New Delhi, Nov 2 (IANS): The government on Friday said the number of subscribers to Atal Pension Yojana (APY), targeted at the unorganized sector, has crossed 1.24 crore mark with 27 lakh new subscribers joining in the current financial year.

"The subscriber base under APY has crossed 1.24 crore mark... More than 27 lacs new subscribers have joined the scheme during the current financial year, i.e. 2018-19," the Ministry of Finance said in a statement.

The government-guaranteed pension scheme administered by the Pension Fund Regulatory and Development Authority (PFRDA) allows any Indian citizen between 18 to 40 years to join through the bank or post office branches where one has the savings bank account.

"The scheme is very easy to understand and it is very transparent," it said adding that states like Uttar Pradesh, Bihar, Andhra Pradesh, Maharashtra and Karnataka are the top contributors in the APY enrollment, which was launched in May 2015.

As of October 27, 2018, the number of APY subscribers from Uttar Pradesh stood at 17.90 lakh, Bihar 11.16 lakh, undivided Andhra Pradesh 11.28 lakh, Maharashtra 10 lakh and Karnataka 9.15 lakh.

While 3 per cent of the total eligible popualtion of the country has been covered under the scheme, the coverage stood at 5 per cent for Goa and Puducherry, and 4 per cent for Chandigarh, Dadra and Nagar Haveli and Karnataka.