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. The Reserve Bank of India said in a press release dated July 27, 2026, that the auction will be held on July 31, 2026, with settlement scheduled for August 03, 2026.
The security carries a repayment date of May 11, 2036. The sale will be conducted through the RBI’s Mumbai office at Fort, Mumbai, and will follow the terms stated in the specific Government notification F.No.4(1)-B(W&M)/2026 dated July 27, 2026, along with the applicable general notification.
Key auction details
- Security: 6.94% GS 2036
- Notified amount: ₹34,000 crore
- Date of repayment: May 11, 2036
- Auction date: July 31, 2026
- Settlement date: August 03, 2026
- Method: Multiple price auction
The government will also have the option to retain additional subscription of up to ₹2,000 crore against this security. This means the final accepted amount may be higher than the notified amount if the government decides to use that option.
Bid timings on e-Kuber
Both competitive and non-competitive bids have to be submitted electronically on the RBI’s Core Banking Solution, known as the e-Kuber system, on July 31.
Non-competitive bids will be accepted between 10:30 a.m. and 11:00 a.m. Competitive bids will be accepted between 10:30 a.m. and 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 03.
For the Additional Competitive Underwriting portion, Primary Dealers can submit bids from 09:00 a.m. to 09:30 a.m. on July 31 through the e-Kuber system.
Rules for investors and institutions
The RBI’s operational guidelines state that the minimum bid size for the security is ₹10,000 in nominal value, with further investments allowed in multiples of ₹10,000. Investors can submit more than one competitive bid, but the total amount of bids from one investor cannot exceed the notified auction amount.
Up to 5% of the notified amount for an individual security is available under the non-competitive bidding facility for eligible individuals and institutions. Individual investors can also place bids under this scheme through the Retail Direct portal. In the non-competitive segment, allotment is made at the weighted average yield or price that comes out of successful competitive bids.
Since this is a re-issue of an existing security, the auction is price-based. Under a multiple price auction, successful bids are accepted at the respective price or yield quoted by each bidder, subject to the RBI’s decision on accepted bids.
Trading and allotment
The 6.94% GS 2036 security will be eligible for When Issued trading from July 28, 2026, to July 31, 2026. Such trading is allowed under RBI guidelines for central government securities.
After the auction, securities allotted to successful bidders will be credited to Subsidiary General Ledger accounts or Constituents’ Subsidiary General Ledger accounts maintained with the RBI. The RBI also said the security will be eligible for repurchase transactions, subject to the applicable repo directions.
The central 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 stated that it may accept or reject bids, fully or partly, without assigning a reason.
Interest on government securities is generally paid half-yearly, except where a security has a non-standard maturity. For this issue, the exact coupon payment terms are governed by the specific notification for the security.
Source: Reserve Bank of India Press Releases.