The Government of India will re-issue two dated securities for a total notified amount of ₹32,000 crore, according to a Reserve Bank of India press release issued on August 3, 2026.
The auction is scheduled for Friday, August 7, 2026. Settlement for successful bidders will take place on Monday, August 10, 2026. The sale will be conducted through the Reserve Bank of India’s Mumbai office at Fort, Mumbai.
Securities listed for re-issue
The first security is 6.36% GS 2031, with a repayment date of February 16, 2031. The notified amount for this security is ₹21,000 crore.
The second security is 7.71% GS 2066, with a repayment date of May 18, 2066. The notified amount for this security is ₹11,000 crore.
The Centre will also have the option to retain additional subscription of up to ₹2,000 crore against each of the two securities, as stated in the RBI release.
Bidding process and timings
The auction will use the multiple price method. Under this method, successful bids are accepted at the yield or price quoted by each successful bidder, as applicable for the security.
Both competitive and non-competitive bids must be submitted electronically on the RBI’s Core Banking Solution, known as the e-Kuber system, on August 7.
- 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 auction result will be announced on the same day.
- Successful bidders must make payment on August 10.
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 7 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.
Up to 5% of the notified amount for the sale of each individual security will be available to eligible individuals and institutions under the non-competitive bidding scheme for government securities auctions.
Individual investors can also place bids under the non-competitive route through the Retail Direct portal. Banks and Primary Dealers may submit a single consolidated non-competitive bid for each security 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 in the auction.
Trading and settlement details
The securities will be eligible for “When Issued” trading from August 4 to August 7, 2026. The RBI release said this eligibility will be in line with the guidelines on such transactions in central government securities.
After allotment, securities will be credited to the Subsidiary General Ledger Account or the Constituents’ Subsidiary General Ledger Account maintained with the Reserve Bank of India.
Interest on government securities is generally paid half-yearly, except in cases involving securities with non-standard maturities. The exact coupon payment schedule is provided in the specific notification for the issue.
Other auction conditions
The RBI said bids in physical form will not be accepted except in extraordinary circumstances, such as a system failure. In such cases, physical bids must be submitted to the Public Debt Office, Mumbai, in the prescribed form before the end of the auction timing.
An investor may submit more than one competitive bid through the e-Kuber system. However, the total amount of bids submitted by an investor in an auction must not exceed the notified auction amount.
The Reserve Bank will decide the minimum price or maximum yield up to which bids will be accepted. Bids quoted below the minimum price or above the maximum yield determined by the RBI will be rejected.
The RBI also stated that it has full discretion to accept or reject any or all bids, either wholly or partially, without assigning any reason.
The securities will be eligible for repurchase transactions as per the applicable RBI directions. Investments by non-residents will be subject to the guidelines on the Fully Accessible Route and other related rules issued by the Reserve Bank from time to time.
Source: Reserve Bank of India Press Releases.