PNB Gilts Ltd. operates as a primary dealer in government securities in India. The company is involved in underwriting and bidding of government securities issuances; and trading of fixed income instruments, such as government securities, treasury bills, cash management bills, state development loans, corporate bonds, and interest rate swaps, as well as various money market instruments, including certificates of deposits, commercial papers, etc.; and provision of custodian services to its constituents. It also provides gilts accounts and mutual funds, and bonds issued by public sector undertakings and other corporate bodies. The company serves provident funds trusts, regional rural banks, co-operative banks, corporates, individuals, etc. The company was incorporated in 1996 and is based in New Delhi, India. PNB Gilts Ltd. operates as a subsidiary of Punjab National Bank.