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Monetary Management and Financial Intermediation 149

Urban Co-op
Banks 3,507 10,936 14,469 17,355 20,095 21,881
DOP 189,998 245,366 270,329 3,02,712 3,32,141 3,44,132
Total 48,83,829 97,05,461 1,54,18,285 2,23,01,658 3,02,15,800 3,45,07,507

Source: PFRDA

4.52 The age profile of the subscribers in the APY scheme suggests increasing enrolments at
younger age. As on September 2021, more than 43 per cent subscribers were between 18 and 25
years, as compared to 29 per cent as on March 2016. Further, more people are now opting for a
pension amount of `1000 per month. As on September 2021, around 78 per cent subscribers have
opted for `1000 per month pension amount, as compared to 38 per cent subscribers as on March
2016. Further, as on September 2021 the share of subscribers opting for `2000/`3000/`4000 per
month pension is 8 per cent, while 14 per cent opt for `5000 per month pension.

4.53 The gender gap in enrolments under APY has narrowed down with increased participation
of female subscribers, which has increased from 37 per cent as of March 2016; to 44 per cent as
of September 2021. The Table 21 below lists the states which have APY account enrolment of
10 lakhs and more.

Table 21: Number of APY accounts (as on 12 October 2021)
th
Sr. No. State Name Number of APY Accounts (in Lakh)
1 Uttar Pradesh 51.9
2 Bihar 32.7

3 West Bengal 27.6
4 Maharashtra 26.8
5 Tamil Nadu 25.5

6 Andhra Pradesh 20.5
7 Karnataka 20.5
8 Madhya Pradesh 20.2
9 Rajasthan 17.2

10 Gujarat 14.3
11 Orissa 13.1
Source: PFRDA

4.54 The limit of aggregate holding of equity shares by a foreign company in Pension Funds has
been revised up from 49 per cent to 74 per cent. The limits for allowing exit from NPS without
requirement of annuitisation (complete lump-sum) was revised upward in case of superannuation
or death of subscriber from `2 lakh to `5 lakh, as well as in case of premature exit from NPS
from `1 lakh to `2.5 lakh across the sector for all NPS subscribers. The subscribers, joining after
age of 60 years, can remain invested/ subscribed to the National Pension System till the age of
75 years which was earlier 70 years. In order to enable its employees build a sufficient pension
corpus, the Central Government has increased the Government co-contribution from 10 per cent