Document Title: Auction of Government of India Dated Security
Issuing Authority: Reserve Bank of India
Reference: Press Release 2026-2027/1314
Date: 12 October 2026
Capital Markets and Flows
The Government of India is re‑issuing a single dated security, identified as 6.94% GS 2036, with a repayment date of 11 May 2036. The notified amount for sale is ₹34,000 crore. The GoI retains an option to accept additional subscription up to ₹2,000 crore against the same security. The auction will be conducted by the Reserve Bank of India’s Mumbai Office (Fort, Mumbai – 400001) on 16 October 2026 (Friday) with settlement scheduled for 19 October 2026 (Monday). The auction will follow a multiple‑price method; competitive bids will be accepted at the quoted yield/price of each bidder, while non‑competitive bids will be allocated at the weighted‑average rate of successful competitive bids. Bids must be submitted electronically through the RBI Core Banking Solution (e‑Kuber system). Non‑competitive bids are to be entered between 10:30 a.m. and 11:00 a.m., and competitive bids between 10:30 a.m. and 11:30 a.m. on the auction day. The result will be announced on the same day. The security will be eligible for “When Issued” trading from 13 October 2026 to 16 October 2026. Minimum bid size is ₹10,000 (nominal) and thereafter in multiples of ₹10,000. Up to 5% of the notified amount may be allotted under the non‑competitive segment to eligible individuals and institutions as per the Scheme for Non‑competitive Bidding Facility. Investors may submit multiple competitive bids, provided the aggregate does not exceed the notified amount. Underwriting of the security will be undertaken by Primary Dealers under the Revised Scheme of Underwriting Commitment and Liquidity Support (circular RBI/2007‑08/186, dated 14 November 2007, as amended).
Regulatory and Policy Measures
The auction is governed by the specific notification F.No.4(1)-B(W&M)/2026 dated 12 October 2026 and the General Notification F.No.4(2)-B(W&M)/2018 dated 26 March 2025. The security will be eligible for repurchase (repo) transactions in accordance with the Master Direction – RBI (Repurchase Transactions) Directions, 2025, as amended. Eligibility for “When Issued” trading follows RBI circular No. RBI/2018‑19/25 dated 24 July 2018, as amended. Investments by non‑residents are subject to the Fully Accessible Route guidelines for investment in government securities. In the event of an IT failure, physical bids may be submitted to the Public Debt Office, Mumbai via the prescribed form, with contact emails and phone numbers provided. Technical difficulties should be reported to the Core Banking Operations Team (email: cbot@rbi.org.in) or the IDMD auction team (email: auctionidmd@rbi.org.in). The Reserve Bank of India reserves full discretion to accept or reject any bids, wholly or partially, without assigning reasons. Successful allocations will be credited to the Subsidiary General Ledger Account (SGL) or Constituents' SGL (CSGL) maintained with the RBI. Interest on the security will generally be paid half‑yearly, with exact coupon periodicity specified in the specific notification.
The auction outlines detailed procedural, technical, and regulatory frameworks for the issuance and trading of the 6.94% GS 2036 security, reflecting the government's borrowing strategy and RBI’s market‑operational guidelines.