Bank of Baroda has entered the pension fund business after receiving the PFRDA Certificate of Appointment as Sponsor of the Pension Fund under Section 27 of the PFRDA Act, 2013. The move makes Bank of Baroda the second public sector bank to enter the pension fund business.
The certificate was presented by Shri Sanjay Lohiya, IAS, Secretary, Department of Financial Services, to Dr. Debadatta Chand, Managing Director & CEO, Bank of Baroda, in the presence of senior officials from PFRDA and NPS Trust.
The Bank also became among the first few banks to onboard Tatkal NPS on the BHIM App as part of its second-phase rollout, enabling digital onboarding to the National Pension System.
“Today marks an important milestone for Bank of Baroda 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. We remain focused on supporting greater pension penetration and encouraging long-term financial security for all,” said Dr. Debadatta Chand.
