Bank of Baroda Becomes Second Public Sector Bank to Sponsor a Pension Fund

Bank of Baroda (BoB) has become the second Public Sector Bank (PSB) in India to enter the pension fund business after receiving a Certificate of Appointment as Sponsor of a Pension Fund from the Pension Fund Regulatory and Development Authority (PFRDA).

The approval was granted under Section 27 of the PFRDA Act, 2013.

The certificate was presented to Debadatta Chand, Managing Director and CEO of Bank of Baroda, by Sanjay Lohiya, Secretary, Department of Financial Services (DFS) during NPS Divas 2026.

BoB Pension Fund Management Company

Bank of Baroda has established BoB Pension Fund Management Company Limited as a PFRDA-regulated pension fund management entity.

The company has an authorised capital of ₹100 crore.

Its shareholding structure is:

• Bank of Baroda: 80.10%
• Baroda BNP Asset Management Company: 19.90%

The new company will operate in the pension and long-term savings segment under the regulatory framework of PFRDA.

SBI Was the First PSB

State Bank of India (SBI) was the first public sector bank to enter the pension fund business.

It entered the segment in April 2008 through its subsidiary SBI Pension Funds Private Limited.

As of 31 August 2026, SBI Pension Funds had Assets Under Management (AUM) of ₹6.14 lakh crore.

Tatkal NPS Integration with BHIM App

Bank of Baroda has also integrated Tatkal NPS with the BHIM App.

This initiative is aimed at making NPS onboarding:

• Paperless
• Faster
• More convenient
• Digitally accessible

It enables users to open NPS accounts through a simplified digital process.

PFRDA’s NPS Expansion Target

PFRDA aims to expand the National Pension System by adding around 2–4 crore subscribers over the next 2–3 years.

The focus is on increasing participation among:

• Non-government workers
• Private-sector employees
• Informal and unorganised workforce

The broader objective is to improve pension coverage across India by 2047.