Karnataka Vikas Grameena Bank (KVGB), a regional rural bank (RRB) sponsored by Canara Bank, has set a record by enrolling 44,036 accounts under the Atal Pension Yojana (APY) in a single day, according to P Gopi Krishna, Chairman.
Declaring this achievement in Dharwad, he said the bank has jurisdiction over Dharwad, Gadag, Haveri, Belagavi, Vijayapura, Bagalkote, Uttara Kannada, Udupi and Dakshina Kannada districts in Karnataka, with a branch network of 629.
During 2021-22, the bank enrolled 131 per cent against the target. So far, KVGB has enrolled (cumulative) 2,64,817 accounts under APY. This contribution has become unique during the celebration of country’s Azadi ka Amrit Mahotsav, Gopi Krishna said.
Quoting the statistics of the Pension Fund Regulatory and Development Authority (PFRDA), he said Karnataka stands seventh in APY enrolment ranking, with an enrolment of nearly 23 lakh accounts against an eligible population of 2.53 crore. Though KVGB’s presence is limited to nine districts, the bank’s share is more than 10 per cent, he said.
APY can be subscribed by any Indian citizen in the age group of 18-40 years and having a bank account. This scheme provides a minimum guaranteed pension ranging from ₹1,000 to ₹5,000 on attaining 60 years of age. The amount of pension is guaranteed for life for the spouse on death of the subscriber. In the event of death of both the subscriber and the spouse, the entire pension corpus is paid to the nominee.
A statement by the bank said, Prahlada Joshi, Parliamentary Affairs Minister, congratulated KVGB for the achievement under APY and said this achievement had become an example for all other banks in the country. Joshi, who represents Dharwad in the Lok Sabha, said this achievement has become unique during the celebration of Azadi ka Amrit Mahotsav.
Appreciating the efforts of KVGB, Brij Mohan Sharma, Executive Director of Canara Bank, said this achievement will inspire all others.