Government Schemes

Choose the Correct Answer

Correct Answer : Option b

Explanation
Atal Pension Yojana (APY), a pension scheme for citizens of India is focused on the unorganized sector workers. Under the APY, guaranteed minimum pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000 or 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers. Any Citizen of India can join the APY scheme. Following are the eligibility criteria:

• The age of the subscriber should be between 18 - 40 years.
• He/She should have a savings bank account/ post office savings bank account.

Statement 1 is correct: APY was launched on 9th May, 2015 by the Prime Minister of India. APY is open to all savings bank/post office saving bank account holders in the age group of 18 to 40 years and the contributions differ, based on the pension amount chosen.

Statement 2 is not correct: The APY is a flagship social security scheme of the Government of India, was launched on 9th May 2015 with an aim to create a universal social security system for all Indians, especially the poor, the underprivileged and the workers in the unorganised sector.

Statement 3 is correct: The Nodal Ministry for the Atal Pension Yojana (APY) is the Ministry of Finance, specifically the Department of Financial Services. Pension Fund Regulatory and Development Authority (PFRDA) serves as the nodal agency for administering and regulating the scheme.