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Aadhaar made mandatory by Finance Ministry to avail Atal Pension Yojana

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Source: OrbitCollection

The subscribers of the Atal Pension Yojana (APY) will now have to link their Aadhaar to their accounts for availing up to Rs 1,000 government’s co-contribution, the Finance Ministry said on Monday. In a statement, it said that any individual who is eligible to receive benefits under the APY will have to submit proof by linking Aadhaar number to their accounts or undergo enrolment under Aadhaar authentication.

Nearly 12.35 lakh subscribers are eligible for government co-contribution, as identified by Pension regulator PFRDA. The amount up tp Rs 1,000 for the financial year 2016-17 will be released to the savings bank accounts of the eligible subscribers, which are linked with 12 digit identification number of Aadhaar.

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The ministry said, “An APY subscriber will have to get the Aadhaar number recorded in his or her APY pension account and also in his/ her savings account where the periodic pension contribution instalments are debited and government co-contribution is to be credited”.

The Atal Pension Yojana, which is government’s social security scheme, has more than 54 lakh subscribers. It has an asset base of more than Rs 2,200 crore.

However, in order to bring in transparency and efficiency and to enable beneficiaries to get their entitlement directly in a convenient manner, the Aadhaar card has been constituted as the primary document in the identification of the subscriber.