PNB Gilts Limited is a primary dealer in the Government Securities Market, with over 90% of its operations in this area. The company supports the government borrowing program through underwriting and trading activities.

Incorporated in 1996, PNB Gilts is a subsidiary of Punjab National Bank and operates as an NBFC, having been granted the license by the RBI to function as a standalone primary dealer.

Despite starting as a wholly owned subsidiary, PNB Gilts took its IPO in 2000, reducing the parent company's stake significantly and expanding its paid-up capital.

The company showed adaptability and resilience by diversifying its activities into merchant banking in the early 2000s, although these operations were later discontinued.

PNB Gilts achieved high credit ratings for its commercial paper programs, demonstrating strong creditworthiness and sound financial management practices.