The Reserve Bank of India (RBI) will conduct a government securities auction on July 31, 2026, offering the 6.94% GS 2036 dated security worth ₹34,000 crore. This government securities auction is a re-issue of an existing bond maturing on May 11, 2036. Additionally, the Government of India holds the option to retain extra subscriptions of up to ₹2,000 crore.
Key Details of the Government Securities Auction
The auction will take place through the RBI’s Mumbai Office using the multiple price method. Competitive bids must be submitted via the e-Kuber system between 10:30 a.m. and 11:30 a.m. on July 31, 2026. Non-competitive bids, however, must arrive earlier — between 10:30 a.m. and 11:00 a.m.
Primary Dealers can submit underwriting bids for the Additional Competitive Underwriting (ACU) portion from 9:00 a.m. to 9:30 a.m. on the same day. The RBI will announce auction results on July 31 itself. Therefore, successful bidders must complete payment by August 3, 2026 (Monday).
The security is also eligible for “When Issued” trading from July 28 to July 31, 2026. As a result, market participants can begin trading the bond before the formal settlement date.
Who Can Bid and How
Individual investors can participate through the RBI’s Retail Direct portal at rbiretaildirect.org.in under the non-competitive bidding scheme. Up to 5% of the notified amount is reserved for eligible individuals and institutions under this segment. Meanwhile, banks and Primary Dealers may submit consolidated non-competitive bids on behalf of their clients via e-Kuber.
The minimum bid size is ₹10,000 (nominal), with multiples of ₹10,000 accepted thereafter. Investors may place multiple competitive bids, however, the total must not exceed the notified auction amount. Physical bids will not be accepted except in extraordinary technical failure situations.
What This Means for Investors
This government securities auction gives both institutional and retail investors a chance to lock in a 6.94% coupon rate over a long-term horizon until 2036. Interest payments will be made half-yearly, making it an attractive fixed-income option. Non-resident investors may also participate, subject to RBI’s Fully Accessible Route guidelines. For complete auction terms, refer to the official RBI notification F.No.4(1)-B(W&M)/2026 dated July 27, 2026.
Source: RBI Press Releases
