Janata Sahakari Bank, Pune, was recognized with the Award of Excellence Achiever in the Urban Cooperative Bank category for its significant contributions to society through the Atal Pension Yojana (APY).
The award was presented by the Pension Fund Regulatory and Development Authority (PFRDA) on June 21, 2024, during a ceremony in New Delhi.
Jagdish Kashyap, CEO and Nilesh Deshpande, Deputy General Manager of Janata Sahakari Bank, received the award in the presence of senior officials from the Department of Financial Services.
Throughout the financial year 2023-24, Janata Bank worked diligently to expand the reach of APY across all its branches, enhancing its commitment to the scheme’s growth and accessibility.
During the event, PFRDA Chairman Deepak Mohanty highlighted that the APY saw unprecedented enrolment during the last financial year, with over 12.2 million new accounts, contributing to a total of 66.2 million enrolments as of June 20, 2024. Mohanty attributed this record growth to the active participation of public sector banks and regional rural banks.
According to APY data, public-sector banks accounted for approximately 70.44% of total enrolments, with regional rural banks contributing 19.80%. The scheme is particularly popular among women and the youth, with 52% of this year’s enrolments being women and 70% of all subscribers since the scheme’s inception being between the ages of 18 to 30.
The success of the APY underscores its growing acceptance and importance as a government-backed pension scheme, with major contributions from various banking sectors across the country.