The Ministry of Finance has notified the auction for the sale and re-issue of Government Securities (GS) worth Rs. 32,000 crore, to be conducted by the Reserve Bank of India (RBI) on May 15, 2026.
As per the notification, the Government will auction two securities — the re-issue of the 6.36% Government Security 2031 with a notified amount of ₹21,000 crore and a new Government Security maturing in 2066 with a notified amount of ₹11,000 crore. The 2031 security carries a five-year tenure from its original issue date of February 16, 2026, while the newly issued 2066 security will have a 40-year maturity ending on May 18, 2066.
The Government has also retained the option to accept additional subscriptions of up to ₹2,000 crore for each security over and above the notified amount.
According to the notification, the auction will be conducted electronically through the RBI’s E-Kuber platform on May 15, 2026. Non-competitive bids can be submitted between 10:30 AM and 11:00 AM, while competitive bids will remain open until 11:30 AM.
The auction results will be announced on the RBI website on the same day, and successful bidders will have to make payment on May 18, 2026, which is also the date of issue and re-issue of the securities.
The Finance Ministry stated that the 6.36% GS 2031 will continue to carry a coupon rate of 6.36%, with coupon payments scheduled every February 16 and August 16. In the case of the new GS 2066, the coupon rate will be determined on the basis of the cut-off yield discovered during the auction process. Interest payments for the 2066 security will be made every May 18 and November 18.
The notification also provides for participation by retail investors under the non-competitive bidding facility. Up to 5% of the notified amount of the auction will be reserved for eligible retail investors and institutions.
Under the scheme, retail investors can participate through aggregators or facilitators such as scheduled banks, primary dealers, specified stock exchanges, or through the RBI Retail Direct Gilt Account platform. The minimum bid amount has been fixed at ₹10,000 and bids must be placed in multiples thereof. Retail investors are permitted to place a single bid up to ₹2 crore per security in each auction.
The Government further clarified that securities allotted under the non-competitive segment will be issued at the weighted average yield or price discovered in the competitive auction. In cases where bids exceed the reserved quota, allotments will be made on a pro-rata basis.
The notification also permits “When Issued” trading in these securities in accordance with RBI guidelines, enabling market participants to trade the securities before their actual issuance date.
Notification Details
Date: 11/05/2026
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