The Government of India has announced the re-issue of one dated security, 6.94% GS 2036, for a notified amount of ₹34,000 crore, according to a Reserve Bank of India press release issued on August 24, 2026.
The security is scheduled for repayment on May 11, 2036. The auction will be conducted on August 28, 2026, and settlement is due on August 31, 2026. The government will also have the option to retain additional subscription of up to ₹2,000 crore against this security.
Key details of the auction
- Security: 6.94% GS 2036
- Notified amount: ₹34,000 crore
- Date of repayment: May 11, 2036
- Auction date: August 28, 2026, Friday
- Settlement date: August 31, 2026, Monday
- Additional subscription option: Up to ₹2,000 crore
The sale will take place through the Reserve Bank of India’s Mumbai Office at Fort, Mumbai. It will be governed by the specific Government of India notification F.No.4(1)-B(W&M)/2026 dated August 24, 2026, along with the general notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025.
Bidding process and timings
The auction will use the multiple price method. Since the security is being re-issued, the auction will be price-based as per the operational guidelines mentioned by the RBI.
Both competitive and non-competitive bids have to be submitted electronically through the Reserve Bank of India Core Banking Solution, known as the e-Kuber system, on August 28.
- Non-competitive bids: 10:30 a.m. to 11:00 a.m.
- Competitive bids: 10:30 a.m. to 11:30 a.m.
- Underwriting bids for ACU portion by Primary Dealers: 9:00 a.m. to 9:30 a.m.
The result of the auction will be announced on the same day. Successful bidders will have to make payment on August 31, 2026.
Minimum bid size and retail participation
The securities will be issued for a minimum nominal amount of ₹10,000 and in multiples of ₹10,000 after that. Under the non-competitive bidding facility, up to 5% of the notified amount for the individual security will be allotted to eligible individuals and institutions.
Individual investors can place non-competitive bids through the Retail Direct portal. Banks and Primary Dealers may also submit consolidated non-competitive bids on behalf of their constituents, based on firm orders received from them.
Allotment in the non-competitive segment will be made at the weighted average yield or price that emerges from the successful competitive bids.
When-issued trading and other conditions
The 6.94% GS 2036 will be eligible for “When Issued” trading from August 25, 2026, to August 28, 2026. Such trading is subject to the RBI’s guidelines on when-issued transactions in central government securities.
The RBI guidelines also state that government securities issued through auctions are credited to the successful bidders’ Subsidiary General Ledger Account or Constituents’ Subsidiary General Ledger Account maintained with the Reserve Bank.
Interest on government securities is generally paid half-yearly, except in cases involving securities with non-standard maturities. The exact coupon payment schedule is specified in the relevant notification for the security.
The securities will also be eligible for repurchase transactions, subject to the conditions in the RBI’s Master Direction on repo transactions. Investment by non-residents will be governed by the applicable guidelines, including those related to the Fully Accessible Route for investment in government securities.
The RBI said physical bids will not be accepted except in extraordinary circumstances such as system failure. In normal cases, all bids must be submitted through the e-Kuber platform within the prescribed time window.
Source: Reserve Bank of India Press Releases.