Time and again, PFRDA or Pension Fund Regulatory and Development Authority, the body administering the APY scheme in India has been taking several steps to increase the penetration of the benefits of APY to all citizens. On similar lines, the authority has eased the process for individuals wishing to subscribe to the scheme with online enrollment on the e-NPS platform, doing away with the need to submit the physical copy of the application form.
The e-NPS platform already operational for subscribing to NPS schemes and other pension related functions shall now on be used for subscribing to Atal Pension Yojana scheme introduced by the government in its Union Budget 2014-15.
At present the total subscriber base under APY schene is over 5.4 million and fund managers managing the corpus under the scheme have succeeded in providing a return of 13.91%.
Discussing the benefits of the APY enrollment on a digital platform at a PFRDA meet in Chennai, members have advised IT staff in banking entities to introduce the facility soon.
For the earliest possible full swing digitization of the APY enrollment procedure, PFRDA has conducted meeting both banks and Department of Post in end of May.
A G Das, Chief General Manager, PFRDA, instructed about the likely advantages of the APY subscription on eNPS platform to the service providers. For the same, the service providers have been asked to fully roll-out APY@eNPS l features before June 30, 2017.