The Reserve Bank of India (RBI) will auction Government of India dated securities worth Rs 32,000 crore on Friday, July 10, 2026. The auction involves the re-issue of two bonds: Rs 21,000 crore of the 6.36 per cent GS 2031 maturing on February 16, 2031, and Rs 11,000 crore of the 7.71 per cent GS 2066 maturing on May 18, 2066. The government also has the option to retain an additional subscription of up to Rs 2,000 crore against each security, potentially increasing the total issuance.
Auction Process and Bidding Details
The sale will be conducted by the RBI Mumbai Office using the multiple price method. Bids must be submitted electronically on the RBI Core Banking Solution, known as the e-Kuber system. Non-competitive bids will be accepted between 10:30 a.m. and 11:00 a.m., while competitive bids can be submitted between 10:30 a.m. and 11:30 a.m. on the auction day. Results will be announced on the same day, and payment by successful bidders is due on Monday, July 13, 2026. Primary Dealers can submit bids for the Additional Competitive Underwriting portion between 9:00 a.m. and 9:30 a.m. on July 10.
Minimum Bid Size and Retail Participation
The minimum bid size is Rs 10,000, and bids must be in multiples of Rs 10,000 thereafter. Up to 5 per cent of the notified amount for each security is reserved for non-competitive bidding for eligible individuals and institutions. Retail investors can also place bids through the RBI Retail Direct portal. Allotment under the non-competitive segment will be at the weighted average yield or price of successful competitive bids.
Trading and Eligibility
The securities will be eligible for "When Issued" trading from July 7 to July 10. They will also be eligible for repurchase transactions (repo) as per RBI guidelines. Interest on the government securities will generally be paid half-yearly, with details mentioned in the specific notification. The auction is being conducted under a general notification dated March 26, 2025.
Regulatory Notes
Investments by non-residents will be subject to the Fully Accessible Route guidelines. The RBI has stated that it reserves full discretion to accept or reject any or all bids wholly or partially without assigning any reason. This auction is part of the government's borrowing program to meet its fiscal requirements.
