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Bank of Baroda Enters Pension Fund Business After SBI
Bank of Baroda has started working in the pension fund business.
It is the second public sector bank to do this, after State Bank of India.
The approval was given at an event on October 1, 2026.
The pension regulator wants more people to save for retirement through the National Pension System.
It hopes to bring in two to four crore new subscribers over the next two to three years.
The regulator says there are already 2.33 crore subscribers.
Bank of Baroda has also made it possible to open an NPS account through the BHIM app.
The regulator is especially focused on reaching workers who do not work for the government.
Bank of Baroda received approval to sponsor a pension fund on October 1, 2026.
It is the second public sector bank to enter the pension fund business, after State Bank of India.
The Pension Fund Regulatory and Development Authority aims to add two to four crore NPS subscribers over the next two to three years.
As of September 27, 2026, India had 2.33 crore NPS subscribers with assets of ₹17.49 lakh crore.
Bank of Baroda has also made Tatkal NPS account opening available through the BHIM app.
- Who
- Bank of Baroda, the Pension Fund Regulatory and Development Authority, and NPS subscribers.
- What
- Bank of Baroda received a certificate to sponsor a pension fund and is expanding digital access to NPS accounts.
- Where
- India; the certificate was presented during the NPS Divas 2026 event.
- When
- The certificate was presented on October 1, 2026; subscriber figures cited were as of September 27, 2026.
- Why
- The regulator aims to expand the National Pension System, especially among non-government workers.
Key facts
- Certificate date
- October 1, 2026
- Legal basis
- Section 27 of the PFRDA Act, 2013
- NPS subscribers
- 2.33 crore as of September 27, 2026
- NPS assets
- ₹17.49 lakh crore as of September 27, 2026
- Subscriber growth target
- Two to four crore additional subscribers over the next two to three years
- Long-term coverage target
- Every worker in India's workforce covered by an NPS account by 2047
- Digital access
- Tatkal NPS account opening is available through the BHIM app
Quotes
S Ramann
PFRDA Chairperson
“The government sector has actually been there for about 18 years now and it's pretty well looked after. So our focus is entirely on growing the subscribers in the non-government sector.”
livemint.com
Sources
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