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AIRTEL PAYMENTS BANK LAUNCHES ‘ATAL PENSION YOJANA’ FOR ITS CUSTOMERS

June 23, 2019 06:14 PM

Chandigarh (Face2News)

Airtel Payments Bank 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. 

First payments bank in India to offer Government of India backed Atal Pension Yojana,· Airtel Payments Bank account holders can subscribe to this scheme through a simple, secure and paperless process that takes only a few minutes,· The scheme is currently available at Airtel Payments Bank’s 50,000 banking points across India and the distribution will soon be expanded to cover over 100,000 banking points

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 upto 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. 

Commenting on the strategic initiative, Mr. Anubrata Biswas, Managing Director and Chief Executive Officer, Airtel Payments Bank, said, “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.”

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