RBI sets ₹33,000 crore government bond auction for October 23 to manage national debt

The Reserve Bank of India has announced an underwriting auction for the sale of Government Securities totaling ₹33,000 crore, scheduled for October 23, 2026.

The auction is designed to support the central government's market borrowing programme while ensuring liquidity across domestic debt markets.

Structure of the sovereign bond sale

The sale includes two separate tranches targeting different maturity profiles. The Reserve Bank of India will re-issue ₹19,000 crore in 6.53% GS 2031 securities alongside ₹14,000 crore in long-dated 7.71% GS 2066 securities.

Underwriting commitments for Primary Dealers follow the framework established under the central bank's November 2007 guidelines. Each Primary Dealer will be assigned a Minimum Underwriting Commitment alongside additional bidding obligations.

Auction mechanism and dealer operations

The central bank will hold the underwriting auction using a multiple price-based method. Primary Dealers can submit their bids electronically through the RBI e-Kuber banking portal between 9:00 AM and 9:30 AM on the day of the auction.

Underwriting commissions will be credited directly to the current accounts of participating Primary Dealers with the Reserve Bank on the date the securities are formally issued.

This structured issuance underscores India's resilient fiscal governance, providing dependable sovereign debt instruments to finance long-term public infrastructure and development priorities while maintaining monetary balance.