Open market operation absorbs ₹50,000 crore across six bonds
The Reserve Bank of India accepted ₹50,000 crore in its open market sale auction on September 17, 2026. Total bids reached ₹66,590 crore across six government securities maturing between 2029 and 2032.
Full allotment across six maturities
The Reserve Bank of India (RBI) fully allotted the notified amount of ₹50,000 crore against total participant bids of ₹66,590 crore.
Demand concentrated heavily in the 8.28% GS 2032 paper, where the central bank accepted 35 of 49 bids for ₹18,840 crore at a cut-off yield of 7.0090 percent and a cut-off price of ₹105.63. The 5.77% GS 2030 paper followed with ₹12,645 crore accepted out of ₹16,685 crore bid across 29 accepted offers at a cut-off yield of 6.8589 percent.
The central bank also accepted ₹7,255 crore of the 6.79% GS 2029 at a cut-off yield of 6.7023 percent with a 68.46 percent partial allotment, alongside ₹7,005 crore of the 7.59% GS 2029 at 6.6007 percent.
Shorter tranches and settlement terms
For the remaining tranches, the RBI accepted ₹3,250 crore in the 6.68% GS 2031 bond at a cut-off yield of 6.9080 percent and ₹1,005 crore in the 7.61% GS 2030 bond at 6.8191 percent.
Across all six securities, market participants submitted 248 bids, of which 124 were accepted.
Weighted average yields ranged from 6.5834 percent on the 7.59% GS 2029 to 6.9502 percent on the 8.28% GS 2032.
Settlement is scheduled for September 18, 2026.
Clean sweep for liquidity management
The full absorption of ₹50,000 crore confirms robust primary dealer appetite for sovereign paper despite tighter monetary conditions.
Heavy bidding at the longer end highlights institutional demand for duration lock-in.
For the banking system, this operational drain removes durable liquidity without triggering yield disruptions.