Shillong, Dec 6: Dr. Shakil P Ahammed, Additional Chief Secretary has urged bankers to view the Atal Pension Yojana (APY) scheme as more than just a financial product, emphasising its potential as a tool for social security.
Speaking during the APY outreach programme held in the city on Thursday, he said, “It is a scheme for the people who are not fortunate enough to work in the organised sector where the pension is paid by the employer but for the unorganized sector who depend solely on their own financial planning to get continuous income post-retirement.”
Deepak Mohanty, Chairman of PFRDA, explained the scheme’s features, including the Centre’s guarantee to cover any shortfall in the pension corpus, ensuring that subscribers receive the promised pension amount. He exhorted the banks to learn about the scheme and to educate masses about the benefits of the scheme so that they could appreciate the benefits of the scheme.
Pravesh Kumar, CGM PFRDA, elaborated on the advantages of joining the APY at an early age, stressing the importance of compound growth. He also urged banks to use PFRDA’s calculation tools during their outreach programs. Smt. N Tariang, Director of Institutional Finance, Government of Meghalaya, spoke about the importance of raising awareness at the grassroots level, particularly in rural areas. She highlighted the need for a reliable income, such as a pension, for everyone, including labourers, farmers, and small business owners in villages.
Two new APY subscribers shared their personal experiences, explaining how they enrolled in the scheme to secure a steady income for their retirement years and avoid becoming a burden on their families. Priyanka Gupta, DGM PFRDA, delivered a detailed presentation on the APY scheme, reviewing its performance across various states and banks. She encouraged participants to meet their targets for the current financial year, highlighting the need for continued outreach efforts to ensure greater enrolment.
During the Q&A session, participants raised thoughtful questions, showing keen interest in the scheme and its benefits and the event concluded with a prize distribution ceremony to recognise outstanding performances in various categories.
The awards presented included the APY Citizens Choice Campaign awards for the financial year 2023-24, the Certificate of Achievement for 100% Target Achievement in the financial year 2023-24 for State Coordinators, and the Certificate of Achievement for 100% Target Achievement in the financial year 2023-24 for Local District Managers (LDMs).
The event was jointly organised by the Pension Fund Regulatory and Development Authority (PFRDA) along with State Bank of India’s Local Board Committee (SLBC), Meghalaya.
