17 more banks team up with govt to boost universal pension scheme

The National Pension Authority (NPA) has teamed up with 17 more private banks to facilitate registration, contribution collection, and the integration of application programming interfaces as part of efforts to implement the universal pension scheme.

The banks are: Bank Asia, Bangladesh Commerce Bank, Bangladesh Development Bank, BASIC Bank, Bengal Commercial Bank, Dhaka Bank, EXIM Bank, Jamuna Bank, Meghna Bank, Mercantile Bank, NRB Bank, NRBC Bank, SBAC Bank, Standard Bank, Shimanto Bank, Social Islami Bank, and United Commercial Bank.

Md Mahiuddin Khan, executive chairman of the NPA, presided over the signing ceremony of the memorandum of understanding with the banks today at the Finance Division, which was attended by bank managing directors, according to a press release.

Finance Division Secretary Md Khairuzzaman Mozumder called upon banks to actively promote the scheme and ensure wider participation.

"The successful execution of the universal pension scheme depends largely on the sincerity and proactive involvement of our banking partners," said Mozumder.

He urged banks to encourage customers to register and contribute, aiming to build a financially secure future for all.

With today's signing, a total of 41 banks have now partnered with the NPA to support the scheme's operations.

The authority plans to extend similar agreements to all remaining domestically owned banks.
Administered by the NPA, the universal pension scheme currently operates four tailored programmes—Probash, Progoti, Surakkha, and Samata—for expatriates, private-sector employees, self-employed individuals, and low-income earners, respectively.

Subscribers receive unique pension identities that allow real-time online tracking of contributions and returns.