Cooperative banks have reinforced their role as community-centric financial institutions by driving large-scale enrolments under the Atal Pension Yojana (APY), according to the highlights of the APY Annual Felicitation Programme organised by the Pension Fund Regulatory and Development Authority (PFRDA) in New Delhi on Monday.
The programme recognised outstanding performers across banks, State-Level Bankers’ Committees (SLBCs), Lead District Managers (LDMs), and branches for FY 2024-25, with cooperative banks securing a place of prominence among the top achievers.
At the forefront was Shri Mahila Sewa Sahakari Bank, which registered an impressive 400% achievement, reflecting the growing enthusiasm of women-led and community-based cooperatives in promoting pension security.
It was closely followed by Andhra Pradesh State Cooperative Bank (207%), South Canara DCC Bank (142%), Mizoram Co-op Apex Bank (125%), and Sabarkantha DCC Bank (111%). Their performance not only surpassed set targets but also highlighted how cooperative banks, with their strong rural and semi-urban presence, are uniquely placed to reach informal workers, small farmers, and women who form the core of APY’s subscriber base.
APY, India’s flagship contributory pension scheme for the unorganised sector, has crossed 8.11 crore subscribers as of August 21, 2025, with 1.17 crore new enrolments in FY 2024-25. Significantly, 55% of new subscribers were women, while 46% were youth between 18–25 years, both segments where cooperative banks have demonstrated strong connect and credibility.
PFRDA Chairperson S. Ramann, in his keynote address, lauded the contribution of cooperative banks. He observed that APY had achieved its fastest-ever addition of 50 lakh subscribers in a single fiscal year, with cooperative institutions playing a decisive role.
“Cooperative banks, with their grassroots outreach, have proven to be essential partners in building a pensioned society. Their ability to mobilise rural households, women, and first-time savers gives APY a truly inclusive character,” Ramann said.
With APY’s assets under management crossing Rs 48,000 crore and a steady 9.12% CAGR since inception, the scheme has emerged as a robust and sustainable social security instrument.
By leveraging their community orientation and trust among depositors, cooperative banks are ensuring that millions of low- and middle-income households have access to retirement savings, aligning perfectly with the government’s vision of universal pension coverage.
The recognition at the felicitation programme underscores a larger message: cooperative banks are not only pillars of financial inclusion but also key enablers of long-term social security for India’s working class.
Their continued performance is expected to accelerate APY’s reach across India’s villages and small towns, bringing dignity and financial stability to millions in the years ahead.
