Capital Markets and Flows
The Government of India (GoI) has announced the re‑issue of 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. An additional subscription option of up to ₹2,000 crore is available to the GoI. The auction will be conducted by the RBI Mumbai Office using a multiple‑price method. Competitive and non‑competitive bids must be submitted electronically via the RBI Core Banking Solution (e‑Kuber) on 13 November 2026 (Friday). Non‑competitive bids are accepted 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 on the same day, and payment by successful bidders is required on 16 November 2026 (Monday).
The security will be eligible for "When Issued" trading from 11 November 2026 to 13 November 2026. Interest on the security will generally be paid half‑yearly, with the exact coupon schedule specified in the specific notification. The minimum bid size is ₹10,000 nominal, with subsequent bids in multiples of ₹10,000.
Non‑competitive allocation is limited to 5% of the notified amount and will be allotted to eligible individuals and institutions under the Scheme for Non‑Competitive Bidding Facility. Primary dealers may submit a consolidated non‑competitive bid on behalf of their constituents. Underwriting of the additional competitive underwriting (ACU) portion can be submitted by primary dealers between 09:00 a.m. and 09:30 a.m. on the auction day.
Investors may submit multiple competitive bids, provided the aggregate amount does not exceed the notified issue size. The RBI will determine the minimum price/maximum yield and may reject bids outside the determined range. The RBI retains full discretion to accept or reject any bids, wholly or partially, without assigning reasons.
Successful bidders will receive the securities credited to the Subsidiary General Ledger Account (SGL) or Constituents' SGL maintained with the RBI.
Regulatory and Policy Measures
The auction follows the specific notification F.No.4(1)-B(W&M)/2026 dated 09 November 2026 and the general notification F.No.4(2)-B(W&M)/2018 dated 26 March 2025. The auction is yield‑based for new securities and price‑based for re‑issued securities. In the case of floating‑rate bonds, the auction would be spread‑based for new issues and price‑based for re‑issues.
A Business Continuity Plan (BCP) is in place: in the event of IT failure, physical bids may be submitted to the Public Debt Office, Mumbai, via prescribed forms available on the RBI website. Technical issues should be reported to the Core Banking Operations Team, and other auction‑related difficulties to the IDMD auction team.
Underwriting of the securities by primary dealers will be governed by the Revised Scheme of Underwriting Commitment and Liquidity Support (circular RBI/2007-08/186 dated 14 November 2007, as amended). The securities will be eligible for repurchase (repo) transactions as per the Master Direction on Repurchase Transactions (Directions, 2025, as amended). Eligibility for "When Issued" trading follows the 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 and related RBI regulations.
This document provides the complete procedural and regulatory framework for the auction, bidding, settlement, and post‑issuance handling of the Government of India dated security.