Finance Ministry looking at suggestions of raising upper age limit for APY: Rajiv Kumar

New Delhi: The finance ministry is looking at some of the suggestions of PFRDA including increasing upper age limit for availing Atal Pension Yojana (APY) to 50 years, Financial Services Secretary Rajiv Kumar said Wednesday.

To make APY more attractive, the Pension Fund Regulatory and Development Authority (PFRDA) has sought the ministry's nod to double the guaranteed minimum pension under the scheme to Rs 10,000 per month and increase the upper age limit to avail the scheme to 50 from existing 40.

"The PFRDA is also thinking of buckets of investments in which higher returns can be generated. All these are good suggestions. I can assure you that we will carefully and diligently look at all the suggestions," he said here.

Kumar also exhorted banks to find innovative tools to push APY.

Citing some examples, he said, banks can tap Mudra beneficiaries, Self Help Group members or Aganwadi workers.

There are five crore Mudra loan beneficiaries and the target would be met even if 20 per cent of them within the age group of 18-40 years are covered under this, he said.

APY is guaranteed pension scheme announced by the government on May 9, 2015. The scheme is focused on the unorganised sector workers which constitute more than 85 per cent of the workforce.

During the occasion, PFRDA gave awards to top performers in achieving APY target. Central Bank of India, Indian Bank, Dena Bank, SBI, Oriental Bank of Commerce, IDBI Bank and ESAF Small Finance Bank were among others awarded.