Bank of Baroda receives PFRDA’s Certificate of Appointment as Sponsor of the Pension Fund in New Delhi on October 1. (Photo Courtesy: BoB)
Dimapur, October 6 (MExN): Bank of Baroda (BoB) has entered the pension fund business after receiving the Pension Fund Regulatory and Development Authority (PFRDA) Certificate of Appointment as Sponsor of the Pension Fund under Section 27 of the PFRDA Act, 2013.
With this, the bank becomes the second public sector bank to enter the pension fund business, stated a a press release from BoB received here. The State Bank of India (SBI) is the first.
The certificate was presented by Department of Financial Services Secretary Sanjay Lohiya to Bank of Baroda Managing Director and CEO Debadatta Chand during an event held on the occasion of NPS Divas 2026 in New Delhi on October 1. PFRDA Chairperson S Ramann and NPS Trust Chairperson Dinesh Kumar Khara were also present.
The bank’s MD & CEO Chand, said the milestones would help expand access to retirement solutions, promote greater pension penetration and use digital platforms to make pension products more accessible to customers.
The bank also onboarded Tatkal NPS on the BHIM app as part of the second phase rollout of the service.
The integration will enable digital onboarding for the National Pension System through the BHIM platform, the BoB informed, adding that the initiatives were aimed at expanding access to retirement savings products and promoting greater pension coverage.
The event, organised by PFRDA, brought together representatives of public and private sector banks, Central Recordkeeping Agencies, NPCI BHIM Services Limited and the Department of Financial Services to discuss the growth and future of the National Pension System.
