Document title: Auction of Government of India Dated Securities
Issuing authority: Reserve Bank of India
Reference number: Press Release 2026-2027/1424
Date: 02 November 2026
Capital Markets and Flows
The Government of India has announced the re‑issue of two dated securities for a total notified amount of ₹36,000 crore. The first security is a 7.06% Government Security (GS) maturing on 27 July 2041 with a notified amount of ₹23,000 crore (Notification F.No.4(1)-B(W&M)/2026 dated 02 Nov 2026). The second security is a 7.43% GS maturing on 19 January 2076 with a notified amount of ₹13,000 crore. The auction will be conducted on 6 November 2026 (Friday) using the RBI’s Core Banking Solution (e‑Kuber system) and will follow a multiple‑price method. Competitive bids must be submitted between 10:30 a.m. and 11:30 a.m., while non‑competitive bids are accepted between 10:30 a.m. and 11:00 a.m. Results will be announced on the same day and settlement is scheduled for 9 November 2026 (Monday).
The securities have a minimum bid size of ₹10,000 (nominal) and must be placed in multiples of ₹10,000 thereafter. Under the 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 through the Retail Direct portal. Primary dealers will submit a single consolidated non‑competitive bid on behalf of their constituents. Allotment in the non‑competitive segment will be at the weighted‑average yield/price of the successful competitive bids.
Investors may submit multiple competitive bids, provided the aggregate amount does not exceed the notified amount for the security. The RBI reserves the discretion to accept or reject any bids, wholly or partially, without assigning a reason. Successful bidders will receive the 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.
Regulatory and Policy Measures
The auction will be conducted under the terms of the specific notification and the General Notification F.No.4(2)‑B(W&M)/2018 dated 26 March 2025. The securities will be eligible for repurchase (repo) transactions as per the Master Direction on Repurchase Transactions (2025) and for “When Issued” trading in accordance with RBI circular No. RBI/2018-19/25 dated 24 July 2018. Investments by non‑residents will be governed by the Fully Accessible Route guidelines for investment in government securities. Underwriting of the securities by primary dealers will follow the Revised Scheme of Underwriting Commitment and Liquidity Support (circular RBI/2007-08/186 dated 14 Nov 2007, as amended).
In the event of an IT failure, physical bids may be submitted to the Public Debt Office, Mumbai, using the prescribed form available on the RBI website. Technical assistance contacts are provided for core banking operations and auction‑related issues.
The auction details, including the option for the Government of India to retain an additional subscription of up to ₹2,000 crore against each security, are outlined in the annex attached to the press release.
This auction reflects the government's ongoing debt‑management strategy and provides market participants with clear procedural guidance for participation.