The auction will cover the re-issue of 6.53% GS 2031 and 7.71% GS 2066. The government may retain additional subscriptions of up to ₹2,000 crore for each security.
BKK Bureau, New Delhi | 19 October 2026 | 9:27 PM IST
The Reserve Bank of India has announced the auction of two re-issued Government of India dated securities with a combined notified amount of ₹33,000 crore. The auction will be conducted on October 23, 2026, with settlement scheduled for October 26, 2026.
The offering includes ₹19,000 crore of the 6.53% Government Security 2031, which is scheduled for repayment on September 7, 2031. The second security is the 7.71% Government Security 2066, with a notified amount of ₹14,000 crore and repayment due on May 18, 2066.
The government has retained the option to accept additional subscriptions of up to ₹2,000 crore against each security. The securities will be sold through the RBI’s Mumbai office under the terms of the specific government notification and the applicable general notification governing dated-security auctions.
The auction will use a multiple-price method. Competitive and non-competitive bids must be submitted electronically through the RBI’s e-Kuber system on October 23. Non-competitive bids can be placed between 10:30 a.m. and 11:00 a.m., while the window for competitive bids will remain open from 10:30 a.m. to 11:30 a.m. The auction outcome will be announced on the same day.
Successful bidders will be required to make payment on October 26. Primary Dealers may submit bids for the Additional Competitive Underwriting portion between 9:00 a.m. and 9:30 a.m. on the auction date. The securities will also be available for “When Issued” trading from October 21 through October 23, subject to the RBI’s applicable guidelines.
The minimum bid size is ₹10,000 in nominal value, with additional bids required to be placed in multiples of ₹10,000. Investors may submit multiple competitive bids, although the combined amount of bids submitted by an investor cannot exceed the notified amount of the auction.
Up to 5% of the notified amount for each security will be available to eligible individuals and institutions under the non-competitive bidding facility. Individual investors may participate through the Retail Direct portal. Allotment in this segment will be made at the weighted average price or yield emerging from the competitive portion of the auction.
The RBI said physical bids will not ordinarily be accepted. They may be used only in extraordinary circumstances involving a system failure, in accordance with the business-continuity procedure specified in the announcement. The central bank will determine the minimum accepted price or maximum accepted yield on the basis of bids received and may accept or reject bids wholly or partially.
The securities will be issued through credit to the successful bidder’s Subsidiary General Ledger or Constituents’ Subsidiary General Ledger account maintained with the RBI. They will be eligible for repo transactions under the applicable 2025 directions. Investment by non-residents will be governed by the rules applicable to the Fully Accessible Route for investment in central government securities and other related regulations.
Why it matters
The announcement sets the size, timetable and participation framework for a ₹33,000 crore government-securities auction. It also provides access arrangements for non-competitive investors, including individuals using the Retail Direct platform, while defining the terms for Primary Dealers and institutional bidders.
Source: Reserve Bank of India
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