Capital Markets and Flows

The Government of India (GoI) announced the re‑issue of three dated securities for a total notified amount of ₹32,000 crore. The securities are:

  • 6.03% GS 2029, repayment on 27 Jan 2029, notified amount ₹11,000 crore (Notification F.No.4(1)-B(W&M)/2026 dated 13 July 2026).
  • 6.68% GS 2033, repayment on 27 Jan 2033, notified amount ₹11,000 crore.
  • 7.24% GS 2055, repayment on 18 Aug 2055, notified amount ₹10,000 crore.

The GoI retains an option to keep an additional subscription of up to ₹2,000 crore against each security.

The auction will be conducted by the RBI Mumbai Office using the multiple‑price method. Both competitive and non‑competitive bids must be submitted electronically via the RBI Core Banking Solution (e‑Kuber) on 17 July 2026 (Friday). Non‑competitive bids are accepted between 10:30 a.m. and 11:00 a.m., while competitive bids are accepted between 10:30 a.m. and 11:30 a.m. Results will be announced the same day, and payment by successful bidders is required on 20 July 2026 (Monday).

Primary dealers may submit bids for the Additional Competitive Underwriting (ACU) portion between 09:00 a.m. and 09:30 a.m. on the same day (17 July 2026) through the e‑Kuber system.

The securities will be eligible for "When Issued" trading from 14 July 2026 to 17 July 2026.

Regulatory and Policy Measures

  • Minimum Bid Size: Each security will be issued for a minimum amount of ₹10,000 (nominal) and in multiples of ₹10,000 thereafter.
  • Non‑Competitive Segment: Up to 5 % of the notified amount for each security will be allotted to eligible individuals and institutions under the Scheme for Non‑Competitive Bidding Facility. Retail investors may place bids via the Retail Direct portal.
  • Bid Submission: All bids must be electronic; physical bids are only accepted in extraordinary circumstances or system failures, with detailed contact information provided for such events.
  • Multiple Bids: An investor may submit more than one competitive bid, provided the aggregate does not exceed the notified amount.
  • Decision Making: RBI will determine the minimum price/maximum yield and may reject bids outside this range. RBI retains full discretion to accept or reject any bids, wholly or partially, without assigning reasons.
  • Issue of Securities: Successful bidders will receive securities credited to their Subsidiary General Ledger Account (SGL) or Constituents' SGL (CSGL) maintained with RBI.
  • Interest Payments: Interest on the securities will generally be paid half‑yearly, except where non‑standard maturities apply; exact coupon dates are specified in the specific notification.
  • Underwriting: Underwriting will follow the "Revised Scheme of Underwriting Commitment and Liquidity Support" (RBI circular RBI/2007‑08/186 dated 14 Nov 2007, as amended).
  • Repo Eligibility: The securities are eligible for repurchase (repo) transactions as per the Master Direction on Repurchase Transactions (Directions, 2025), as amended.
  • When‑Issued Trading Eligibility: Governed by RBI circular No. RBI/2018‑19/25 dated 24 July 2018, as amended.
  • Non‑Resident Investment: Investments by non‑residents are subject to the "Fully Accessible Route" guidelines and related RBI regulations.

Business Continuity Plan (IT Failure)

In case of system failure, physical bids may be submitted to the Public Debt Office, Mumbai, via prescribed forms obtainable from the RBI website. Technical assistance contacts are provided for core banking operations and auction‑related issues.

The auction framework, bid windows, underwriting provisions, and eligibility criteria collectively ensure orderly issuance and market participation for the GoI dated securities.

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