June 25, 2024

BOI wins awards and a nomination for the highest enrollment of Atal Pension Yojana (APY) accounts in FY2022-23.

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Mumbai, 12th June 2023: Bank of India achieved 162% of the annual target and was nominated for the Annual APY Exemplary Award of Excellence (FY2022-23) for enrolling the highest Atal Pension Yojana (APY) average of 129 accounts per branch in FY2022-23.

Bank of India has also been awarded the Numero UNO Award as the “Best Performer Bank in PSB” category for campaigns such as ‘Beat the Best & Be the Best’, ‘Shine & Succeed’, ‘Old Age Financial Freedom’, APY National Championship Cup and Exemplary Award of Par Excellence In ‘Circle of Excellence’ campaign as the “Best Performer Bank in PSB” category. Bank of India including its 3 RRBs also won Numero UNO Award for best performer Bank for ‘APY National Championship Cup’ campaign

Formerly known as Swavalamban Yojana, Atal Pension Yojana is a pension scheme introduced by the Government of India in 2015 after its announcement in the 2015-2016 Budget. APY aims to create a universal social security system for all Indians, especially the poor, the underprivileged and workers in the unorganized sector.

Atal Pension Yojana is for people in the 18-40 years age group. APY guarantees a minimum pension of Rs1,000/-, Rs2,000/-, Rs3,000/­, Rs4,000/- or Rs5,000/- per month, depending on the pension amount opted for and the contributions made by the person. The pension begins after the subscriber attains the age of 60 years.

The total enrolment under APY crossed the 26.61 lakh mark on 31 March 2023. Of this number, Bank of India enrolled more than 6.83 lakh new subscribers in FY2022-23 against 4.78 lakh in FY2021-22, indicating a growth of more than 42%.

The table below shows Bank of India’s 3-year APY performance:

Year Enrollment
FY2020-21 4.10 Lakh
FY2021-22 4.78 Lakh
FY2022-23 6.83 Lakh