Small Finance and Payments banks to offer Atal Pension Yojana

New Delhi, Jan 26 : The Central government on Friday said "Payments Banks and Small Finance Banks" will offer social security scheme Atal Pension Yojana (APY) to their subscribers.

"To strengthen the existing channels of APY distribution, it is felt that these new Payments Banks and Small Finance Banks will provide a boost to the outreach of subscribers under APY," the Ministry of Finance said in a statement.

According to the Ministry, currently there are 11 Payments Banks and 10 Small Finance Banks that have received license from the Reserve Bank of India (RBI) to start their operations.

"In order to familiarise these Small Finance Banks and Payment Banks in APY, the Pension Fund Regulatory and Development Authority (PFRDA) has conducted an Orientation Meeting on January 15, 2018 in New Delhi for all the Small Finance Banks and Payment Banks and discussed the implementation of Scheme in these banks," the statement said.