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Underwriting Auction of Govt Securities ₹32,000 cr on 10‑Jul‑2026

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Issued by RBI: 10 Jul 2026
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📄 Source: Reserve Bank of India · Press Release prid 63109
Quick answerOn 10 July 2026 the RBI will run an underwriting auction of ₹32,000 crore of government bonds (6.36% GS 2031 and 7.71% GS 2066). Each primary dealer must underwrite a minimum of ₹500 cr for the 2031 issue and ₹262 cr for the 2066 issue, with identical minimum bids in the ACU segment. Bids are to be filed electronically via e‑Kuber between 09:00‑09:30 A.M. (Source: RBI Press Release 2026‑2027/631).

What changed

The RBI announced the re‑issue of two government securities totaling ₹32,000 crore, specifying fresh minimum underwriting and bidding commitments for each primary dealer. The auction will use a multiple‑price method and will be conducted electronically on the day of issue.

What it means for you

Banks acting as primary dealers must allocate the stipulated capital (₹500 cr and ₹262 cr respectively) to meet underwriting and ACU bid requirements. The electronic submission window is narrow, so systems must be ready to process bids within 30 minutes. The underwriting commission will be credited to the dealers' RBI current accounts on the day the securities are issued.

What you must do

Who it affects

Primary dealers, Bank treasury desks, Risk and compliance units

What is the minimum amount each primary dealer must underwrite?

₹500 crore for the 6.36% GS 2031 issue and ₹262 crore for the 7.71% GS 2066 issue (Source: RBI Press Release 2026‑2027/631).

How and when should bids be submitted?

Bids for the Additional Competitive Underwriting auction must be entered electronically via the RBI’s e‑Kuber system between 09:00 A.M. and 09:30 A.M. on 10 July 2026.

When will underwriting commissions be credited?

The commission will be posted to the primary dealer’s RBI current account on the day the securities are issued.

Test yourself

Quick self-check built only from the facts already on this page — tap a question to reveal the answer.

Q1. In one line, what does this circular do?

On 10 July 2026 the RBI will run an underwriting auction of ₹32,000 crore of government bonds (6.36% GS 2031 and 7.71% GS 2066). Each primary dealer must underwrite a minimum of ₹500 cr for the 2031 issue and ₹262 cr for the 2066 issue, with identical minimum bids in the ACU segment. Bids are to be filed electronically via e‑Kuber between 09:00‑09:30 A.M. (Source: RBI Press Release 2026‑2027/631).

Q2. Who does this circular apply to?

Primary dealers, Bank treasury desks, Risk and compliance units

Q3. What is the first thing you should do about it?

Verify that your underwriting capacity meets the ₹500 cr and ₹262 cr thresholds for the respective issues.

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Who does what — compliance checklist
💰 Credit
  • Verify that your underwriting capacity meets the ₹500 cr and ₹262 cr thresholds for the respective issues.
  • Allocate the required funds in your RBI current account to receive underwriting commissions on the day the securities are issued.
📜 Compliance
  • Prepare and test e‑Kuber bid submission processes ahead of the 09:00‑09:30 A.M. window.
  • Communicate the new commitments to your treasury and risk teams.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are a Credit Manager at a bank this circular applies to (Primary dealers, Bank treasury desks, Risk and compliance units), your first concrete step on “Underwriting Auction of Govt Securities ₹32,000 cr on 10‑Jul‑2026” is: “Verify that your underwriting capacity meets the ₹500 cr and ₹262 cr thresholds for the respective issues.” (RBI issued this 10 Jul 2026).

  1. Circular: https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=63109 -- Underwriting Auction of Govt Securities ₹32,000 cr on 10‑Jul‑2026
  2. Issued: 10 Jul 2026
  3. Action required: Verify that your underwriting capacity meets the ₹500 cr and ₹262 cr thresholds for the respective issues.
  4. Action required: Prepare and test e‑Kuber bid submission processes ahead of the 09:00‑09:30 A.M. window.
  5. Action required: Allocate the required funds in your RBI current account to receive underwriting commissions on the day the securities are issued.
  6. Action required: Communicate the new commitments to your treasury and risk teams.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.
AI-drafted · AI fact-check pending · under the editorial review of our expert review panel · decoded & published by BankPulse · 09 Jul 2026, 12:02 IST
Official RBI source: https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=63109 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert review panel. Independent platform, not affiliated with the Reserve Bank of India; never reproduces RBI text verbatim.
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