The Government of India will re-issue three dated securities for a total notified amount of ₹32,000 crore, according to a Reserve Bank of India press release issued on July 13, 2026.
The auction is scheduled for Friday, July 17, 2026, and settlement for successful bidders will take place on Monday, July 20, 2026. The sale will be conducted through the Reserve Bank of India, Mumbai Office, Fort, Mumbai.
Securities listed for re-issue
The three government securities listed in the RBI release cover different maturities, from 2029 to 2055. The notified amounts are:
- 6.03% GS 2029, repayable on January 27, 2029: ₹11,000 crore.
- 6.68% GS 2033, repayable on January 27, 2033: ₹11,000 crore.
- 7.24% GS 2055, repayable on August 18, 2055: ₹10,000 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 three securities.
The issue is covered by the specific Government of India notification F.No.4(1)-B(W&M)/2026 dated July 13, 2026, along with the relevant general notification cited by the RBI.
How bids will be submitted
The auction will use the multiple price method. Since the securities are being re-issued, the auction will be price based, as stated in the operational guidelines attached to the RBI release.
Both competitive and non-competitive bids must be submitted electronically through the RBI Core Banking Solution, known as the e-Kuber system, on July 17.
For non-competitive bids, the submission window will be 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 will need to make payment on July 20, 2026. Securities allotted to successful bidders will be credited to the Subsidiary General Ledger account or the Constituents’ Subsidiary General Ledger account maintained with the RBI.
Details for investors and primary dealers
The minimum bid size for these securities is ₹10,000 in nominal value, and bids can be placed in multiples of ₹10,000 thereafter.
Under the non-competitive bidding facility, up to 5% of the notified amount for each individual security will be available 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 may submit a single consolidated non-competitive bid for a security on behalf of their constituents, based on firm orders received from them. Allotment in the non-competitive segment will be at the weighted average yield or price that emerges from the successful competitive bids.
Primary dealers may submit bids for underwriting the Additional Competitive Underwriting portion between 09:00 a.m. and 09:30 a.m. on July 17 through e-Kuber.
Trading and other conditions
The securities will be eligible for ‘When Issued’ trading from July 14 to July 17, 2026. They will also be eligible for repurchase transactions, subject to the applicable RBI directions.
The RBI said investors may submit more than one competitive bid electronically, but the aggregate amount of bids submitted by an investor in an auction must not exceed the notified amount for that auction.
Physical bids will generally not be accepted. The RBI release says physical bids may be allowed only in extraordinary circumstances, such as system failure, and must be submitted in the prescribed form before the auction timing ends.
Based on bids received, the RBI will decide the minimum price or maximum yield up to which tenders will be accepted. Bids below the minimum price or above the maximum yield determined by the RBI will be rejected. The central bank will have discretion to accept or reject bids fully or partly without assigning a reason.
Interest on government securities is generally paid half-yearly, except where securities have non-standard maturities. Investment by non-residents will be subject to the guidelines applicable to the Fully Accessible Route and other related RBI instructions.
Source: Reserve Bank of India Press Releases.