Bank of Baroda incorporates pension fund subsidiary with ₹100cr capital
Business
Bank of Baroda (BoB) has incorporated a subsidiary, BoB Pension Fund Management Company Ltd. with an authorized share capital of ₹100 crore.
BoB holds most of the shares, and the company is set up under India's main pension regulator.
This move makes BoB only the second public sector bank, after SBI, to get into the pension fund market.
BoB links Tatkal NPS to BHIM
BoB isn't stopping at just incorporating a subsidiary: it has also made it simpler to access pensions by linking Tatkal NPS with the BHIM app.
The bank's Managing Director & CEO, Debadatta Chand, says these steps are all about using tech to make retirement planning smoother and more accessible for customers across the country.