Document title: Auction of Government of India Dated Securities
Issuing authority: Reserve Bank of India
Reference number: Press Release: 2026-2027/1203
Date: September 28, 2026
Capital Markets and Flows
The Government of India has announced the re‑issue of four dated securities for a total notified amount of ₹33,000 crore. The securities are: 6.20% GS 2029 (₹9,000 crore, repayment on Aug 17 2029), 6.57% GS 2033 (₹12,000 crore, repayment on Aug 17 2033), 7.63% GS 2056 (₹9,000 crore, repayment on Sep 15 2056), and 7.50% GOI SGrB 2056 (₹3,000 crore, repayment on Apr 27 2056). The auction will be conducted using a multiple‑price method, with the auction date set for October 01 2026 (Thursday). Competitive bids must be submitted between 10:30 a.m. and 11:30 a.m., while non‑competitive bids are to be submitted between 10:30 a.m. and 11:00 a.m. on the same day. Results will be announced on October 01 2026 and payment by successful bidders is required on October 05 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 October 01 2026. The securities will be eligible for "When Issued" trading from September 29 2026 to October 01 2026.
Regulatory and Policy Measures
The auction will be carried out through the RBI Mumbai Office and will be subject to the specific notification referenced in the press release as well as the General Notification F.No.4(2)–B(W&M)/2018 dated March 26 2025. Minimum bid size is set at ₹10,000 nominal and in multiples of ₹10,000 thereafter. Up to 5% of the notified amount for each security will be allotted under the non‑competitive bidding facility to eligible individuals and institutions, with individual investors also able to bid via the Retail Direct portal. Each bank or Primary Dealer will submit a single consolidated non‑competitive bid on behalf of its constituents. Allotment under the non‑competitive segment will be at the weighted‑average rate of the successful competitive bids.
Bids must be submitted electronically via the RBI Core Banking Solution (e‑Kuber) system; physical bids will be accepted only in extraordinary circumstances or system failure, with contact details provided for such events. 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 reserve the right to reject any bids outside this range or to accept/reject bids at its 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 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 as per RBI circular RBI/2007-08/186 dated November 14 2007, as amended. The securities will be eligible for repurchase (repo) transactions under the Master Direction – RBI Repurchase Transactions (Repo) Directions, 2025, as amended. "When Issued" trading eligibility follows RBI circular No. RBI/2018-19/25 dated July 24 2018, as amended. Investments by non‑residents are subject to the Fully Accessible Route guidelines for investment in government securities and related RBI regulations.