Document title: Result of Underwriting Auction conducted on September 25, 2026
Issuing authority: Reserve Bank of India
Reference: Press Release 2026-2027/1184
Date: 25 September 2026
Capital Markets and Flows
The RBI conducted an underwriting auction on 25 September 2026 for Additional Competitive Underwriting (ACU) of the 6.94% Government Security maturing in 2036 (GS 2036). The notified amount for the security was ₹34,000 crore. The Minimum Underwriting Commitment (MUC) required from primary dealers was set at ₹17,010 crore, and the amount accepted under the ACU mechanism amounted to ₹16,990 crore, bringing the total amount underwritten to the full ₹34,000 crore. The RBI fixed the ACU commission cut‑off rate at 0.54 paise per ₹100 of face value.
Regulatory and Policy Measures
The cut‑off rate for underwriting commission payable to primary dealers has been established by the RBI as part of its market‑stabilisation and liquidity‑management framework. The auction for the sale of the security is scheduled to be executed on the same day, 25 September 2026. The press release (2026‑2027/1184) was issued by Deputy General Manager Ajit Prasad, Communications, of the RBI.
The RBI’s underwriting auction successfully underwrote the entire ₹34,000‑crore issuance of the 6.94% GS 2036, with a low commission rate, reflecting its ongoing efforts to manage sovereign debt issuance efficiently.