Allotment of Enrolment targets and persistency level under Atal Pension Yojana (APY) to Banks and Department of Posts for FY 2024-25
Allotment of Enrolment targets and persistency level under Atal Pension Yojana (APY) to Banks and Department of Posts for FY 2024-25: PFRDA
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
File No.: PFRDA/03/05/1/0071/2017-PnD-APY-Part(6)
Date: 24th June, 2024
To,
APY-SPs (Public Sector Banks, RRBs, Private Banks, Cooperative Banks,
Small Finance Banks, Payments Banks and Department of Posts)
Sub: Allotment of Enrolment targets and persistency level under Atal Pension Yojana (APY) to Banks and Department of Posts for FY 2024-25
Sir / Madam,
Please refer to OM No. FX- 11/29/2024-PR dated 24th June, 2024 of – Department of Financial Services, MoF (enclosed) on the captioned subject.
2. In this regard, the targets (in terms of AAPB) under APY for FY 2024-25, category-wise, have been approved as under:
| Category | Annual Target in terms of Average Account per Branch (AAPB) for FY 2024-25 |
| Public Sector Banks | 90 |
| Major Private Banks (ICICI Bank, Axis Bank, HDFC Bank, IDBI Bank) | 70 |
| Regional Rural Banks | 90 |
| Private Banks (others) | 35 |
| Co-operative Banks | 20 |
| Department of Posts | 30 |
| Small Finance Banks | 65 |
| Payments Banks (per bank) | 2,00,000 (Absolute) |
3. A persistency target of 70% to be maintained across all categories of APY-SPs by the end of FY 2024-25, has also been approved.
4. All APY-SPs are requested to closely monitor the performance of all their respective branches to ensure 100% achievement of annual targets (AAPB) in FY 2024-25 and to maintain a persistency level of 70% and above.
Pravesh Kumar
(Chief General Manager)
FX-11/29/2024-PR
Government of India
Ministry of Finance
Department of Financial Services
2nd Floor, Jeevan Deep Building
Parliament Street, New Delhi
Dated: 24th June, 2024
To
The Chairman
Pension Fund Regulatory and Development Authority (PFRDA)
E-500, Tower E, 5th Floor
World Trade Centre, Nauroji Nagar, New Delhi-110029
Subject: Allotment of enrolment targets under Atal Pension Yojana (APY) to Banks / Department of Posts for FY 2024-25-reg
Sir,
I am directed to refer to PFRDA’s letter No. PFRDA/03/05/1/007 1/201 7-PnD-APY-Part (6) dated 24th April 2024 on the subject above.
2. In this connection, the targets under APY for FY 2024-25 under each category have been approved as under:
| Category | Annual Target in terms of Average APY account per branch for FY 2024-25 |
| Public Sector Banks | 90 |
| Major Private Banks (4 Pvt Banks) (ICICI Bank, Axis Bank, HDFC Bank, IDBI Bank) | 70 |
| Regional Rural Banks | 90 |
| Private Banks (others) | 35 |
| Co-operative Banks | 20 |
| Department of Posts | 30 |
| All Small Finance Banks | 65 |
| Payments Banks (per bank) | 2,00,000 (Absolute) |
3. Further, a persistency target of 70% to be maintained across all categories of APY-SPs by the end of FY 2024-25, has also been approved.
4. PFRDA is requested to closely monitor the performance under each category especially the private Banks and Cooperative Banks to ensure improvement in their performance.
5. This has approval of Secretary (FS).
Yours faithfully,
(Harkesh Chander)
Under Secretary to the Government of India
Tel: 2374 8760