Sriram Kasireddy May 22, 2015

Mumbai, May 22: RBI asks urban co-operative banks to appoint nodal officers. Under Atal Pension Yojana and National Pension System, this is to implement APY in a proper manner.

The Reserve Bank of India has required nodal officer to implement the government flagship scheme, Atal Pension Yojana (APY) which provides minimum pension of Rs. 1,000-5,000 for their subscribers. So, it asks urban co-operative banks for Nodal officers.

Prime Minister Narendra Modi recently launched the Atal Pension Yojana (API) which is a fixed pension service and is dedicated to citizens who join in the National Pension System (NPS) in the unorganised sector. This APY is managed by the Pension Fund Regulatory and Development Authority (PFRDA).

People who have an age in between 18 to 40 can join into APY, this means the minimum period of involvement of any subscriber under APY would be 20 years more and the government would be guaranteed for minimum pension for all subscribers. All the bank account holders who have required eligibility can join into APY with auto debit facility to accounts, leading to reduction in contribution collection charges.

To each any every subscriber account, the government would co-contribute the 50 percent of the total contribution or Rs. 1,000 per annum till 5 years i.e. from 2015-16 to 2019-20.

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