Small Finance Banks and Payment Banks to offer Atal Pension Yojana
Posted on:27 Jan 2018 11:40:56
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27 January 2018 Current Affairs: Payments Banks and Small Finance Banks are a New Model of banks conceptualized by the Reserve Bank of India (RBI).
11 Payment Banks and 10 Small Finance Banks have received a license from Reserve Bank of India to start banking operations in India.
Small Finance Banks and Payment Banks are new age banks and given the strength of the bank, expertise and it reaches, Small Finance Bank and Payment Bank can play a pivotal role in the outreach of 83 lacs subscribers under Atal Pension Yojana (APY).
APY is a Government's Old Age Pension Scheme being implemented through all Banks across the country as per the mandate received from the Ministry of Finance and monitored periodically at PMO. PM Narendra Modi had launched the Social Security Scheme on May 9th, 2015 and dedicated the First Ever Guaranteed Pension Product to the people of the country.
Following are the banks that have started banking operations:
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