Airtel Payments Bank introduces ‘Atal Pension Yojana’ for its customers
By MYBRANDBOOK
Airtel Payments Bank has announced the launch of Atal Pension Yojana for its savings account customers. Airtel Payments Bank has become the first payments bank in the country to offer this Pension Fund Regulatory and Development Authority (PFRDA) administered scheme.
An initiative by the Government of India, Atal Pension Yojana is primarily aimed at providing pension benefits and social security for workers in the unorganized sector. The scheme is available to account holders between the age of 18 to 40 and offers minimum guaranteed monthly pension of between Rs. 1,000 and Rs. 5,000, depending on the customer’s contribution which starts at as low as Rs.42 per month. In addition, , the spouse gets a monthly pension after the death of the subscriber and the nominee gets the corpus amount of up to Rs. 8.5 lakh in the event of the death of the subscriber and the spouse.
Airtel Payments Bank account holders can opt for Atal Pension Yojana through a quick, simple, secure and paperless process at 50,000 banking points across India. Going forward, Airtel Payments Bank aims to expand the availability of the scheme at 100,000 of its banking points.
Anubrata Biswas, Managing Director and Chief Executive Officer, Airtel Payments Bank, says, “We are committed to building a financially inclusive India, and are happy to partner with PFRDA to add Atal Pension Yojana to the suite of financial inclusion products offered through our banking platform. With our unique and vast distribution, we can extend the benefits of this scheme to the unorganized workforce in a simple, easy and transparent manner, enabling financial security for all.”
PFRDA in a statement says, “Established with the primary objective of financial inclusion, the payment banks are poised to make a significant contribution to deeply proliferate financial services among the population who are underserved by the banking network. Their outreach, technology platform and the potential target segment perfectly aligns with the ideal customer profiling of a Atal Pension Yojna subscriber. We are delighted to engage with Airtel Payments Bank and are confident that this partnership will help increase enrollments for Atal Pension Yojna across India.”
Airtel Payments Bank has also joined hands with Bharti AXA to offer Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a government-backed life insurance scheme aimed at increasing penetration of life insurance products among the underinsured masses and boosting financial inclusion.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : Daisy Chittilapilly
Daisy Chittilapilly is the President of Cisco’s India and SAARC regi...
ICONS OF INDIA : RAJIV MEMANI
As Chair of the EY Global Emerging Markets Committee, Rajiv connects e...
Icons Of India : Arjun Malhotra
Arjun Malhotra, the Chairman of Magic Software Inc., is widely recogni...
IFFCO - Indian Farmers Fertiliser Cooperative
IFFCO operates as a cooperative society owned and controlled by its fa...
ECIL - Electronics Corporation of India Limited
ECIL is distinguished by its diverse technological capabilities and it...
BEL - Bharat Electronics Limited
BEL is an Indian Government-owned aerospace and defence electronics co...
Indian Tech Talent Excelling The Tech World - Thomas Kurian, CEO- Google Cloud
Thomas Kurian, the CEO of Google Cloud, has been instrumental in expan...
Indian Tech Talent Excelling The Tech World - Vinod Dham, Founder & Executive Managing Partner, IndoUS Venture Partners
Vinod Dham, known as the “Father of the Pentium Chip,” has left an...
Indian Tech Talent Excelling The Tech World - REVATHI ADVAITHI, CEO- Flex
Revathi Advaithi, the CEO of Flex, is a dynamic leader driving growth ...