ICRA has taken rating actions on Punjab National Bank’s (PNB) debt instruments. Ratings on Basel III Tier I Bonds and Infrastructure Bonds have been reaffirmed. Additionally, ratings on Infrastructure Bonds and Basel III Tier II Bonds have been reaffirmed and withdrawn. The rating on Certificate of Deposits has been reaffirmed at ICRA A1+. Fixed Deposits continue to hold a rating of ICRA AAA/Stable.
ICRA Rating Actions
Punjab National Bank (PNB) has announced that ICRA Limited has taken the following rating actions, effective December 5, 2025:
Ratings Reaffirmed
- Basel III Tier I Bonds: ICRA AA+/Stable (Reaffirmed)
- Infrastructure Bonds: ICRA AAA/Stable (Reaffirmed)
- Certificate of Deposits: ICRA A1+ (Reaffirmed)
- Fixed Deposits: ICRA AAA/ Stable (Reaffirmed)
Ratings Reaffirmed and Withdrawn
- Infrastructure Bonds*: ICRA AAA/ Stable (Reaffirmed and withdrawn)
- Basel III Tier II Bonds*: ICRA AAA/ Stable (Reaffirmed and withdrawn)
*Withdrawn on redemption of Bonds
Source: BSE