Banks to develop the facility.
APY subscribers base is more than 54 Lakhs subscribers. APY fund managers have generated a return of 13.91%.