Money & Banking

KVG Bank enrolls more than 4,000 APY accounts in a single day

Our Bureau Mangaluru | Updated on September 01, 2021

We are playing a pivotal role in implementation of social security schemes, says Chairman

The Dharwad-headquartered Karnataka Vikas Grameena Bank (KVGB), a regional rural bank sponsored by Canara Bank, has enrolled (cumulative) 2,25,168 accounts under Atal Pension Yojana (APY), since the introduction of this scheme, according to P Gopi Krishna, Chairman of the bank.

APY is a safety net for workers in the informal sector for getting pre-defined pension after 60 years.

Gopi Krishna said that the bank’s Chikkodi regional office has set a new record by enrolling 4,125 accounts under APY in a single day.

The Chairman added that KVGB is playing a pivotal role in implementation of social security schemes such as APY, Prime Minister Jeevan Jyothi Bhima Yojana (PMJJBY), and the Prime Minister Suraksha Bhima Yojana (PMSBY).

It has enrolled 5,47,830 policies under PMJJBY and 12,28,320 policies under PMSBY. So far, the bank has settled nearly 4,000 claims (₹80 crore) under PMJJBY and nearly 800 claims (₹16 crore) under PMSBY.

“This has helped poor families to lead life in the event of sudden death of the caretaker,” Gopi Krishna said. “The bank firmly believes that delivery of financial services at an affordable cost to the vast sections of the disadvantaged and low-income groups is a national priority.”

The bank has 10 regional offices in its service area of nine districts including Dharwad, Gadag, Haveri, Belagavi, Vijayapura, Bagalkot, Uttara Kannada, Udupi and Dakshina Kannada.

Published on September 01, 2021

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