Capital Markets and Flows

The Government of India (GoI) has announced the re‑issue of a single dated security, identified as 6.94% GS 2036, with a repayment date of May 11 2036. The notified amount for sale is ₹34,000 crore. An additional subscription option of up to ₹2,000 crore is available to the GoI. The auction will be conducted by the RBI’s Mumbai Office using a multiple‑price method. Competitive and non‑competitive bids must be submitted electronically through the RBI’s Core Banking Solution (e‑Kuber) on July 3 2026 (Friday). Non‑competitive bids are to be entered between 10:30 a.m. and 11:00 a.m., while competitive bids may be entered between 10:30 a.m. and 11:30 a.m. Results will be announced on the same day, and payment by successful bidders is required on July 6 2026 (Monday).

The security will be eligible for “When Issued” trading from June 30 2026 to July 3 2026. Minimum bid size is ₹10,000 (nominal) and thereafter in multiples of ₹10,000. An investor may submit multiple competitive bids, provided the aggregate does not exceed the notified amount. The non‑competitive segment is capped at 5% of the notified amount and will be allotted at the weighted‑average yield/price of successful competitive bids. Underwriting of the issue will be undertaken by Primary Dealers under the Revised Scheme of Underwriting Commitment and Liquidity Support.

Regulatory and Policy Measures

The auction is governed by the specific notification F.No.4(1)-B(W&M)/2026 dated June 29 2026 and the General Notification F.No.4(2)-B(W&M)/2018 dated March 26 2025. The security will be issued through credit to the Subsidiary General Ledger Account (SGL) or Constituents’ SGL maintained with the RBI. Interest on the security will generally be paid half‑yearly, with exact coupon periodicity detailed in the specific notification.

Eligibility for repurchase (repo) transactions follows the RBI Master Direction on Repurchase Transactions (2025) as amended. The security is also eligible for “When Issued” trading per RBI circular No. RBI/2018-19/25 dated July 24 2018. Investments by non‑residents are subject to the Fully Accessible Route guidelines and related RBI regulations.

Business Continuity and Operational Details

In the event of a system failure, physical bids may be submitted to the Public Debt Office, Mumbai, via prescribed forms available on the RBI website. Technical issues should be reported to the Core Banking Operations Team (email: cbot@rbi.org.in) or the IDMD auction team (email: auctionidmd@rbi.org.in). Bids for the Additional Competitive Underwriting (ACU) portion can be submitted by Primary Dealers between 09:00 a.m. and 09:30 a.m. on July 3 2026.

The RBI retains full discretion to accept or reject any bids, wholly or partially, without assigning reasons. All auction procedures, including bid submission, allocation, and settlement, are outlined in the annexed operational guidelines.

The auction reflects the GoI’s financing strategy and provides market participants with a sizable dated security offering, while adhering to RBI’s established auction framework and regulatory safeguards.