28-Oct-2016 PFRDA urges Banks to employ Banking Correspondents ...

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Banks used benefit from having Savings Bank ... monthly contributions only through auto debit from the account which add
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY PRESS RELEASE

PFRDA urges Banks to employ Banking Correspondents for wider APY outreach

The objective of PMJDY is to provide banking facilities to the unbanked, not only Banking Accounts but also credit facilities and bring them under the fold of insurance and pension. Atal Pension Yojana one of the vital component of PMJDY has reached a subscriber base of 37 lacs. However the country's eligible population which is in the age group of 18-40 years is more than 46 cr, hence, banks which are the critical links of the scheme should actively employ Banking Correspondents (BCs) for reaching wider and unorganized low income people. There are more than 1.70 lacs BCs operating in the country with different Banks, but very few BCs are actively associated with APY.

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Banks are sharing part of the promotional incentive provided by GoI with BCs and hence BCs can build a sustainable revenue model by sourcing APY. Banks used benefit from having Savings Bank Accounts. APY collects regular monthly contributions only through auto debit from the account which adds up to the transactions in the account.

3. For activating the BC Channel, PFRDA in association with SBI has held a workshop at SBI Academy , Gurgaon. In the event, officials of more than 25 National BCs of SBI were met by the officials of PFRDA and SBI to deliberate and devise action plan for APY for the year 2016-17. Mr A G Das urged BCs to be part of APY mobilization and help GoI in building a pensioned society. He also stressed that BCs because of their close proximity to the customers can provide the last mile connectivity for a wider reach of the scheme. Mr Ashwin Mehta, CGM SBI, assured PFRDA for the Bank's strong commitment for a large scale participation in APY.

Meeting of National BC’s of SBI

The top performing BCs of SBI were facilitated during the workshop.

Best performer BC-AISECT

Best performer BC- ZERO MASS FOUNDATION

Best performer BC-SAVE SOLUTION

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