Capital Markets and Flows

The Government of India has announced the re‑issue of four 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)/202.
  • 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 ₹5,000 crore, notification dated 15 June 2026.
  • 7.50% GOI SGrB 2056, repayment on 27 Apr 2056, notified amount ₹5,000 crore.

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

The auction will be conducted through the RBI Mumbai Office using a multiple‑price method. Bids are to be submitted electronically on the RBI Core Banking Solution (e‑Kuber) on June 19 2026 (Friday). Non‑competitive bids must be entered 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 June 22 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.

The securities will be eligible for "When Issued" trading from June 16 2026 to June 19 2026.

Regulatory and Policy Measures

The minimum bid size is ₹10,000 (nominal) and thereafter in multiples of ₹10,000. Up to 5 % of the notified amount for each security will be allotted under the non‑competitive segment to eligible individuals and institutions as per the Scheme for Non‑competitive Bidding Facility. Retail investors may also place non‑competitive bids via the Retail Direct portal.

Each bank or Primary Dealer will submit a single consolidated non‑competitive bid on behalf of its constituents. Allocation in the non‑competitive segment will be at the weighted‑average yield/price of successful competitive bids.

Physical bids are not accepted except in extraordinary circumstances such as IT system failure. In such cases, physical bids must be sent to the Public Debt Office, Mumbai, using the prescribed form available on the RBI website before the auction deadline. Contact details for technical and auction‑related issues are provided (e‑mail and phone numbers).

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 without assigning reasons.

Successful bidders will receive securities credited to the Subsidiary General Ledger Account (SGL) or Constituents' SGL (CSGL) maintained with the RBI. Interest on the securities is generally paid half‑yearly, with exact coupon frequency specified in the specific notification.

Underwriting will follow the "Revised Scheme of Underwriting Commitment and Liquidity Support" (circular RBI/2007‑08/186, dated 14 Nov 2007, as amended). The securities are eligible for Repurchase Transactions (Repo) under the Master Direction – RBI Repurchase Transactions Directions, 2025, as amended. They are also eligible for When‑Issued trading per RBI circular No. RBI/2018‑19/25 dated 24 July 2018, as amended.

Investments by non‑residents are permitted under the Fully Accessible Route guidelines for non‑resident investment in government securities, as issued by the RBI from time to time.

The auction framework, submission timelines, eligibility criteria, and related regulatory provisions collectively outline the process for raising ₹32,000 crore through dated government securities, providing market participants with clear operational and compliance guidelines.