Bank of Baroda received the Certificate of Appointment as Sponsor of the Pension Fund under Section 27 of the PFRDA Act, 2013, on October 1, during the NPS Divas 2026 event. The bank becomes the second public sector bank to enter the pension fund business, according to the lender.
PFRDA had earlier approved the selection of Bank of Baroda, along with Motilal Oswal AMC and Bajaj, as sponsors of pension funds in July 2026. The regulator had invited applications for selection of sponsors under its 2026 guidelines, which allow pension funds to manage NPS assets across government and private-sector schemes.
The development comes as PFRDA seeks to expand the pension ecosystem and widen participation in the National Pension System. PFRDA’s latest data releases also include pension-fund-wise and scheme-wise NPS assets and subscriber data.
Separately, Bank of Baroda has onboarded Tatkal NPS on the BHIM app as part of the second phase of the digital onboarding facility. The move will allow NPS account opening through the BHIM platform.
Tatkal NPS was also part of the agenda for the NPS Diwas 2026 programme organised by PFRDA, which brought together banks, central recordkeeping agencies, NPCI BHIM Services and government officials.
The certificate was presented by Sanjay Lohiya, Secretary, Department of Financial Services, to Bank of Baroda Managing Director and CEO Debadatta Chand in the presence of PFRDA Chairperson S Ramann and NPS Trust Chairperson Dinesh Kumar Khara.