RBI raised ₹32,000 crore in the government securities auction
The Reserve Bank of India has released the full results of the auction of 6.36% GS 2031 and 7.71% GS 2066 government securities. A total notified amount of ₹32,000 crore was set for this issue, while competitive bids for both securities were significantly higher than this amount.
Highlights
- RBI raised a total of ₹32,000 crore through the auction of ₹21,000 crore for 6.36% GS 2031 and ₹11,000 crore for 7.71% GS 2066.
- The cut-off price for the 6.36% GS 2031 security was ₹99.43 with a yield of 6.5006%, while the cut-off price for the 7.71% GS 2066 was ₹100.93 with a yield of 7.6345%.
- Primary dealers accepted full underwriting for both issuances and there was sufficient market demand in the auction; no devolvement occurred.
This article was translated from the original. Read the original version by our correspondent here.
Auction Results and Pricing
According to RBI press release 2026-2027/442, the notified amount was set at ₹21,000 crore for 6.36% GS 2031 and ₹11,000 crore for 7.71% GS 2066. For the 2031 security, 260 competitive bids were received amounting to ₹54,660 crore, and for the 2066 security, 200 competitive bids were received amounting to ₹27,177 crore.The cut-off price for 6.36% GS 2031 was ₹99.43, yielding 6.5006%. For 7.71% GS 2066, the cut-off price was ₹100.93, yielding 7.6345%.
The amount of accepted competitive bids was ₹20,983.052 crore for the 2031 security and ₹10,964.757 crore for the 2066 security. The partial allocation percentages were 66.0555% and 92.7605% respectively, while the weighted average yield was recorded at 6.4905% for the 2031 security and 7.6273% for the 2066 security.
Market Demand and the Role of Primary Dealers
In the non-competitive category, 7 bids were received for each security. The accepted non-competitive amount was ₹16.948 crore for 6.36% GS 2031 and ₹35.243 crore for 7.71% GS 2066.Under underwriting, the notified amount for both issues was ₹21,000 crore and ₹11,000 crore respectively, and full underwriting was accepted from primary dealers. There was no devolvement on primary dealers, indicating that the auction received adequate support from the market.
Our previous report, in the context of 12 years of the Modi government and Prime Minister Narendra Modi’s longest continuous tenure, presented a comprehensive picture of policy decisions along with achievements such as economic reforms, infrastructure expansion, and digital payments (UPI). In the same context, we also highlighted the government’s rationale for staying out of RCEP—pressures on domestic manufacturing, MSMEs, and farmers, and the risk of trade deficits—as well as the signals of strict scrutiny/limited relaxation of investments from border-sharing countries through Press Note 3/2.
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