The Government of India has announced the re-issue of two dated securities for a total notified amount of ₹32,000 crore, according to a Reserve Bank of India press release issued on July 6, 2026.
The auction is scheduled for July 10, 2026, and settlement will take place on July 13, 2026. The sale will be conducted through the Reserve Bank of India’s Mumbai office at Fort, Mumbai.
Securities listed for auction
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 Government of India will also have the option to retain additional subscription of up to ₹2,000 crore against each of the two securities.
How bids will be submitted
The RBI said the auction will use the multiple price method. Since these are re-issued securities, the auction will be price-based, as stated in the operational guidelines attached to the press release.
Both competitive and non-competitive bids must be submitted electronically through the RBI’s Core Banking Solution, known as the e-Kuber system, on July 10.
- Non-competitive bids can be submitted between 10:30 a.m. and 11:00 a.m.
- Competitive bids can be submitted 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 July 13, 2026.
Primary Dealers can submit bids for underwriting of the Additional Competitive Underwriting portion from 09:00 a.m. to 09:30 a.m. on July 10 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, up to 5% of the notified amount for each 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.
For the non-competitive segment, banks and Primary Dealers will submit a single consolidated bid for each security on behalf of their constituents, based on firm orders received from them. Allotment in this segment will be made at the weighted average yield or price that emerges from successful competitive bids.
Trading and other conditions
The securities will be eligible for ‘When Issued’ trading from July 7, 2026, to July 10, 2026, in line with the applicable RBI guidelines.
The RBI also stated that the securities will be eligible for repurchase transactions, subject to the conditions in the Master Direction on repo transactions. Investment by non-residents will be governed by the guidelines on the Fully Accessible Route and other related directions issued by the RBI from time to time.
In normal circumstances, bids in physical form will not be accepted. The annex to the release says physical bids may be accepted only in the event of system failure, and such bids must be submitted before the auction timing ends in the prescribed form.
After the auction, the securities will be issued to successful bidders by credit to their Subsidiary General Ledger Account or Constituents’ Subsidiary General Ledger Account maintained with the RBI.
The press release was issued by Ajit Prasad, Deputy General Manager in the RBI’s Department of Communications, under Press Release number 2026-2027/616.
Source: Reserve Bank of India Press Releases.
