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Karnataka Vikas Grameena Bank Receives National Award for Significant Enrollment in APY scheme


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Karnataka Vikas Grameena Bank (KVGB), which is sponsored by Canara Bank, has been honored with the national award for its significant enrollment in the Atal Pension Yojana (APY) by the Pension Fund Regulatory and Development Authority (PFRDA).

The award was presented at a summit held in New Delhi on Friday. Shreekant M. Bhandiwad, the chairman of KVG Bank, received the award from Vivek Joshi, the Secretary of the Department of Financial Services (DFS) in the Government of India, and Deepak Mohanty, the Chairman of PFRDA.

Mr. Bhandiwad announced that KVGB has successfully enrolled a total of 427,736 accounts under the APY. During the 2023-24 fiscal year, the bank enrolled 86,350 accounts, surpassing its target of 67,932 and achieving the target well ahead of schedule.

It is worth mentioning that while PFRDA had set a target of 100 accounts per branch on average, KVGB exceeded this with an average of 137 accounts per branch, the highest among all banks in South India. KVGB currently operates 629 branches across nine districts, spanning from Vijayapura to Mangaluru. Notably, the bank set a national record by enrolling over 68,000 accounts in a single day during the previous fiscal year.

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