Posts Tagged ‘APY’

Atal Pension Yojana (APY) is the guaranteed Pension Scheme of Government of India administered by PFRDA

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Ministry of Finance

Easy to Explain Benefits drive Atal Pension Yojana (APY) backed by Government of India’s Guarantee;The Subscriber base under APY has crossed 1.24 crore mark; More than 27 lacs new subscribers have joined the Scheme during the Current Financial Year 2018-19

02 NOV 2018

The Atal Pension Yojana (APY) is the guaranteed Pension Scheme of Government of India administered by PFRDA.

The Subscriber base under APY has crossed 1.24 crore mark. The Govt of India guarantees the pension benefits. The Scheme is very easy to understand and it is very transparent. More than 27 lacs new subscribers have joined the Scheme during the current financial year, i.e. 2018-19. States like Uttar Pradesh, Bihar, Andhra Pradesh, Maharashtra and Karnataka are the top contributors in APY enrollment. The Scheme allows any Indian Citizen between the age group of 18-40 years to join through the bank or post office branches where one has the savings bank account. The table below shows State wise enrollment, gender wise distribution and coverage along with the latest population in those States.

The State wise potential, that is eligible population that can be covered under APY, and gender wise distribution of population as on 27th Oct 2018 is given below:

S.No STATE POPULATION BETWEEN AGE GROUP 18 TO 40 Number of APY Subscribers as on 27.10.2016 Percentage of Population Covered under APY Total Female Subscribers Percentage of Female Subscribers Total Male Subscibers Percentage of Male Subscribers Total Transgender Subscribers Percentage of Transgender Subscribers Total
1 ANDAMAN & NICOBAR ISLANDS 168,753 1,856 1 715 39 1,141 61 0 0 1,856
2 ANDHRA PRADESH & TELANGANA 34,832,527 1,128,032 3 565,804 50 561,843 50 385 0 1,128,032
3 ARUNACHAL PRADESH 542,212 4,507 1 1,936 43 2,571 57 0 0 4,507
4 ASSAM 12,291,862 250,783 2 109,481 44 141,259 56 43 0 250,783
5 BIHAR 35,484,731 1,116,119 3 559,297 50 556,707 50 115 0 1,116,119
6 CHANDIGARH 473,489 19,408 4 6,383 33 13,023 67 2 0 19,408
7 CHHATTISGARH 9,675,449 194,442 2 77,620 40 116,810 60 12 0 194,442
8 DADRA & NAGAR HAVELI 161,941 6,689 4 1,350 20 5,337 80 2 0 6,689
9 DAMAN & DIU 134,502 4,697 3 735 16 3,962 84 0 0 4,697
10 DELHI 7,266,256 205,759 3 67,330 33 138,376 67 53 0 205,759
11 GOA 595,087 28,951 5 10,480 36 18,468 64 3 0 28,951
12 GUJARAT 23,827,045 591,045 2 179,603 30 411,318 70 124 0 591,045
13 HARYANA 10,104,539 278,199 3 75,688 27 202,460 73 51 0 278,199
14 HIMACHAL PRADESH 2,685,526 79,964 3 27,241 34 52,711 66 12 0 79,964
15 JAMMU & KASHMIR 4,775,045 47,614 1 12,025 25 35,551 75 38 0 47,614
16 JHARKHAND 11,967,910 258,688 2 128,426 50 130,239 50 23 0 258,688
17 KARNATAKA 25,359,036 915,260 4 389,509 43 525,564 57 187 0 915,260
18 KERALA 11,943,218 276,115 2 151,103 55 124,961 45 51 0 276,115
19 LAKSHADWEEP 25,877 295 1 80 27 215 73 0 0 295
20 MADHYA PRADESH 27,234,721 662,515 2 226,775 34 435,630 66 110 0 662,515
21 MAHARASHTRA 45,274,703 1,000,604 2 354,301 35 646,088 65 215 0 1,000,604
22 MANIPUR 1,140,447 8,031 1 3,833 48 4,198 52 0 0 8,031
23 MEGHALAYA 1,068,987 9,049 1 3,705 41 5,344 59 0 0 9,049
24 MIZORAM 432,946 5,798 1 3,089 53 2,709 47 0 0 5,798
25 NAGALAND 783,664 7,214 1 2,986 41 4,228 59 0 0 7,214
26 ODISHA 16,118,865 398,416 2 161,799 41 236,501 59 116 0 398,416
27 PUDUCHERRY 512,040 23,991 5 12,601 53 11,381 47 9 0 23,991
28 PUNJAB 11,134,889 381,405 3 120,374 32 261,003 68 28 0 381,405
29 RAJASTHAN 25,277,598 569,052 2 173,965 31 394,957 69 130 0 569,052
30 SIKKIM 264,461 6,828 3 2,606 38 4,221 62 1 0 6,828
31 TAMIL NADU 29,069,600 968,372 3 529,395 55 438,679 45 298 0 968,372
32 TRIPURA 1,503,503 28,786 2 12,544 44 16,240 56 2 0 28,786
33 UTTAR PRADESH 71,289,176 1,790,481 3 594,235 33 1,195,808 67 438 0 1,790,481
34 UTTARAKHAND 3,810,712 122,871 3 40,855 33 81,997 67 19 0 122,871
35 WEST BENGAL 36,688,732 709,869 2 324,163 46 385,522 54 184 0 709,869
TOTAL 463,920,049 12,101,705 3 4,932,032 41 7,167,022 59 2,651 0 12,101,705

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Be the first to comment - What do you think?  Posted by admin - November 3, 2018 at 4:30 pm

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Now 97.05 lakh subscribers base under Atal Pension Yojana

Ministry of Finance

Now 97.05 lakh subscribers base under Atal Pension Yojana

02 APR 2018

At the end of Financial Year 2017-18, 97.05 lakh subscribers have enrolled under Atal Pension Yojana. The incremental addition of 48.21 lakh subscribers was a 98% more than previous Financial Year 2016-17 figure of 48.83 lakhs. PFRDA appreciates the efforts taken out by the APY Service Providers (Banks/DoP) for their contribution towards making India a Pensioned Society.

 

PFRDA has taken various initiatives for the expansion of outreach and ease the operations under APY. Online facility to view Statement of Account and ePRAN card was enabled for the ease access of account of APY subscribers, going ahead mobile applications for empowering the subscribers to view transactions and other details of their APY account was introduced. For the convenience of the subscriber and promoting the digital initiatives of GOI, PFRDA introduced the online registration facility through eNPS Channel by login to a website www.enps.nsdl.com without any requirement of physical document.

APY became operational from 1st June, 2015 and is available to all citizens of India in the age group of 18-40 years. Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs.1000 to Rs.5000 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 spouse, the accumulated pension wealth is returned to the nominee.

Now APY can also be opened through a complete digital channel through eNPS platform. A subscriber can view and print the ePRAN card and Statement of Transactions. Further, the subscriber can register complaints/ grievance by providing his/ her PRAN details on https://npslite-nsdl.com/CRAlite/grievanceSub.do.

Growth of Atal Pension Yojana during the Previous Financial Years

No. of Subscribers
Financial Year Absolute Cumulative
2015-2016 2,484,895 2,484,895
2016-2017 2,398,934 4,883,829
2017-2018 4,821,632 9,705,461

Be the first to comment - What do you think?  Posted by admin - April 3, 2018 at 8:31 am

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PFRDA identifies 21 Banks as Makers of Excellence under Atal Pension Yojana Outreach Programme;The Number of Current APY subscribers crosses 86 Lacs mark

Ministry of Finance

PFRDA identifies 21 Banks as Makers of Excellence under Atal Pension Yojana Outreach Programme; The Number of Current APY subscribers crosses 86 Lacs mark.

15 FEB 2018

With a view to bring the economically disadvantaged section of the society in the unorganized sector within the pension fold or old age income security coverage, Government had launched the Atal Pension Yojana (APY)in May 2015.

Pension Fund Regulatory and Development Authority (PFRDA) in association with Department of Financial Services, Ministry of Finance conducts APY Outreach Programme on a regular basis. Accordingly, PFRDA has observed a Campaign namely, Makers of Excellence for the Chairmen and MDs of all the Public Sector Banks, Private Sector Banks, Regional Rural Banks, Cooperative Banks (Rural & Urban) & Department of Post for registration of subscriber under APY during the month of Dec 2017 for a fortnight. Under the campaign, nearly, 6 lacs APY accounts were sourced by the APY Service Provider Banks. Targets were allocated to various banks to be achieved during the Campaign. A total of 21 banks- 6 Public sector banks, 14 Regional Rural Banks and 1 Cooperative Bank were able to achieve the target under the campaign and became the Makers of Excellence. PFRDA has planned to award the Top Management of the winning banks at the upcoming PFRDA Pension Conclave in national capital.

The winning Banks and their performance is as below:

S. No. Name of the APY Service Provider Category Number of Branches Minimum No. of Funded Accounts to be Sourced under Makers of Excellence Campaign Actual No. of Funded Accounts Sourced under Makers of Excellence Campaign Remarks (Qualified
/Not Qualified
1 CANARA BANK PSU 6,050 35,000 101,669 Qualified
2 INDIAN BANK PSU 2,588 15,000 76,823 Qualified
3 ANDHRA BANK PSU 2,903 15,000 57,315 Qualified
4 BANK OF BARODA PSU 5,460 30,000 42,665 Qualified
5 ALLAHABAD BANK PSU 3,143 20,000 30,029 Qualified
6 VIJAYA BANK PSU 1,603 10,000 28,241 Qualified
7 GRAMIN BANK OF ARYAVART RRB 700 3,500 5,915 Qualified
8 MADHYA BIHAR GRAMIN BANK RRB 698 3,490 5,507 Qualified
9 PRAGATHI KRISHNA GRAMIN BANK RRB 650 3,250 5,383 Qualified
10 PRATHAMA BANK RRB 412 2,060 5,288 Qualified
11 BARODA UTTAR PRADESH GRAMIN BANK RRB 924 4,620 5,125 Qualified
12 ANDHRA PRADESH GRAMEENA VIKAS BANK RRB 768 3,840 4,893 Qualified
13 BARODA RAJASTHAN KSHETRIYA GRAMIN BANK RRB 819 4,095 4,560 Qualified
14 PURVANCHAL BANK RRB 570 2,850 3,368 Qualified
15 KAVERI GRAMEENA BANK RRB 497 2,485 2,942 Qualified
16 DENA GUJARAT GRAMIN BANK RRB 234 1,170 2,322 Qualified
17 BIHAR GRAMIN BANK RRB 376 1,880 2,258 Qualified
18 CHAITANYA GODAVARI GRAMEENA BANK RRB 203 1,015 1,714 Qualified
19 PALLAVAN GRAMA BANK RRB 256 1,280 1,431 Qualified
20 SAPTAGIRI GRAMEENA BANK RRB 207 1,035 1,074 Qualified
21 THE BEGUSARAI CENTRAL COOPERATIVE BANK LTD DCCB 9 45 113 Qualified

The APY scheme became operational from 1st June, 2015 and is available to all citizens of India in the age group of 18-40 years. Under the Scheme, a subscriber would receive a minimum guaranteed pension of Rs.1000 to Rs.5000 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 spouse, the accumulated pension wealth is returned to the nominee.

The APY Scheme follows the same investment pattern as applicable to the NPS contribution of Central Govt employees. During the year 2016-17, it has earned a return of 13.91%.

The number of current APY Subscribers has crossed 86 lacs mark. The yearly addition in APY enrollment is provided below:

APY Subscriber Addition (In Lacs)
Year 2015-16 2016-17 2017-18

( till 13thFeb 2018)

Total
No of Subscribers ( lacs) 24.84 23.99 37.63 86.46

 

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Atal Pension Yojana (APY) can now be subscribed digitally

Atal Pension Yojana (APY) can now be subscribed digitally;

eNPS Channel (APY@eNPS) involves complete digital enrolment process

Pension Fund Regulatory and Development Authority (PFRDA) has now introduced “APY@eNPS” which involves a complete digital enrolment process. This is the latest in the series of various initiatives taken by PFRDA for expansion of outreach of Atal Pension Yojana (APY), to give additional push to cover the as yet unreached population at greater ease. PFRDA has conducted meetings with Banks and Deptt of Post at Kolkata, Bengaluru & Mumbai respectively for the earliest roll out of the facility call.

Shri A G Das, CGM, PFRDA recently addressed the meetings at Mumbai where IT department /Nodal officers of the Banks/Deptt of Post were present. PFRDA had briefed about the benefits of APY@eNPS platform to the Service Providers under APY where more than 45 bank officials (IT officials/Nodal Officers) were present. The APY service providers have been briefed to develop APY@eNPS channel features before 30th June 2017.

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Atal Pension Yojana (APY) included under Section 7 of the Aadhaar Act 2016

Atal Pension Yojana (APY) included under Section 7 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act 2016;

APY currently has more than 54 lacs subscribers with an asset base of more than Rs. 2,200 crores.

With an objective of bringing in transparency, efficiency and to enable beneficiaries to get their entitlement directly in a convenient and seamless manner, Aadhaar card has been constituted as the primary document in identification of the beneficiary under the Aadhaar Act which came into effect from 12th September 2016.

Atal Pension Yojana (APY) has now been included under the Section 7 of the Aadhaar Act. As per the provisions of the Act, any individual who is eligible to receive benefits under the APY will have to furnish proof of possession of Aadhaar number or undergo enrolment under Aadhaar authentication. A copy of the notification is attached.

Accordingly, an APY subscriber will have to get the Aadhaar number recorded in his or her APY pension account and also in his/ her savings account where the periodic pension contribution instalments are debited and government co-contribution is to be credited. In case a subscriber is not yet having an Aadhaar card, he/ she should immediately get him/ her enrolled for the Aadhaar card for which he or she can visit the nearest Aadhaar enrolment centre. The list of all such centers is available on UIDAI website, www.uidai.gov.in.

PFRDA has identified nearly 12.35 lakh subscribers who are eligible for Government of India co-contribution for an amount upto Rs 1000 for the financial year 2016-17 which will be released to the eligible subscribers’ savings bank accounts which are seeded with Aadhaar. These subscribers are advised to approach their Bank or Postal Branch for seeding their Aadhar Number.

In the recent times, various new initiatives like online viewing of Statement of Transactions (SOT) and online PRAN card under APY have been taken up by PFRDA for facilitating subscribers under the scheme.

Atal Pension Yojana currently has more than 54 lacs subscribers with an asset base of more than Rs. 2,200 crores.

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Atal Pension Yojana (APY) reaches 53 lakhs subscribers base

Atal Pension Yojana (APY) reaches 53 lakhs subscribers base 

235 Banks and Department of Post involved with APY implementation

97.5% of the subscribers contributing at monthly intervals; 51.5% subscribers have opted for a monthly pension of Rs. 1000

The subscribers base under the Atal Pension Yojana (APY) has reached about 53 Lakhs. At present 235 Banks and Department of Post are involved with the implementation of the scheme. Besides the branches of the banks and CBS-enabled offices of India Post, quite a few banks are sourcing subscribers through their internet banking portals in a paperless environment.

The APY Scheme follows the same investment pattern as applicable to the NPS contribution of Central Government employees.  During the year 2016-17, it has earned a return of 13.91%.

With a view to empower the APY subscribers, new functionalities have been developed where under a subscriber can view and print the ePRAN card and Statement of Transactions. Further, the subscriber can register complaints/ grievance by providing his/ her PRAN details on https://npslite-nsdl.com/CRAlite/grievanceSub.do.

Presently males account for 62% of the subscribers and female for about 38%. Most of the subscribers have opted for monthly contribution; about 97.5% of the subscribers are contributing at monthly intervals, about 0.8% at quarterly intervals and about 1.7% at half yearly intervals.

A majority of the subscribers have opted for a monthly pension of Rs. 1000/-.  Presently 51.5% subscribers have opted for a monthly pension of Rs.1000/- and 34.5% of the subscribers have opted for a monthly pension of Rs.5000/-. Pension amount wise segmentation of the subscribers is shown in Figure 1.

 Atal Pension Yojana

Figure 1: Pension amount wise segmentation of the APY subscribers

The Atal Pension Yojana became operational from 1st June, 2015 and 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.1000 to Rs. 5000 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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Key Achievements and Initiatives of Department of Financial Services for providing Social Security and Credit to various sections of society and ensuring Financial Inclusion

Key Achievements and Initiatives of Department of Financial Services for providing Social Security and Credit to various sections of society and ensuring Financial Inclusion

Through its Major Schemes, Department of Financial Services is ensuring financial inclusion, providing social security to the people as well as providing credit to various sections of the society. The major achievements of various schemes under the Department are highlighted below.

1. Pradhan Mantri Jan Dhan Yojana (PMJDY)

The deposit base of PMJDY accounts has expanded over time. As on 05.04.2017, the deposit balance in PMJDY accounts was Rs. 63,971 crore in 28.23 crore accounts. The average deposit per account has more than doubled from Rs. 1,064 in March 2015 to Rs. 2,235 in March 2017.  22.14 crore RuPay cards have been issued under PMJDY.

The Bank Mitra network has also gained in strength and usage. The average number of transactions per Bank Mitra, on the Aadhaar Enabled Payment System operated by Bank Mitras, has risen by over eightyfold, from 52 transactions in 2014-15 to 4,291 transactions in 2016-17.

PMJDY

2. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

PMJJBY

As on 12th April, 2017, Cumulative Gross enrolment reported by Banks subject to verification of eligibility, etc. is about 3.1 Crore under PMJJBY. A total of 63291 claims were registered under PMJJBY of which 59770 have been disbursed.

3. Pradhan Mantri Suraksha Bima Yojana (PMSBY)

As on 12th April, 2017, Cumulative Gross enrolment reported by Banks subject to verification of eligibility, etc. is about 10 Crore under PMSBY.  A total of 12816 claims were registered under PMSBY of which 9646 have been disbursed.

PMSBY

4. Atal Pension Yojana (APY)

As on 31st March, 2017, a total of 48.54 lakh subscribers have been enrolled under APY with a total pension wealth of Rs. 1,756.48 crore.

5. Pradhan Mantri Mudra Yojana     

Under the scheme a loan of upto Rs. 50000 is given under sub-scheme ‘Shishu'; between Rs. 50,000 to 5.0 Lakhs under sub-scheme ‘Kishore'; and between 5.0 Lakhs to 10.0 Lakhs under sub-scheme ‘Tarun’.

As per latest data, loans extended under the Pradhan Mantri Mudra Yojana (PMMY) during 2016-17 have crossed the target of Rs. 1,80,000 crore for 2016-17. Sanctions currently stand at Rs. 1,80,528 crore. Of this amount, about Rs. 1,23,000 crore was lent by banks while non-banking institutions lent about Rs. 57,000 crore.

Data compiled so far indicates that the number of borrowers this year were about 4 crore, of which over 70% were women borrowers. About 18% of the borrowers were from the Scheduled Caste Category, 4.5% from the Scheduled Tribe Category, while Other Backward Classes accounted for almost 34% of the borrowers.

6. Stand Up India Scheme

The Scheme facilitates bank loans between Rs.10 lakh and Rs.1 crore to at least one Scheduled Caste/ Scheduled Tribe borrower and at least one Woman borrower per bank branch for setting up greenfield enterprises. This enterprise may be in manufacturing, services or the trading sector.

As on 11th April, 2017, Rs 5807.7 crore has been sanctioned in 28444 accounts. Of these, women hold 22708 accounts with sanctioned loan of Rs 4740.11 crore, Scheduled Caste persons hold 4487 accounts with sanctioned amount of Rs 825.17 crore while Scheduled Tribe persons hold 1249 accounts with a sanctioned amount of Rs. 242.43 crore.

Stand Up India Scheme

7. Varishtha Pension Bima Yojana (VPBY)

The revived Varishtha Pension Bima Yojana (VPBY) was formally launched by the Finance Minister on 14.08.2014 based on the budget announcement made during 2014-15 and has been opened during the window stretching from 15th August, 2014 to 14th August, 2015. Thus all those who subscribe to the VPBY during this period will receive an assured guaranteed return of 9% under the policy. As per LIC, a total number of 3,23,128 policies with corpus amount of Rs. 9073.20 crore have been subscribed to the Scheme.

8. Other Initiatives

The Government of India in the Interim Budget of FY 2014-15, announced the setting up of Venture Capital Fund for Scheduled Castesunder the head Social Sector Initiatives in order  to promote entrepreneurship among the Scheduled Castes (SC). The scheme is operational since 16.01.2015 with a present corpus of Rs. 290.01 crore contributed by Ministry of Social Justice and Empowerment, Govt. of India (Rs. 240.01 crore) and IFCI Ltd. as sponsor and investor (Rs. 50 crore).  As of 15.03.2017, IFCI Venture Capital Fund Ltd. has sanctioned and disbursed Rs. 236.66 crore and Rs. 109.68 crore to 65 and 32 beneficiaries, respectively under the scheme since launch of the scheme.

The Credit Enhancement Guarantee Scheme (CEGS) for Scheduled Castes (SCs) was announced by Govt. of India in the Union Budget of 2014-15 wherein a sum of Rs.200 crore was allocated towards credit facility cover for young and energetic start-up entrepreneurs, belonging to SCs, who aspire to be part of neo middle class category with an objective to encourage entrepreneurship in the lower strata of the society resulting in job creation besides creating confidence in SCs.

Banks have undertaken Financial Literacy programmes through 718 Financial Literacy and Credit Counselling Centres (FLCCs). A total of 17,422 skilling centres have been mapped with branches and literacy centres, and financial literacy imparted to 7 lakh students. The literacy materials have been developed in regional languages and disseminated.

Card acceptance infrastructure: To augment card acceptance infrastructure for use of debit cards, a major drive was undertaken between December 2016 and March 2017, resulting in an increase in the number of Point of Sale (PoS) terminals by an additional 12.54 lakh, up from 15.19 lakh as on 30.11.2016. Further, to improve such infrastructure in villages, 2.04 lakh PoS terminals have been sanctioned from the Financial Inclusion Fund by NABARD.

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PFRDA eyes training 64,500 employees to create mass awareness on NPS, APY

PFRDA eyes training 64,500 employees to create mass awareness on NPS, APY

NEW DELHI: Pension regulator PFRDA has appointed IL&FS Skill Development Corporation to train 64,500 government employees and other stakeholders on various aspects of flagship schemes NPS and APY.

The training institute has been appointed to create mass awareness and impart training on National Pension System (NPS) and Atal Pension Yojna (APY) to the employees of Points of Presence, APY service providers, and corporates of North-West zone.

Nodal officers of central and state governments and those at state autonomous bodies too would be trained, said Pension Fund Regulatory and Development Authority (PFRDA).

“It is intended to have at least 50-60 participants in each session of 3-4 hours duration and conduct approximately 1,610 training sessions and train 64,500 participants in the NW zone over the next 12 months,” PFRDA said while notifying the training institute.
Participants from Jammu and Kashmir, Himachal Pradesh, Uttar Pradesh, Uttaranchal, Punjab, Haryana, Bihar, Jharkhand, Chandigarh, Delhi, Goa, Gujarat, Maharashtra, Madhya Pradesh, Rajasthan, Chhattisgarh, Daman and Diu, Dadra and Nagar Haveli would be imparted training on various aspects of the two flagship social security programmes.

As on January 17, the overall number of NPS and APY subscribers stood at 1.42 crore, with Asset Under Management (AUM) of Rs 1.61 lakh crore. APY, which guarantees a monthly pension of Rs 1,000 – Rs 5,000, has about 43 lakh subscribers.

As on January 17, the overall number of NPS and APY subscribers stood at 1.42 crore, with Asset Under Management (AUM) of Rs 1.61 lakh crore. APY, which guarantees a monthly pension of Rs 1,000 – Rs 5,000, has about 43 lakh subscribers.

Be the first to comment - What do you think?  Posted by admin - February 25, 2017 at 11:01 am

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Government May Allow Employees To Raise NPS Fund In Stocks Soon

Government is expected to take a decision soon on a proposal to allow its employees to raise their contribution in stocks as well as choose fund managers under the New Pension System, regulator PFRDA said.

“As you know we have been talking with government to open up the choice of both the fund manager and investment pattern for the government subscribers, these discussions are still going on. The proposals are with the government and hopefully a decision will be taken up by them very shortly,” Pension Fund Regulatory and Development Authority (PFRDA) Chairman Hemant G Contractor said today.

Contractor said that government had expressed concerns that all employees would not be able to understand the investment pattern and may end up making wrong choices.

However, PFRDA recently conducted an online survey involving over 10,000 government employees–both central and state, and found that about 48 per cent of the people were pretty aware of financial things, he said.

Contractor said the findings of the survey were quite interesting as almost 48 per cent government employees were having an average financial literacy rate.

“The level of financial literacy was not as bad we thought as. Only about 24 per cent has low score. We passed it on to the government, so we hoping that with the results of the survey, the government will be able to take decisions faster,” he added.

Currently, pension funds under PFRDA are allowed to invest up to 15 per cent of the government employees’ corpus into stock market. While, for private sector employees it is up to 50 per cent.

Among others, PFRDA will also allow NPS subscribers to choose from commercial mortgage based securities or residential mortgaged based securities, units issued by Real Estate Investment Trusts, asset backed securities, units of Infrastructure Investment Trusts under the alternative investment funds (AIF).

As of September 6, 2016 PFRDA regulated NPS and Atal Pension Yojana (APY) together have 1.34 crore subscribers with total Asset under Management (AUM) of Rs 1.45 lakh crore.

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