Document title: Auction of Government of India Dated Security
Issuing authority: Reserve Bank of India (RBI) – Department of Communication
Reference number: Press Release 2026-2027/1474
Date: 09 November 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, and the Government retains an option to accept an additional subscription of up to ₹2,000 crore. The auction will be conducted on 13 November 2026 (Friday) using a multiple‑price method, with results announced on the same day and settlement scheduled for 16 November 2026 (Monday). Bids, both competitive and non‑competitive, 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., while competitive bids may be entered between 10:30 a.m. and 11:30 a.m. The security will be eligible for "When Issued" trading from 11 November 2026 to 13 November 2026. 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. Minimum bid size is ₹10,000 nominal, in multiples of ₹10,000 thereafter. Non‑competitive allocation is capped at 5% of the notified amount and will be allotted at the weighted‑average yield/price of successful competitive bids.
Regulatory and Policy Measures
The auction is classified as a yield‑based auction for the new security and price‑based for the re‑issued security. In the case of floating‑rate bonds, the auction would be spread‑based for new issues and price‑based for re‑issues. Investors may submit multiple competitive bids, provided the aggregate does not exceed the notified amount. The RBI reserves full discretion to accept or reject any bids, wholly or partially, without assigning reasons. Issue of securities to successful bidders will be effected by credit to the Subsidiary General Ledger Account (SGL) or Constituents' SGL maintained with the RBI. Interest on the security 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" (circular RBI/2007-08/186 dated 14 November 2007, as amended). The security will be eligible for repurchase (repo) transactions as per the Master Direction on Repurchase Transactions (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 governed by the "Fully Accessible Route" guidelines for foreign investment in government securities. A Business Continuity Plan is in place: in the event of IT failure, physical bids may be submitted to the Public Debt Office, Mumbai, via prescribed forms; technical issues should be reported to the Core Banking Operations Team, and other auction‑related difficulties to the IDMD auction team.
Overall, the RBI’s announcement details the procedural framework, timelines, and regulatory parameters for the ₹34,000 crore government bond auction, providing clear guidance to primary dealers, institutional investors, and retail participants.