6 hrs ago
Bank of Baroda Enters Pension Fund Business With PFRDA Approval
Bank of Baroda has received permission to sponsor a pension fund.
It also created a company called BoB Pension Fund Management Company Ltd for this business.
The new company has authorised share capital of ₹100 crore.
Bank of Baroda owns most of the company, and Baroda BNP AMC owns the rest.
This makes Bank of Baroda the second public sector bank in India to enter the pension fund business.
State Bank of India was the first public sector bank to do so.
Bank of Baroda also made Tatkal NPS available through the BHIM App.
This can help people open pension accounts online with less paperwork.
Bank of Baroda received PFRDA approval to sponsor a pension fund under the PFRDA Act, 2013.
The bank incorporated BoB Pension Fund Management Company Ltd with authorised share capital of ₹100 crore.
Bank of Baroda owns 80.10% of the subsidiary, while Baroda BNP AMC holds the remaining stake.
The move makes Bank of Baroda the second public sector bank to enter the pension fund business, after State Bank of India.
Tatkal NPS was integrated with the BHIM App to enable simpler, paperless digital onboarding for the National Pension System.
- Who
- Bank of Baroda, Baroda BNP AMC, the Pension Fund Regulatory and Development Authority, and Bank of Baroda Managing Director and CEO Debadatta Chand.
- What
- Bank of Baroda received a certificate to sponsor a pension fund, incorporated a pension fund subsidiary, and integrated Tatkal NPS with the BHIM App.
- Where
- India; the certificate was presented at NPS Divas in New Delhi.
- When
- The certificate was presented on October 1, 2026, during NPS Divas; the announcement was published on October 2, 2026.
- Why
- To enter the pension fund business, expand access to retirement savings products, and simplify digital NPS onboarding.
Key facts
- Pension fund sponsor
- Bank of Baroda
- New subsidiary
- BoB Pension Fund Management Company Ltd
- Authorised share capital
- ₹100 crore
- Bank of Baroda ownership
- 80.10%
- Regulator
- Pension Fund Regulatory and Development Authority
- Market position
- Second public sector bank to enter the pension fund business
- Digital initiative
- Tatkal NPS integrated with the BHIM App
- State Bank of India pension assets
- ₹6.14 lakh crore as of August 31, 2026
Quotes
Debadatta Chand
Managing Director and CEO of Bank of Baroda
“Today marks an important milestone for us as we become the second Public Sector Bank to enter the pension fund business. We have also onboarded Tatkal NPS on the BHIM App. These milestones reinforce our commitment in expanding access to retirement solutions and leveraging digital innovation to make pension products more accessible and convenient for customers across the country.”
thehindubusinessline.com
Sources
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