PFRDA Appoints Bank of Baroda as Pension Fund Sponsor

October 2, 2026

New Delhi: Bank of Baroda has formally entered the pension fund business after receiving a Certificate of Appointment as a Sponsor of a Pension Fund from the Pension Fund Regulatory and Development Authority (PFRDA), becoming the second public sector bank to enter the segment.

The certificate was handed over to Bank of Baroda Managing Director and CEO Debadatta Chand on October 1 during the NPS Divas 2026 event. The appointment allows the public sector lender to sponsor a pension fund under the provisions of the PFRDA Act, 2013.

Bank of Baroda Gets PFRDA Pension Fund Approval

The appointment follows PFRDA’s approval in July 2026 of Bank of Baroda, Motilal Oswal AMC and Bajaj as sponsors of pension funds under the regulator’s revised guidelines.

Under the framework, pension funds can manage assets under the National Pension System (NPS) across both government and private-sector schemes.

PFRDA has been taking steps to expand the pension ecosystem and increase participation in the NPS by widening the pool of pension fund managers and sponsors.

As part of these efforts, the regulator has also been releasing detailed pension fund-wise and scheme-wise data on NPS assets and subscribers to improve transparency and awareness.

Bank of Baroda Onboards Tatkal NPS on BHIM

In a parallel initiative to improve digital access to retirement savings products, Bank of Baroda has onboarded Tatkal NPS on the BHIM app as part of the second phase of the facility’s rollout.

The integration will allow users to open NPS accounts through the BHIM platform through a simplified and paperless process.

Tatkal NPS was also featured during the NPS Divas 2026 programme organised by PFRDA. The event brought together banks, central recordkeeping agencies, NPCI BHIM Services and government officials to discuss measures to expand pension coverage and improve subscriber onboarding.

PFRDA Expands Pension Fund Ecosystem

The Certificate of Appointment was presented by Department of Financial Services Secretary Sanjay Lohiya to Debadatta Chand in the presence of PFRDA Chairperson S Ramann and NPS Trust Chairperson Dinesh Kumar Khara.

The development marks Bank of Baroda’s formal entry into the pension fund business and comes as PFRDA continues efforts to expand the country’s pension fund ecosystem and increase access to NPS.