Document title: Result of Underwriting Auction conducted on September 18, 2026
Issuing authority: Reserve Bank of India
Reference number: Press Release 2026-2027/1141
Date: September 18, 2026
Capital Markets and Flows
The Reserve Bank of India conducted an Additional Competitive Underwriting (ACU) auction for two government securities on September 18, 2026. For the 7.06% Government Security maturing in 2041, the notified amount was ₹17,000 crore, with a minimum underwriting commitment (MUC) of ₹8,505 crore. The ACU amount accepted was ₹8,495 crore, resulting in the full ₹17,000 crore being underwritten. The cut‑off rate for underwriting commission payable to Primary Dealers was set at 0.43 paise per ₹100. For the 7.43% Government Security maturing in 2076, the notified amount was ₹11,000 crore, the MUC was ₹5,502 crore, and the ACU amount accepted was ₹5,498 crore, also achieving full underwriting of the ₹11,000 crore issue. The commission cut‑off rate for this security was 0.72 paise per ₹100.
Regulatory and Policy Measures
The RBI established the commission cut‑off rates as part of its market‑stabilisation and liquidity‑management framework, ensuring that Primary Dealers receive a defined remuneration for underwriting commitments. The auction and subsequent sale of the securities were scheduled for the same day, September 18, 2026, reflecting the RBI’s operational efficiency in government debt issuance. The results were communicated through Press Release 2026‑2027/1141, issued by Deputy General Manager Ajit Prasad of the Communications division.
The auction successfully underwrote the total notified amount of ₹28,000 crore across both securities, with clear commission parameters and full participation from Primary Dealers, underscoring the RBI’s continued role in managing government debt markets.