Document title: Auction of Government of India Dated Securities

Issuing authority: Reserve Bank of India

Reference number: Press Release 2026-2027/515

Date: June 22, 2026

Policy Rates and Liquidity

The RBI announced the re‑issue of two dated government securities amounting to a total notified amount of ₹28,000 crore. The securities are 6.68 % GS 2040 with a repayment date of 7 July 2040 and a notified amount of ₹17,000 crore, and 7.43 % GS 2076 with a repayment date of 19 January 2076 and a notified amount of ₹11,000 crore. The Government of India retains the option to accept an additional subscription of up to ₹2,000 crore against each security, thereby potentially increasing the liquidity absorption.

Capital Markets and Flows

The auction will be conducted on 25 June 2026 (Thursday) through the RBI’s Core Banking Solution (e‑Kuber) using a multiple‑price method. Competitive bids must be entered between 10:30 a.m. and 11:30 a.m., while non‑competitive bids are limited to the 10:30 a.m.–11:00 a.m. window. Results will be announced on the same day and settlement is scheduled for 29 June 2026 (Monday). Primary dealers may submit additional competitive underwriting bids (Additional Competitive Underwriting – ACU) between 09:00 a.m. and 09:30 a.m. on the auction day.

The securities will be issued in denominations of a minimum ₹10,000 and in multiples thereof. Up to 5 % of the notified amount of each issue will be allotted under the non‑competitive segment to eligible individuals and institutions as per the Scheme for Non‑Competitive Bidding Facility. Primary dealers will consolidate non‑competitive bids on behalf of their constituents. Allocation in the non‑competitive segment will be at the weighted‑average yield/price of successful competitive bids.

The securities will be eligible for “When Issued” trading from 23 June 2026 to 25 June 2026. They will also be eligible for repurchase (repo) transactions under the Master Direction on Repurchase Transactions (Directions, 2025) as amended. Underwriting will follow the Revised Scheme of Underwriting Commitment and Liquidity Support (circular RBI/2007‑08/186 dated 14 Nov 2007, as amended).

Regulatory and Policy Measures

The auction is governed by the specific notification F.No.4(1)-B(W&M)/2026 dated 22 June 2026 and the general notification F.No.4(2)-B(W&M)/2018 dated 26 March 2025. Operational guidelines are detailed in the annex. Physical bids will be accepted only in extraordinary circumstances, with procedures for submission to the Public Debt Office, Mumbai. In case of IT system failure, contacts for the Core Banking Operations Team and the IDMD auction team are provided. The RBI reserves the discretion to accept or reject any bid, wholly or partially, without assigning a reason.

Banking and Credit

Primary dealers and banks will act as conduits for both competitive and non‑competitive bids, submitting consolidated bids on behalf of their constituents. The securities will be credited to the successful bidders’ Subsidiary General Ledger (SGL) or Constituents’ SGL accounts maintained with the RBI. Interest on the securities will generally be paid half‑yearly, with exact coupon dates specified in the specific notification.

The RBI’s auction of ₹28,000 crore of dated government securities on 25 June 2026 represents a significant liquidity operation, offering both competitive and non‑competitive participation, additional underwriting capacity, and provisions for “When Issued” trading and repo eligibility, thereby supporting market depth and funding for the Government of India.