New Delhi: Bank of Baroda has received formal approval to sponsor a pension fund, marking its entry into the pension fund business as the second public sector bank to enter the segment.
The Pension Fund Regulatory and Development Authority issued the Certificate of Appointment, which was presented to the bank’s Managing Director and CEO, Debadatta Chand, at NPS Divas 2026 on October 1.
PFRDA Appointment Opens New Role
The certificate allows Bank of Baroda to sponsor a pension fund under the PFRDA Act, 2013.
The appointment follows the regulator’s July 2026 approval of Bank of Baroda, Motilal Oswal AMC and Bajaj as pension fund sponsors under its revised guidelines.
These guidelines allow pension funds to manage National Pension System assets across government and private-sector schemes.
The development adds another public sector lender to India’s pension fund sponsorship landscape.
Wider Participation In National Pension System
PFRDA has been working to increase NPS participation by expanding the number of pension fund sponsors and managers.
The regulator is also publishing detailed information on assets and subscribers for individual pension funds and schemes.
These disclosures are intended to improve transparency and help people better understand the retirement savings system.
Tatkal NPS Available Through BHIM
Separately, Bank of Baroda has introduced Tatkal NPS on the BHIM app during the second phase of the service’s rollout.
The integration allows users to open NPS accounts through a simpler, paperless process on the digital payments platform.
The initiative aims to make retirement savings products easier to access and reduce paperwork during account opening.
NPS Divas Highlights Pension Access
Tatkal NPS was also a key topic at the NPS Divas event, where banks, recordkeeping agencies, NPCI BHIM Services and government officials discussed expanding pension coverage.
Discussions also focused on improving subscriber onboarding.
Department of Financial Services Secretary Sanjay Lohiya presented the certificate to Chand in the presence of PFRDA Chairperson S Ramann and NPS Trust Chairperson Dinesh Kumar Khara.
