Document title: Auction of Government of India Dated Securities
Issuing authority: Reserve Bank of India
Reference number: N/A
Date: July 20, 2026
Capital Markets and Flows
The Government of India has announced the sale (issue/re‑issue) of two dated securities for a total notified amount of ₹28,000 crore. The first security, New GS 2041, carries a repayment date of 27 July 2041 and a notified amount of ₹17,000 crore (Notification F.No.4(1)-B(W&M)/202 dated 20 July 2026). The second security, 7.43% GS 2076, matures on 19 January 2076 with a notified amount of ₹11,000 crore. The Government retains an option to retain additional subscription of up to ₹2,000 crore against each security. The auction will be conducted through the RBI Mumbai Office, Fort, Mumbai‑400001, under the terms of the specific notification and the General Notification F.No.4(2)‑B(W&M)/2018 dated 26 March 2025.
The auction will use a multiple‑price method. Competitive bids will be accepted between 10:30 a.m. and 11:30 a.m. on 24 July 2026 (Friday), while non‑competitive bids must be submitted between 10:30 a.m. and 11:00 a.m. on the same day. Results will be announced on 24 July 2026 and payment by successful bidders is required on 27 July 2026 (Monday). Underwriting bids for the Additional Competitive Underwriting (ACU) portion may be submitted by Primary Dealers between 09:00 a.m. and 09:30 a.m. on 24 July 2026. The securities will be eligible for “When Issued” trading from 21 July 2026 to 24 July 2026.
Regulatory and Policy Measures
The auction is yield‑based for the new security (New GS 2041) and price‑based for the re‑issued security (7.43% GS 2076). Minimum bid size is ₹10,000 nominal and thereafter in multiples of ₹10,000. Up to 5% of the notified amount of each security will be allotted under the non‑competitive segment to eligible individuals and institutions as per the Scheme for Non‑competitive Bidding Facility. Banks or Primary Dealers will submit a single consolidated non‑competitive bid on behalf of their constituents via the RBI Core Banking Solution (e‑Kuber). Allotment under the non‑competitive segment will be at the weighted‑average rate of the successful competitive bids.
All bids must be submitted electronically through the e‑Kuber system; physical bids will be accepted only in extraordinary circumstances such as IT failure. In case of system failure, physical bids should be sent to the Public Debt Office, Mumbai, using the prescribed form available on the RBI website, and must be received before the auction timing ends. Technical assistance contacts are provided for Core Banking Operations and the IDMD auction team. Investors may submit multiple competitive bids, provided the aggregate does not exceed the notified amount. The RBI will determine the minimum price/maximum yield and may reject bids outside this range, exercising full discretion to accept or reject any bids wholly or partially without assigning reasons.
Successful bidders will receive securities credited to the Subsidiary General Ledger Account (SGL) or Constituents' SGL maintained with the RBI. Interest on the securities will generally be paid half‑yearly, with exact coupon periodicity specified in the specific notification. Underwriting will follow the Revised Scheme of Underwriting Commitment and Liquidity Support (circular RBI/2007-08/186 dated 14 November 2007, as amended). The securities will be eligible for repurchase (repo) transactions as per the Master Direction – RBI Repurchase Transactions (2025) and for “When Issued” trading in line with circular RBI/2018-19/25 dated 24 July 2018. Investments by non‑residents are subject to the Fully Accessible Route guidelines and related RBI regulations.
Overall, the RBI’s detailed auction framework outlines the procedural, technical, and regulatory parameters for the issuance of ₹28,000 crore of dated government securities, providing clear timelines, bid submission mechanisms, and post‑issuance handling rules.