Atal Pension Yojana (APY) now also available at 10 Small Finance Banks (SFBs) and 11 payments banks in India.

To strengthen the existing channels of distribution of the Atal Pension Yojana a Social Security Scheme, a first of its kind launched by the Modi Government on 9th May 2015, the Government has now directed to integrate all 10 Small Finance Banks (SFBs) and 11 Payments Banks, to the ambit of the scheme. The Government issued a press release yesterday on 26th January, regarding the same.

The release also states that the participation of these special banks in scheme will not only improve the distribution of the scheme but will also add to income of these Banks as the Government proposes an incentive of Rs 120-150 for each scheme Account opened by the bank.

As on 23rd January 2018, the APY Scheme hosts more than 84 lakhs subscribers and an asset base of more than Rs. 3,194 crores.

Currently the below mentioned Small Finance Banks and Payment Banks has started banking operations:

Small Finance Banks (SFBs)

  • Ujjivan Small Finance Bank.
  • Janalakshmi Small Finance Bank.
  • Equitas Small Finance Bank.
  • A U Small Finance Bank.
  • Capital Small Finance Bank.
  • ESAF Small Finance Bank.
  • Utkarsh Small Finance Bank.
  • Suryoday Small Finance Bank.
  • Fincare Small Finance Bank.

Payment Banks

  • Paytm Payment Bank.
  • Airtel Payment Bank.
  • India Post Payment Bank.
  • Fino Payment Bank.

 

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