New Delhi, October 2 (Daily Kiran) : Bank of Baroda has officially entered the pension fund business after receiving a sponsorship certificate from the Pension Fund Regulatory and Development Authority (PFRDA). This makes it the second public sector bank to venture into this sector.
The certificate was presented to Debadatt Chanda, the bank’s Managing Director and CEO, during the National Pension System (NPS) Day event held on October 1, 2026. With this appointment, Bank of Baroda is now authorized to sponsor pension funds under the provisions of the PFRDA Act of 2013.
This development follows the PFRDA’s approval in July 2026, which allowed Bank of Baroda, Motilal Oswal AMC, and Bajaj to become sponsors under revised guidelines. The pension fund will manage assets from both government and private sector schemes under the NPS framework.
The regulator is actively working to broaden the pension ecosystem by expanding the scope for pension fund managers and sponsors, thereby increasing participation in the NPS. In line with these efforts, the PFRDA has begun releasing detailed data related to pension fund assets and stakeholders to enhance transparency and awareness.
In a parallel initiative aimed at improving digital access to retirement savings products, Bank of Baroda has made instant NPS registration available on the BHIM app as part of its second phase of expansion. This integration allows users to open NPS accounts easily and entirely paperless through the BHIM platform.
The NPS Day 2026 event, organized by the PFRDA, prominently featured instant NPS services. Representatives from banks, central record-keeping agencies, NPCI BHIM services, and government officials participated in discussions focused on increasing pension coverage and improving the onboarding process for new stakeholders.
Sanjay Lohiya, Secretary of the Financial Services Department, presented the appointment certificate to Debadatt Chanda. Also present were S. Raman, Chairperson of the PFRDA, and Dinesh Kumar Khara, Chairperson of the NPS Trust. This appointment underscores the importance of expanding the pension fund ecosystem in the country.
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