Bank of Baroda (BoB), the country’s second-largest public sector lender, has taken a formal step into specialised debt-market intermediation with its wholly owned subsidiary, bob Securities & Giltedge Limited, commencing business as a non-deposit taking non-banking financial company (NBFC).
The subsidiary has been set up to run a standalone primary dealership in line with Reserve Bank of India (RBI) norms. The bank described the launch as an important milestone in its strategy to build a stronger presence in the government securities (G-Sec) and debt capital markets.
Market-making and wider investor access
Primary dealers play a central role in India’s sovereign debt market, underwriting government borrowing, supporting auctions and providing two-way quotes that keep the secondary market liquid. A dedicated, separately capitalised entity allows BoB to scale this activity beyond its own treasury book.
“The company will contribute to the development and deepening of India’s financial markets through market-making and related activities, enhancing market efficiency and encouraging wider investor participation, including through the RBI Retail Direct platform,” said Dr Debadatta Chand, Managing Director & CEO, Bank of Baroda.
He added that dedicated subsidiaries such as bob Securities & Giltedge would open new avenues of growth and strengthen the overall BoB Group as the bank continues to diversify its financial services franchise.
Capital and the road ahead
BoB incorporated the subsidiary earlier in 2026 with an authorised share capital of ₹2,000 crore, after obtaining RBI approval for a standalone primary dealership, and had said the capital would be infused in two tranches. Management has previously indicated that the entity is expected to look beyond G-Secs and act as a market maker across a broader range of debt instruments, drawing on the group’s large investment book and treasury expertise.
As part of the launch, the company has unveiled its corporate identity and logo and gone live with its website, bobgiltedge.in.
Why it matters
The move adds depth to a primary dealer ecosystem that is increasingly important as government borrowing programmes stay large and the RBI pushes retail participation in sovereign bonds through Retail Direct. For BoB, it is also part of a broader diversification push that includes plans to enter the pension fund management business, positioning the lender as a multi-line financial services group rather than a pure-play bank.
