Imposition of penalty on PNB Gilts Ltd, subsidiary of the Bank
Awaiting price reaction for this filing.
Punjab National Bank informed stock exchanges that its subsidiary PNB Gilts Ltd has been imposed a monetary penalty of Rs 14,62,518.37 plus GST of Rs 2,63,253.31, totaling Rs 17,25,771.68 by AMC Repo Clearing Ltd (ARCL). The penalty relates to a delay in crediting funds in the settlement bank account on June 11, 2025, which was done at 2:58 PM instead of the required 2:00 PM deadline. The delay was caused by an internet banking issue at the bank's server, despite sufficient balance being available. PNB Gilts has informed ARCL about the issue and is pursuing a waiver of the penalty.
The financial impact is limited to the penalty amount of about Rs 17.3 lakh, with no operational impact on PNB Gilts Ltd. The matter is minor and unlikely to materially affect PNB's stock price or operations.