The Government of India has announced the sale, through re-issue, of two dated securities for a total notified amount of ₹28,000 crore. The Reserve Bank of India said in a press release dated August 17, 2026, that the auction will be held on August 21, 2026, with settlement scheduled for August 24, 2026.
The securities will be sold through the Reserve Bank of India Mumbai Office at Fort, Mumbai. The sale will follow the terms set out in the specific Government of India notification dated August 17, 2026, and the general notification dated March 26, 2025.
Securities listed for re-issue
The notified amount is split between two existing Government of India securities with different repayment dates.
- 7.06% GS 2041: Repayment date is July 27, 2041. The notified amount is ₹17,000 crore.
- 7.43% GS 2076: Repayment date is January 19, 2076. The notified amount is ₹11,000 crore.
Together, the two securities make up the ₹28,000 crore notified amount. The Government of India will also have the option to retain additional subscription of up to ₹2,000 crore against each of the two securities.
Auction method and bid timings
The auction will be conducted using the multiple price method. Since the securities are being re-issued, the auction will be price-based, according to the operational guidelines included with the RBI release.
Both competitive and non-competitive bids must be submitted electronically on the Reserve Bank of India Core Banking Solution, known as the e-Kuber system, on August 21, 2026.
- Non-competitive bids can be submitted from 10:30 a.m. to 11:00 a.m.
- Competitive bids can be submitted from 10:30 a.m. to 11:30 a.m.
The result of the auction will be announced on the same day. Successful bidders will have to make payment on August 24, 2026.
For the Additional Competitive Underwriting portion, Primary Dealers can submit underwriting bids from 09:00 a.m. to 09:30 a.m. on August 21, 2026, through the e-Kuber system.
Minimum bid and non-competitive segment
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 for Government securities, up to 5% of the notified amount for each individual security will be allotted to eligible individuals and institutions. Individual investors can also place bids under the non-competitive scheme through the Retail Direct portal.
Banks and Primary Dealers submitting non-competitive bids on behalf of their constituents will have to submit one consolidated bid for each security in electronic format. Allotment under the non-competitive segment will be at the weighted average rate of yield or price that comes out of the successful competitive bids.
Trading and allotment details
The two securities will be eligible for ‘When Issued’ trading from August 18, 2026, to August 21, 2026. They will also be eligible for repurchase transactions, subject to the applicable RBI directions.
Successful bidders will receive the securities through credit to a Subsidiary General Ledger account or a Constituents’ Subsidiary General Ledger account maintained with the Reserve Bank of India.
The RBI said interest on Government securities is generally paid half-yearly, except in the case of securities with non-standard maturities. The exact coupon payment schedule is mentioned in the specific notification for the security.
Other operational points
Bids in physical form will not be accepted except in extraordinary circumstances, such as a system failure. In such a case, physical bids have to be submitted to the Public Debt Office, Mumbai, in the prescribed form before the auction timing ends.
An investor may submit more than one competitive bid in electronic format, but the total amount of bids submitted in an auction should not exceed the notified amount of that auction.
The Reserve Bank will decide the minimum price or maximum yield up to which bids will be accepted. Bids below the minimum price or above the maximum yield determined by the RBI will be rejected. The RBI has also stated that it may accept or reject any or all bids, fully or partly, without assigning a reason.
Investment by non-residents will be subject to the guidelines on the Fully Accessible Route for investment in Government securities and other related rules issued by the Reserve Bank from time to time.
Source: Reserve Bank of India Press Releases.