PNB subsidiary faces penalty; bank completes stake sale

Punjab National Bank (PNB) faces mixed developments, with its subsidiary, PNB Gilts Ltd., incurring a monetary penalty from AMC Repo Clearing Ltd. (ARCL) amounting to INR 14,62,518.37 plus applicable GST of INR 2,63,253.31, totaling INR 17,25,771.68. The penalty was imposed due to a slight delay of 58 minutes in crediting funds to the settlement bank account on June 11, 2025, attributed to internet banking issues beyond PNB Gilts' control. PNB has initiated steps for a penalty waiver, seeing no impact on PNB Gilts Ltd's other operations.