Document title: Result of Underwriting Auction conducted on June 19, 2026
Issuing authority: Reserve Bank of India (RBI)
Reference number: Press Release 2026-2027/491
Date: June 19, 2026
Policy Rates and Liquidity
The RBI utilised an Additional Competitive Underwriting (ACU) mechanism to manage liquidity in the government securities market. The auction was conducted on the same day, June 19, 2026, indicating a prompt execution of the liquidity operation.
Capital Markets and Flows
Four government securities were offered: 6.03% GS 2029, 6.68% GS 2033, 7.24% GS 2055, and 7.50% GOI SGrB 2056. The notified amounts were ₹11,000 crore each for the 2029 and 2033 issues and ₹5,000 crore each for the 2055 and 2056 issues, bringing the total notified amount to ₹27,000 crore. Minimum Underwriting Commitment (MUC) amounts were set at ₹5,502 crore for each of the ₹11,000 crore issues and ₹2,520 crore for each of the ₹5,000 crore issues. The Additional Competitive Underwriting amounts accepted matched the remaining portions, i.e., ₹5,498 crore for each of the larger issues and ₹2,480 crore for each of the smaller issues, resulting in a total amount underwritten equal to the full notified amount of ₹27,000 crore.
Regulatory and Policy Measures
The RBI fixed the ACU commission cut‑off rates (paise per ₹100) as follows: 0.50 paise for the 6.03% GS 2029, 0.38 paise for the 6.68% GS 2033, 0.59 paise for the 7.24% GS 2055, and 0.99 paise for the 7.50% GOI SGrB 2056. These rates determine the maximum commission payable to primary dealers for underwriting the securities. The press release was issued by Deputy General Manager Ajit Prasad (Communications).
The auction results demonstrate the RBI's active role in managing government securities issuance and market liquidity through the ACU framework.