Document title: Government Stock - Full Auction Results
Issuing authority: Reserve Bank of India (RBI)
Reference number: Press Release: 2026-2027/601
Date: July 03, 2026
Policy Rates and Liquidity
The Reserve Bank of India conducted a full auction of Government Stock (GS) maturing in 2036, with a notified amount of ₹34,000 crore. The entire amount was accepted under underwriting from primary dealers, indicating that the RBI secured the full funding requirement through the auction mechanism. No devolvement was required from primary dealers, reflecting adequate liquidity provision in the market.
Capital Markets and Flows
Competitive bids amounted to ₹83,440.041 crore submitted by 430 bidders. Of these, 171 bids totaling ₹33,962.384 crore were accepted, resulting in a partial allotment percentage of 95.4860% across 43 bids. The cut‑off price was set at 101.50, corresponding to a yield to maturity (YTM) of 6.7275%. The weighted average price (WAY) for the accepted competitive bids was 101.51, yielding a weighted average yield of 6.7261%.
Non‑competitive bids comprised five applications amounting to ₹37.616 crore, all of which were fully accepted without any partial allotment. The underwriting amount matched the notified amount, with ₹34,000 crore accepted from primary dealers.
Regulatory and Policy Measures
The auction was carried out under the RBI’s standard auction framework, with no devolvement on primary dealers and full underwriting acceptance, demonstrating the effectiveness of the RBI’s market‑stabilisation tools.
The auction results show robust participation from both competitive and non‑competitive bidders, successful full underwriting, and a clear price and yield outcome, underscoring the continued depth and liquidity of India’s government securities market.