The standard language modeling (LM) loss by itself has been shown to be inadequate for effective dialogue modeling. As a result, various training approaches, such as auxiliary loss functions and leveraging human feedback, are being adopted to enrich open-domain dialogue systems. One such auxiliary loss function is Bag-of-Words (BoW) loss, defined as the cross-entropy loss for predicting all the words/tokens of the next utterance. In this work, we propose a novel auxiliary loss named Bag-of-Keywords (BoK) loss to capture the central thought of the response through keyword prediction and leverage it to enhance the generation of meaningful and interpretable responses in open-domain dialogue systems. BoK loss upgrades the BoW loss by predicting only the keywords or critical words/tokens of the next utterance, intending to estimate the core idea rather than the entire response. We incorporate BoK loss in both encoder-decoder (T5) and decoder-only (DialoGPT) architecture and train the models to minimize the weighted sum of BoK and LM (BoK-LM) loss. We perform our experiments on two popular open-domain dialogue datasets, DailyDialog and Persona-Chat. We show that the inclusion of BoK loss improves the dialogue generation of backbone models while also enabling post-hoc interpretability. We also study the effectiveness of BoK-LM loss as a reference-free metric and observe comparable performance to the state-of-the-art metrics on various dialogue evaluation datasets.