Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 4,91,400 on PNB Gilts for bouncing of SGL which lead to shortage of balance in certain securities in the Company's SGL account on February 16, 2021. The Company has since enhanced its review mechanism so as to ensure that such incidents do not recur.
PNB Gilts a renowned and preferred name in the Indian debt market was one of the first entities to be granted the Primary Dealership License by the Reserve Bank of India. The company is also a subsidiary of one of the largest Indian commercial banks, Punjab National Bank.
