Post Office to distribute Atal pension scheme
Social security, financial inclusion and inexpensive benefits for the people have been priority for NDS government. Ever since the Modi’s government has come into power, PM Narendra Modi, FM Arun Jaithley and the Cabinet ministers have been working relentlessly towards dissemination of new schemes that make common man financially secure.
One of the new schemes, Atal Pension Yojana is said to spread through the Postal Department in the coming week. This scheme is open to all the Indians in the age-group of 18-40. This scheme will enable any individual to contribute for around 20 years before they benefit from the scheme. Any individual without a bank account and one who isn’t any member of any social security scheme can access this yojana.
Secretary of Department of Financial Services, Anjuly Chib Duggal said that the post office will begin the distribution of APY from next week through its network. Once the government extends the benefits of this scheme via post offices, more number of people will be able to avail its advantage. The implementation of APY though post offices will prove to be helpful for rural people, who have little or no access to high-end financial securities.
Benefits of Atal Pension Yojana
This scheme is expected to bring financial security to the growing population in India and simultaneously promote the culture of investment and savings among the lower middle class people of the society. The poorer sections of the society will be able to reap most benefits out of the scheme. The GOI has decided to contribute INR 1000 or 50% of the user’s contribution (Whichever is lower) in a year, for a short-period of five years. However, this scheme will be advantageous to only those who do not fall under the category of paying income tax and who join this scheme before 31st December, 2015.
According to Duggal, this scheme should have been implemented last week itself. However, due to technical glitches, they failed to do so. A few weeks earlier, in an event, Duggal said that the interoperability was a major technical problem that delayed the implementation of the scheme. She also spoke about some reported scams in some of the banks and refused to talk about any actions taken by the government.
With so many non-performing assets in the banking system, the government now wants to set up a committee which shall be directed by state minister of Finance.