The Reserve Bank of India has set the Additional Competitive Underwriting commission cut-off at 0.69 paise per ₹100 for the 6.53% GS 2031 and 0.94 paise per ₹100 for the 7.71% GS 2066. Primary Dealers underwrote the full notified amounts for both securities.
BKK Bureau, New Delhi | 23 October 2026 | 3:28 PM IST
The Reserve Bank of India has announced the results of an Additional Competitive Underwriting (ACU) auction for two Government securities, setting the commission cut-off payable to Primary Dealers. The auction covered the 6.53% Government Security 2031 and the 7.71% Government Security 2066.
For the 6.53% GS 2031, the notified amount was ₹19,000 crore. The Minimum Underwriting Commitment was ₹9,513 crore, while the Additional Competitive Underwriting amount accepted was ₹9,487 crore. The total amount underwritten was therefore ₹19,000 crore, equal to the notified amount. The ACU commission cut-off was set at 0.69 paise per ₹100.
For the 7.71% GS 2066, the notified amount was ₹14,000 crore. Primary Dealers had a Minimum Underwriting Commitment of ₹7,014 crore, and an additional ₹6,986 crore was accepted through competitive underwriting. The total amount underwritten was ₹14,000 crore, matching the notified amount. The commission cut-off for this security was set at 0.94 paise per ₹100.
Across the two securities, the notified amount and total amount underwritten came to ₹33,000 crore. The RBI’s figures show that the minimum commitment and the accepted additional underwriting together covered the full notified amount for each security.
How the underwriting result is structured
The underwriting auction determines the commission payable to Primary Dealers for taking on underwriting commitments related to the Government securities. The RBI release separately identifies the Minimum Underwriting Commitment and the Additional Competitive Underwriting amount accepted for each issue.
The minimum commitment for the 6.53% GS 2031 represented ₹9,513 crore of the notified amount, with a further ₹9,487 crore accepted under ACU. For the 7.71% GS 2066, the corresponding amounts were ₹7,014 crore and ₹6,986 crore. In both cases, the two components added up to the full issue amount specified by the central bank.
The RBI release was published on October 23, 2026, and states that the auction for the sale of the securities will be held on the same date. The announcement was issued by the RBI’s Communications Department and signed by Ajit Prasad, Deputy General Manager.
Commission rates announced
The commission cut-off is expressed in paise per ₹100. The rate was lower for the 6.53% GS 2031 at 0.69 paise per ₹100 and higher for the 7.71% GS 2066 at 0.94 paise per ₹100. These are the rates specified by the RBI for the ACU component of the underwriting arrangements.
The announcement records the underwriting outcome and commission parameters for the two specified Government securities. It does not provide additional information on investor demand, the eventual sale-auction outcome or secondary-market trading.
Why it matters
The RBI’s announcement establishes the underwriting commission rates and confirms full underwriting coverage for ₹33,000 crore of notified Government securities across the two issues. These details are relevant to Primary Dealers and participants monitoring the government’s securities issuance process.
Source: Reserve Bank of India
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