PFRDA appoints Bank of Baroda as pension fund sponsor
Bank of Baroda (BoB) is now officially in the pension fund sector, making it the second public sector bank after State Bank of India (SBI) to get this nod.
The bank received its Certificate of Appointment as Sponsor of a Pension Fund under Section 27 of the PFRDA Act, 2013 on October 1, 2026, at the NPS Divas 2026 event.
This move is part of a bigger push by PFRDA to add two to four crore new National Pension System (NPS) users over the next two to three years.
BoB launches Tatkal NPS on BHIM
To make NPS signups easier, BoB has rolled out Tatkal NPS on the BHIM app, so you can open an account digitally.
The idea is to get more nongovernment workers on board and reach people even in rural areas.
PFRDA wants every working Indian to have an NPS account by 2047. Right now, there are 2.33 crore subscribers with ₹17.49 lakh crore in assets.
BoB's digital push could help those numbers grow even faster.