RBI Sets ₹28,000 Crore Government Securities Underwriting Auction for August 21

The Reserve Bank of India has announced the underwriting terms for the Government of India's ₹28,000 crore sale through re-issue of two dated Government Securities on Friday, August 21, 2026. The notice sets out the Minimum Underwriting Commitment and minimum bidding commitment under the Additional Competitive Underwriting auction applicable to each Primary Dealer.

The two securities are the 7.06% Government Security 2041, with a notified amount of ₹17,000 crore, and the 7.43% Government Security 2076, with a notified amount of ₹11,000 crore.

Security-wise underwriting commitments

For the 7.06% GS 2041, RBI has specified a Minimum Underwriting Commitment of ₹405 crore per Primary Dealer. The minimum bidding commitment per Primary Dealer under the Additional Competitive Underwriting auction is also ₹405 crore.

For the 7.43% GS 2076, the Minimum Underwriting Commitment is ₹262 crore per Primary Dealer, with the same ₹262 crore minimum bidding commitment per Primary Dealer under the Additional Competitive Underwriting auction.

When and how Primary Dealers must bid

RBI said the underwriting auction will use a multiple price-based method. Primary Dealers may submit Additional Competitive Underwriting bids electronically through the RBI's Core Banking Solution, the e-Kuber system, between 9:00 AM and 9:30 AM on August 21, 2026.

The underwriting commission will be credited to the current account of the respective Primary Dealers with RBI on the day the securities are issued. The auction is being conducted under the extant underwriting commitment scheme notified on November 14, 2007.

What finance and treasury professionals should note

The underwriting notice is distinct from the investor bidding process for the government securities themselves. Its immediate audience is the Primary Dealer network that supports government borrowing auctions. The security-wise commitments determine the minimum underwriting participation expected from each Primary Dealer and the minimum bid required under the additional competitive portion.

For fixed-income and treasury teams, the composition of the ₹28,000 crore supply is also relevant: ₹17,000 crore is concentrated in the 2041 maturity, while ₹11,000 crore is in the much longer 2076 maturity. Market participants following duration supply, sovereign yield movements and dealer positioning should therefore track the final auction outcome separately from this underwriting notice.

Execution checklist for Primary Dealers

Primary Dealers have a 30-minute e-Kuber window from 9:00 AM to 9:30 AM on August 21 for the underwriting auction. The key commitment figures are ₹405 crore per dealer for the 2041 security and ₹262 crore per dealer for the 2076 security. Participants should use the exact RBI notice and applicable underwriting scheme for execution.

Useful official links

RBI: Underwriting Auction for Government Securities

Key takeaway

This is a current sovereign debt-market operation with exact amounts and Primary Dealer commitments, directly useful to treasury and fixed-income professionals.