Document title: Underwriting Auction for sale of Government Securities for ₹32,000 crore on September 11, 2026
Issuing authority: Reserve Bank of India
Reference number: 2026-2027/1086
Date: 11 September 2026
Capital Markets and Flows
The Government of India has announced the sale (issue/re‑issue) of government securities amounting to ₹32,000 crore, to be conducted through an underwriting auction on 11 September 2026 (Friday). Three securities are offered: 6.20% Government Security (GS) 2029 and 6.57% GS 2033, each with a notified amount of ₹11,000 crore, and a new GS 2056 with a notified amount of ₹10,000 crore. Under the extant underwriting commitment scheme (notified on 14 November 2007), the Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under the Additional Competitive Underwriting (ACU) auction are set per Primary Dealer (PD) at ₹262 crore for the first two issues and ₹239 crore for the new issue. The auction will be conducted using a multiple price‑based method. Primary dealers may submit their ACU bids electronically via the RBI’s Core Banking Solution (e‑Kuber system) between 09:00 A.M. and 09:30 A.M. on the auction day.
Regulatory and Policy Measures
The underwriting commission earned by each PD will be credited to the PD’s current account with the RBI on the day the securities are issued. This follows the underwriting commitment framework established in the scheme notified on 14 November 2007, which defines the MUC and ACU minimum commitments for each PD.
The auction represents a significant government borrowing operation, employing a structured underwriting mechanism to ensure adequate subscription and to facilitate efficient price discovery through electronic bidding. The immediate credit of underwriting commissions to PD accounts underscores the operational efficiency of the RBI’s settlement infrastructure.