PNB Gilts has received the necessary regulatory approval from the Reserve Bank of India (RBI) for a key board appointment, marking an important development in the company's governance structure. The approval relates to the appointment of Sh. Bibhu Prasad Mahapatra as an Additional Director, following the company's earlier board resolution from November 2025.

RBI Approval Details

The Reserve Bank of India conveyed its approval through official communication dated January 29, 2026, for the appointment of Sh. Bibhu Prasad Mahapatra to the Board of Directors of PNB Gilts Ltd. The appointment became effective immediately upon receipt of the RBI approval on January 29, 2026.

Board Resolution Background

The appointment process was initiated through a board resolution passed by circulation on November 18, 2025. The Board of Directors approved the appointment based on the recommendation of the Nomination and Remuneration Committee, with the condition that it would be subject to RBI approval.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. This follows the company's previous communications dated November 18, 2025, and subsequent clarification dated November 24, 2025, which had informed stakeholders about the proposed appointment pending regulatory approval.

Corporate Governance Impact

With Sh. Bibhu Prasad Mahapatra's appointment as Additional Director (Non-Executive & Non-Independent), PNB Gilts Ltd strengthens its board composition. His current position as Executive Director at PNB brings relevant banking and financial sector expertise to the company's governance structure.

PNB Gilts Limited has received a credit rating reaffirmation from ICRA Limited, maintaining its strong financial standing in the market. The company disclosed this development to stock exchanges on January 30, 2026, under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Credit Rating Details

ICRA Limited, through its letter dated January 29, 2026, reaffirmed the credit ratings for two key financial programmes of PNB Gilts Limited. The rating agency maintained its assessment of the company's creditworthiness across both programmes.

The [ICRA] A1+ rating, pronounced as "ICRA A one plus rating," represents the highest short-term credit rating category, indicating the company's strong capacity for timely payment of financial obligations.

Regulatory Compliance

The disclosure was made in compliance with SEBI regulations, with Company Secretary and Compliance Officer Monika Kochar signing the intimation letter. The communication was sent to both the National Stock Exchange of India Limited and BSE Limited, where PNB Gilts Limited shares are listed under scrip codes PNBGILTS and 532366 respectively.

Financial Programme Overview

The reaffirmed ratings cover a combined programme value of Rs. 2000 crore, split equally between Commercial Paper and Inter-Corporate Deposit programmes. Both programmes carry the same [ICRA] A1+ rating, reflecting consistent credit quality assessment across different financial instruments. This reaffirmation provides continued market confidence in the company's short-term financial obligations and borrowing programmes.