Document title: Auction of Government of India Dated Security
Issuing authority: Reserve Bank of India
Reference number: Press Release: 2026-2027/767
Date: July 27, 2026
Capital Markets and Flows
The Reserve Bank of India announced the re‑issue of a single Government of India dated security, identified as 6.94% GS 2036, with a notified amount of ₹34,000 crore. The auction is scheduled for July 31, 2026 (Friday) and settlement will occur on August 3, 2026 (Monday). The auction will be conducted using a multiple‑price method; it is yield‑based for new securities and price‑based for re‑issued securities. Bids will be accepted electronically via the RBI Core Banking Solution (e‑Kuber system). Competitive bids must be submitted between 10:30 am and 11:30 am, while non‑competitive bids are to be submitted between 10:30 am and 11:00 am on the auction day. Primary dealers may submit bids for the Additional Competitive Underwriting (ACU) portion between 09:00 am and 09:30 am. The Government of India retains an option to accept an additional subscription of up to ₹2,000 crore. The minimum bid size is ₹10,000 (nominal) and bids must be in multiples of ₹10,000. The security will be eligible for "When Issued" trading from July 28, 2026 to July 31, 2026. It will also be eligible for repurchase (repo) transactions under the Master Direction on Repurchase Transactions (2025) and for investment by non‑residents under the Fully Accessible Route guidelines.
Regulatory and Policy Measures
The auction is classified as a multiple‑price based auction; successful bids will be accepted at the quoted yield/price for each bidder. For uniform‑price auctions, a cut‑off yield/price would apply, though this auction follows the multiple‑price approach. In the case of floating‑rate bonds, the auction would be spread‑based for new issues and price‑based for re‑issues. Physical bids will not be accepted except under extraordinary circumstances such as IT system failure, in which case they must be submitted to the Public Debt Office, Mumbai, in the prescribed form. The RBI’s Business Continuity Plan outlines contact details for technical difficulties (Core Banking Operations Team) and other auction‑related issues (IDMD auction team). An investor may submit multiple competitive bids, provided the aggregate does not exceed the notified amount. The RBI reserves full discretion to accept or reject any bids, wholly or partially, without assigning a reason. Successful bidders will receive securities credited to their Subsidiary General Ledger (SGL) or Constituents' SGL accounts maintained with the RBI. Interest on the security will generally be paid half‑yearly, with exact coupon periodicity specified in the specific notification. Underwriting will be conducted by primary dealers in accordance with the Revised Scheme of Underwriting Commitment and Liquidity Support (circular RBI/2007‑08/186, dated November 14, 2007, as amended). Eligibility for repo transactions follows the Master Direction on Repurchase Transactions (2025). Eligibility for "When Issued" trading follows RBI circular No. RBI/2018‑19/25 dated July 24, 2018, as amended. Investments by non‑residents are governed by the Fully Accessible Route guidelines issued by the RBI.
The RBI’s detailed procedural framework ensures transparent execution of the government securities auction, providing market participants with clear timelines, bid submission windows, and eligibility criteria, thereby supporting liquidity management and orderly functioning of the government debt market.