The Reserve Bank of India (RBI) will conduct a government securities auction on July 3, 2026, to raise ₹34,000 crore for the Government of India. The sale involves a re-issue of the 6.94% GS 2036 dated security, which matures on May 11, 2036. This auction is a key step in the government’s borrowing programme for 2026–27.
Key Details of the Government Securities Auction
The RBI will use the multiple price method for this auction. Therefore, each successful bidder will pay their own quoted yield or price. The auction takes place through the RBI’s e-Kuber system on July 3, 2026 (Friday), with settlement on July 6, 2026 (Monday).
Non-competitive bids must reach e-Kuber between 10:30 a.m. and 11:00 a.m. Competitive bids, however, can be submitted until 11:30 a.m. Additionally, Primary Dealers can submit underwriting bids from 9:00 a.m. to 9:30 a.m. on the same day.
The notified amount is ₹34,000 crore. However, the government also holds the option to retain additional subscriptions of up to ₹2,000 crore. As a result, the total allotment could reach ₹36,000 crore.
What This Means for Investors
Individual investors can participate in this government securities auction through the RBI Retail Direct portal at rbiretaildirect.org.in. The minimum bid size is ₹10,000, with further bids in multiples of ₹10,000. This makes the instrument accessible to retail participants as well as institutional buyers.
Up to 5% of the notified amount is reserved for eligible individuals under the non-competitive bidding scheme. Meanwhile, non-residents may invest through the Fully Accessible Route, subject to RBI guidelines. The security is also eligible for repo transactions and “When Issued” trading from June 30 to July 3, 2026.
Interest on this government security is paid half-yearly, as is standard for most dated securities. The RBI retains full discretion to accept or reject any bid, partly or fully, without providing a reason. For example, bids above the maximum yield cut-off will be automatically rejected.
All bids must be submitted electronically on e-Kuber. Physical bids are accepted only in extraordinary circumstances, such as a system failure. Therefore, bidders should ensure their technical setup is in order well before the auction window opens.
Source: RBI Press Releases
