The Government of India has announced the sale of four dated securities for a total notified amount of ₹32,000 crore, according to a Reserve Bank of India press release issued on August 10, 2026.
The auction will take place on Friday, August 14, 2026, and settlement is scheduled for Monday, August 17, 2026. The securities will be sold through the Reserve Bank of India’s Mumbai office at Fort, Mumbai.
Four securities listed for auction
The issue includes two new government securities and two re-issued securities. The notified amount is divided across the four instruments as follows:
- New GS 2029, repayable on August 17, 2029: ₹11,000 crore
- New GS 2033, repayable on August 17, 2033: ₹11,000 crore
- 7.24% GS 2055, repayable on August 18, 2055: ₹5,000 crore
- 7.50% GOI SGrB 2056, repayable on April 27, 2056: ₹5,000 crore
The total notified amount is ₹32,000 crore. The government will also have the option to retain additional subscription of up to ₹2,000 crore against each of the four securities.
The sale will follow the terms set out in the specific Government of India notification dated August 10, 2026, and the general notification dated March 26, 2025.
Bidding schedule and process
The auction will be conducted using the multiple price method. Under this method, successful bids are accepted at the respective yield or price quoted by bidders for the security.
Both competitive and non-competitive bids must be submitted electronically through the Reserve Bank of India’s Core Banking Solution, the e-Kuber system, on August 14.
- Non-competitive bids: 10:30 a.m. to 11:00 a.m.
- Competitive bids: 10:30 a.m. to 11:30 a.m.
- Result announcement: August 14, 2026
- Payment by successful bidders: August 17, 2026
The RBI said bids in physical form will not be accepted except in extraordinary circumstances, such as a system failure. In such cases, the prescribed physical bid process may be used before the auction timing ends.
Underwriting and when-issued trading
Primary Dealers can submit bids for underwriting of the Additional Competitive Underwriting portion from 9:00 a.m. to 9:30 a.m. on August 14 through the e-Kuber system.
The securities will be eligible for “When Issued” trading from August 11, 2026, to August 14, 2026. This allows trading in the securities before they are formally issued, as per RBI guidelines for central government securities.
Minimum bid and non-competitive allotment
The securities will be issued for a minimum nominal amount of ₹10,000 and in multiples of ₹10,000 thereafter.
Up to 5% of the notified amount for each security will be allotted to eligible individuals and institutions under the non-competitive bidding facility for government securities. Individual investors may place bids under this scheme through the Retail Direct portal.
For the non-competitive segment, banks and Primary Dealers will submit one consolidated bid for each security on behalf of their constituents. The allotment rate in this segment will be based on the weighted average yield or price that emerges from successful competitive bids.
How bids will be decided
After receiving bids, the Reserve Bank will determine the minimum price or maximum yield up to which tenders for purchase of the government security will be accepted. Bids quoted below the minimum price or above the maximum yield decided by the RBI will be rejected.
The RBI has stated that it has full discretion to accept or reject any or all bids, either fully or partly, without assigning a reason.
Securities allotted to successful bidders will be credited to Subsidiary General Ledger accounts or Constituents’ Subsidiary General Ledger accounts maintained with the Reserve Bank of India.
Interest on government securities is generally paid half-yearly, except in cases of securities with non-standard maturities. The exact coupon payment schedule is specified in the notification for each security.
The securities will also be eligible for repurchase transactions as per the applicable RBI directions. Investment by non-residents will be subject to the guidelines on the Fully Accessible Route and other related RBI rules.
Source: Reserve Bank of India Press Releases.