Document title: Auction of Government of India Dated Security
Issuing authority: Reserve Bank of India
Reference number: Press Release 2026-2027/959
Date: August 24, 2026
Capital Markets and Flows
The Government of India has announced the re‑issue of a single dated security, identified as 6.94% GS 2036, with a notified amount of ₹34,000 crore. The security will be sold through the Reserve Bank of India’s Mumbai Office, Fort, Mumbai‑400001, and the auction will be conducted on August 28 2026 (Friday) using a multiple‑price method. The settlement date is set for August 31 2026 (Monday). The security carries a repayment date of May 11 2036. The GoI retains an option to retain additional subscription up to ₹2,000 crore against the same security.
Bids will be accepted electronically via the RBI Core Banking Solution (e‑Kuber system). Competitive bids may be submitted between 10:30 a.m. and 11:30 a.m., while non‑competitive bids must be submitted between 10:30 a.m. and 11:00 a.m. on the auction day. Results will be announced on the same day, and successful bidders must make payment by August 31 2026. Primary dealers may submit bids for the Additional Competitive Underwriting (ACU) portion between 09:00 a.m. and 09:30 a.m. on August 28 2026.
The auction will be yield‑based for the new security and price‑based for re‑issued securities. Minimum bid size is ₹10,000 (nominal) and thereafter in multiples of ₹10,000. Up to 5% of the notified amount will be allotted under the non‑competitive segment to eligible individuals and institutions as per the Scheme for Non‑Competitive Bidding Facility. Each bank or primary dealer will submit a single consolidated non‑competitive bid on behalf of its constituents. Allocation in the non‑competitive segment will be at the weighted‑average rate of the successful competitive bids. An investor may submit multiple competitive bids, provided the aggregate does not exceed the notified amount.
The security will be eligible for "When Issued" trading from August 25 2026 to August 28 2026. Interest on the security will generally be paid half‑yearly, with the exact coupon schedule specified in the specific notification. The issue of securities to successful bidders will be effected by credit to the Subsidiary General Ledger (SGL) or Constituents’ SGL (CSGL) maintained with the RBI.
Regulatory and Policy Measures
The auction is governed by the specific notification F.No.4(1)-B(W&M)/2026 dated August 24 2026 and the General Notification F.No.4(2)-B(W&M)/2018 dated March 26 2025. Underwriting will follow the "Revised Scheme of Underwriting Commitment and Liquidity Support" (circular RBI/2007‑08/186 dated November 14 2007, as amended). The securities will be eligible for repurchase (repo) transactions as per the Master Direction on Repurchase Transactions (Directions, 2025) and for non‑resident investment under the Fully Accessible Route guidelines.
In the event of an IT failure, physical bids may be submitted to the Public Debt Office, Mumbai, via the prescribed form available on the RBI website, with contact emails and phone numbers provided. Technical difficulties with the e‑Kuber system should be reported to the Core Banking Operations Team (email: cbot@rbi.org.in; phones: 022‑69870466, 022‑69870415). For other auction‑related issues, the IDMD auction team can be contacted (email: auctionidmd@rbi.org.in; phones: 022‑22702431, 022‑22705125).
The RBI reserves full discretion to accept or reject any or all bids, wholly or partially, without assigning any reason. Bids quoted at rates lower than the minimum price or higher than the maximum yield determined by the RBI will be rejected.
Overall, the document outlines the procedural, technical, and regulatory framework for the August 28 2026 auction of the ₹34,000 crore 6.94% Government of India dated security, detailing bid submission windows, pricing methodology, allocation rules, eligibility for secondary market trading, and contingency provisions.