Open market sale targets ₹25,000 crore across six bond tranches
The Reserve Bank of India will conduct an open market operation sale auction of Government of India securities for an aggregate amount of ₹25,000 crore on September 28, 2026. The operation offers six separate securities maturing between 2029 and 2032 via the E-Kuber platform.
Six paper tranches on the block
The auction fulfills the schedule previously announced on September 11, 2026.
Eligible market participants must submit bids electronically between 9:30 am and 10:30 am on September 28, 2026, through the Reserve Bank of India Core Banking Solution (E-Kuber) system.
The central bank is offering six distinct government securities: 7.59% GS 2029, 6.45% GS 2029, 7.61% GS 2030, 5.85% GS 2030, 6.54% GS 2032, and 7.26% GS 2032.
While there is no security-wise notified quota, the aggregate sale target is ₹25,000 crore.
The Reserve Bank of India will announce results on the auction day, with successful bidders required to provide funds in their current accounts by 12:00 noon on September 29, 2026.
Discretionary allotment and settlement rules
Under the auction rules, the Reserve Bank of India retains full discretion to determine the individual quantum allotted per security, accept bids below the aggregate volume, or sell marginally different totals due to rounding adjustments.
The authority may also accept or reject bids wholly or partially without stating reasons.
Physical bid submissions are restricted strictly to system outages and must reach the Financial Markets Operations Department by 10:30 am.
The notice was issued by Chief General Manager Brij Raj under official release 2026-2027/1173.
Tactical flexibility in the curve
The auction drains durable liquidity in line with previously flagged schedules.
Offering multiple tenors without security caps gives the central bank broad tactical room to steer yield curve bidding.
Primary dealers now face the task of absorbing ₹25,000 crore across medium-dated paper without disrupting market spreads.