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‘We Were the First to Act’: BOMOO Secures NPS Fund Manager & Investment Choice for Bank of Maharashtra Employees
Bank of Maharashtra has now enabled all officers and employees under the National Pension Scheme to select their preferred Pension Fund Manager and Investment Pattern. This development follows consistent efforts by the Bank of Maharashtra Officers’ Organisation, marking a significant milestone in employee-centric reform.
Author: Kalyani Mali
Published: 3 hours ago
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In its letter dated 7th July 2025, the Bank of Maharashtra Officers’ Organisation (BOMOO) stated that a long-standing demand concerning flexibility under the National Pension Scheme (NPS) has been addressed. Officers and employees can now choose their Pension Fund Manager (PFM) and select their preferred Investment Pattern. This facility has been enabled by the Bank following BOMOO’s continuous efforts and representations since 2022.
NPS Fund Manager Selection Activated
Bank of Maharashtra (BoM) has implemented the option for all its NPS-covered officers and employees to select their own PFM and preferred investment pattern.
Image: Official letter from BOMOO announcing the implementation of NPS fund manager and investment pattern selection.
Only Organisation to Raise the Issue
BOMOO noted in the letter that it was the first and only organisation in the Indian banking industry to initiate and consistently follow up on the issue of NPS flexibility for bank employees.
Acknowledgment of HRM Department’s Role
The BOMOO expressed appreciation for the Top Management of the Bank—particularly the General Manager, Human Resource Management (HRM) and the entire HRM Department—for positively responding to their representations and implementing this change in line with the Government of India and the Pension Fund Regulatory and Development Authority (PFRDA) guidelines.
Guidance for Officers on Exercising the Option
The letter urged all officers under NPS to exercise this option responsibly. BOMOO advised members to:
Study the offerings of each Pension Fund Manager carefully
Evaluate past performance
Understand associated terms, risk profiles
charges Align choices with their personal retirement goals
‘We Were the First to Identify and Act’
Speaking to Kanal, Santosh K. Gadade, General Secretary of the BOMOO and Deputy General Secretary of the National Organisation of Bank Officers (NOBO), stated, “This is a proud moment for BOMOO. We were the first to identify and act on the issue. Through relentless follow-ups, policy submissions, and constructive engagement with management, we’ve achieved a reform that benefits nearly 9 lakh bank employees across India.”
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He further stated, “BOMOO noticed that the Bank had not implemented the Gazette Notification of 31.01.2019 and PFRDA Circular No. PFRDA/2018/53/P&D/2, which clearly gave employees the right to choose their PFM and investment pattern under NPS. We were the first trade union in the banking sector to escalate the matter to management and initiate awareness on this critical employee welfare issue.”
He added, “What began as a concern in our bank turned into a national-level movement. We not only raised the issue internally, but also informed officers across other Public Sector Banks (PSBs) about their rights under the National Pension System. That sustained campaign helped create change across the industry.”
He emphasised that while BoM and a few other PSBs have implemented the guidelines, the job is far from over, “Despite the progress, 6 major PSBs are still pending implementation of the NPS guidelines, leaving lakhs of employees without access to flexibility guaranteed under government regulations. BOMOO, in association with NOBO and through Bhartiya Mazdoor Sangh (BMS), will continue its efforts to ensure this issue is addressed in the remaining banks. Strategic intervention will be pursued both at the bank level and at the Department of Financial Services (DFS), Ministry of Finance, to achieve full compliance.”
He also highlighted the importance of the new model adopted by BoM, “The Bank’s shift to the Subscriber-Level Model is a major milestone. Employees now gain full control over their retirement savings by choosing from among PFRDA-approved fund managers and asset categories like equity, corporate bonds, and government securities.”
He concluded, “No employee should be denied the right to shape their financial future. BOMOO will not rest until every bank adopts the guidelines already endorsed by the Government and PFRDA.”
Bank of Maharashtra has implemented the option for officers and employees to select their PFM and preferred investment pattern under the NPS. The facility follows applicable government and regulatory guidelines and has been formally enabled at the bank level. The development is part of ongoing updates to pension-related provisions within the public sector banking system.
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