Document title: Result of Underwriting Auction conducted on October 30, 2026

Issuing authority: Reserve Bank of India

Reference number: Press Release 2026‑2027/1408

Date: 30 October 2026

Policy Rates and Liquidity

The Reserve Bank of India (RBI) announced the cut‑off rates for underwriting commissions payable to Primary Dealers in the Additional Competitive Underwriting (ACU) auction. The commission rates were set at 0.92 paise per ₹100 for the 6.20% Government Security (GS) maturing in 2029, 0.64 paise per ₹100 for the 6.57% GS maturing in 2033, 0.74 paise per ₹100 for the 7.63% GS maturing in 2056, and 1.00 paise per ₹100 for the 7.50% Government of India (GOI) Special Government Bond (SGrB) maturing in 2056. These rates reflect the RBI’s liquidity management stance in the government securities market.

Capital Markets and Flows

The auction covered four securities with a combined notified amount of ₹33,000 crore. Details are as follows:

  • 6.20% GS 2029: Notified amount ₹9,000 crore, Minimum Underwriting Commitment (MUC) ₹4,515 crore, Additional Competitive Underwriting (ACU) accepted ₹4,485 crore, total underwritten ₹9,000 crore.
  • 6.57% GS 2033: Notified amount ₹12,000 crore, MUC ₹6,006 crore, ACU accepted ₹5,994 crore, total underwritten ₹12,000 crore.
  • 7.63% GS 2056: Notified amount ₹9,000 crore, MUC ₹4,515 crore, ACU accepted ₹4,485 crore, total underwritten ₹9,000 crore.
  • 7.50% GOI SGrB 2056: Notified amount ₹3,000 crore, MUC ₹1,512 crore, ACU accepted ₹1,488 crore, total underwritten ₹3,000 crore.

For each security, the total amount underwritten equals the notified amount, indicating full subscription of the issues. The minimum underwriting commitments represent the baseline exposure required from Primary Dealers, while the additional competitive underwriting amounts reflect the excess demand met through the auction process.

Regulatory and Policy Measures

The RBI communicated the auction outcomes through Press Release 2026‑2027/1408, issued by Deputy General Manager Ajit Prasad (Communications). The release confirms that the auction for the sale of the securities will be held on the same day, 30 October 2026, and that the cut‑off commission rates are applicable to Primary Dealers participating in the underwriting process. This disclosure aligns with the RBI’s practice of transparent market operations and provides market participants with the definitive commission parameters for the auctioned securities.

The auction results demonstrate the RBI’s active role in managing government debt issuance and ensuring adequate primary dealer participation, thereby supporting market liquidity and price stability in the sovereign bond segment.