Open market bond sales of ₹1,00,000 crore set across three tranches
The Reserve Bank of India (RBI) announced open market operation sales of Government of India securities totaling ₹1,00,000 crore across three tranches in September 2026. The move follows a review of evolving liquidity conditions in the banking system.
Three tranches to absorb banking liquidity
The Reserve Bank of India decided to conduct open market operation (OMO) sale auctions of Government of India securities for an aggregate amount of ₹1,00,000 crore.
The total volume is split into three separate auctions: ₹50,000 crore on September 17, 2026, ₹25,000 crore on September 21, 2026, and ₹25,000 crore on September 28, 2026.
All operations will use a multi-security auction format under the multiple price method.
For the initial September 17 tranche of ₹50,000 crore, six specific sovereign papers are on offer: 7.59% GS 2029, 6.79% GS 2029, 7.61% GS 2030, 5.77% GS 2030, 6.68% GS 2031, and 8.28% GS 2032.
The central bank specified that there is no security-wise notified amount.
E-Kuber mechanics and bidding terms
Eligible market participants must submit bids electronically via the RBI Core Banking Solution (E-Kuber) system between 9:30 am and 10:30 am on September 17, 2026.
Physical bids submitted to the Financial Markets Operations Department will be accepted only during system failures.
The RBI retains discretion over individual security allocations, partial bid acceptances, and rounding variations.
Auction results will be released on the auction day, with successful bidders required to maintain securities in their SGL accounts by 12 noon on September 18, 2026.
Draining cash without altering stance
Staggering ₹1,00,000 crore in bond sales over two weeks delivers an orderly liquidity drain rather than a market shock.
The focus on 2029 to 2032 paper helps anchor medium-term sovereign yields.
This confirms that liquidity surpluses will be managed through market operations instead of blunt rate adjustments.