Punjab National Bank's subsidiary, PNB Gilts Ltd., has been imposed a monetary penalty of ₹17,25,771.68 (approximately ₹17.26 lakh) by AMC Repo Clearing Ltd. (ARCL).
The penalty was levied because funds in the settlement bank account on June 11, 2025, were credited at 2:58 p.m., instead of the required time of 2:00 p.m.
PNB Gilts Ltd. clarified that the delay was due to an internet banking issue in its Bank's server, which was beyond the company's control, despite having sufficient balance to honour the obligation.
The communication regarding the penalty was received by PNB Gilts Ltd. on June 13, 2025.
The financial impact is limited to the penalty amount, with no impact on the operations or other activities of PNB Gilts Ltd.
PNB Gilts Ltd. has informed ARCL about the delay and is pursuing a waiver of the penalty.