Punjab National Bank has submitted its quarterly compliance certificate to stock exchanges, fulfilling regulatory requirements under SEBI depositories regulations. The bank filed the RTA confirmation certificate on April 7, 2026, covering the quarter ended March 31, 2026.

Regulatory Compliance Filing

The certificate addresses compliance with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. Company Secretary Bikramjit Shom submitted the documentation to both the National Stock Exchange of India Limited and BSE Limited, ensuring adherence to mandatory quarterly reporting requirements.

RTA Confirmation Details

Beetal Financial & Computer Services (P) Ltd, serving as the bank's Registrar and Share Transfer Agent, provided comprehensive confirmation regarding dematerialization processes. The RTA confirmed that securities received from Depository Participants during Q4 FY26 were properly processed and either accepted or rejected to the depositories as required.

Key Compliance Confirmations

The RTA certificate validates several critical regulatory requirements:

• Securities comprised in dematerialization certificates have been listed on stock exchanges where previously issued securities are traded
• Physical security certificates received for dematerialization were mutilated and cancelled after proper verification by depository participants
• Depository names were substituted in the register of members as registered owners within the mandated 15-day timeframe

Documentation and Verification

The submission includes digitally signed documentation from Company Secretary Bikramjit Shom, ensuring authenticity and compliance with electronic filing requirements. General Manager Punit Mittal from Beetal Financial & Computer Services signed the RTA confirmation certificate, providing institutional verification of the dematerialization processes.

This quarterly filing demonstrates Punjab National Bank's commitment to maintaining transparent shareholder services and adhering to SEBI's regulatory framework for depositories and participants. The systematic documentation ensures proper record-keeping for both the bank and regulatory authorities.

Punjab National Bank faces a cautious outlook from Morgan Stanley, which has maintained its Underweight rating on the public sector lender with a target price of ₹100. The global brokerage's assessment reflects mixed performance indicators despite some positive developments in the bank's operational metrics.

Loan Growth Shows Mixed Trends

The bank's loan portfolio exhibited contrasting growth patterns across different time horizons. While quarter-on-quarter loan growth moderated to approximately 2.5%, the year-on-year comparison showed a more robust 13% improvement, indicating stronger underlying momentum over the longer term.

Deposit Performance and Liquidity Metrics

The bank demonstrated stronger deposit mobilization with year-on-year growth of approximately 9.2%. This improved deposit performance contributed to enhanced liquidity metrics, with the loan-to-deposit ratio positioned at around 72.5%, indicating a comfortable liquidity cushion.

Balance Sheet Improvement Amid Growth Concerns

Morgan Stanley acknowledged gradual balance-sheet improvement at Punjab National Bank, reflecting the lender's ongoing efforts to strengthen its financial position. However, the brokerage expressed concerns about uneven growth patterns, which appear to be influencing the maintained Underweight stance despite the positive developments in deposit growth and liquidity metrics.

The ₹100 target price suggests limited upside potential in Morgan Stanley's view, as the firm weighs the bank's improving fundamentals against concerns about growth consistency and overall performance trajectory.