APY accounts opened without approval: ICSSR sample study

Nearly one of three subscribers who dropped out of the central government's pension scheme for the unorganised sector, the Atal Pension Yojana (APY), did so because their accounts were opened without their "explicit" permission, a recent sample study by the Indian Council of Social Science Research (ICSSR) has shown.

- SHIVA RAJORA

Bank employees did so without their concurrence to achieve enrolment targets set for them.

While 32 per cent of the subscribers dropped out due to the bank opening the APY account without permission, 38 per cent did so because they needed money, and 15 per cent did not have the money to run the account.

The study by the government think tank is part of a country-wide exercise to study 31 central government schemes and policy initiatives like the PM Ujjwala Yojana, PM Awas Yojana, Deendayal Antyodaya Yojana, and PM Krishi Sinchai Yojana.

It surveyed 2,461 respondents in the Prayagraj division, Uttar Pradesh, to enumerate the awareness level, identify problems faced by subscribers in terms of accessibility and operating APY accounts, and evaluate causes for them dropping out of the scheme. A total of 119 subscribers of 342 have opted out.