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REGD. No. D. L.-33004/99
The Gazette of India
CG-DL-E-02022026-269776
EXTRAORDINARY
PART I—Section 1
PUBLISHED BY AUTHORITY
No. 25]
NEW DELHI, MONDAY, FEBRUARY 2, 2026/MAGHA 13, 1947
MINISTRY OF FINANCE
(Department of Economic Affairs)
(BUDGET DIVISION)
NOTIFICATION
New Delhi, the 2nd February, 2026
Auction for Sale (Re-issue) of Government Security (GS)
F. No. 4(1)-B(W&M)/2025.— Government of India (GoI) hereby notifies sale (re-issue) of the following
Government Securities
+-------------------+----------------------+--------------------------+-----------------+----------+----------+--------------------------+
| Name of the | Date of Original | Original Tenure | Date of | Base | Method | Notified Amount |
| Security | Issue | (yy-mm-dd) | Maturity | | | (in ₹ Crore) |
+===================+======================+==========================+=================+==========+==========+==========================+
| 6.68% GS 2040 | Jul 07, 2025 | 15-00-00 | Jul 07, 2040 | Price | Multiple | 16,000 |
+-------------------+----------------------+--------------------------+-----------------+----------+----------+--------------------------+
| 6.90% GS 2065 | Apr 15, 2025 | 40-00-00 | Apr 15, 2065 | Price | Multiple | 13,000 |
+-------------------+----------------------+--------------------------+-----------------+----------+----------+--------------------------+
GoI will have the option to retain additional subscription up to ₹2,000 Crore against each security mentioned
above. The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification').
The Securities will be sold through Reserve Bank of India, Mumbai Office, Fort, Mumbai - 400 001 as per the terms
and conditions specified in the General Notification F.No.4(2)–B(W&M)/2018, dated March 26, 2025 issued by
Government of India.
Allotment to Non-competitive Bidders
2. The Government Security up to 5% of the notified amount of the sale will be allotted to eligible individuals and
institutions as per the enclosed Scheme for Non-competitive Bidding Facility in the Auctions of Government
Securities (Annex).
Place and date of auction
3. The auction will be conducted by Reserve Bank of India, Mumbai Office, Fort, Mumbai-400 001 on February 06,
2026. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution
(E-Kuber system) on February 06, 2026. The non-competitive bids should be submitted between 12:30 p.m. and 01:00
p.m. and the competitive bids should be submitted between 12:30 p.m. and 01:30 p.m.
When Issued Trading
4. The Securities will be eligible for "When Issued" trading in accordance with the guidelines issued by the Reserve
Bank of India.
Date of issue and payment for the security
5. The result of the auction shall be placed by the Reserve Bank of India on its website (www.rbi.org.in) on February
06, 2026. The payment by successful bidders will be on February 09, 2026 i.e. the date of re-issue. The payment for
the securities will include accrued interest on the nominal value of the Securities allotted in the auction from the date of
original issue / last coupon payment date to the date upto which accrued interest is due as mentioned in the table in
para 6.
Payment of Interest and Re-payment of security
6. Interest will accrue on the nominal value of the Securities from the date of original issue / last coupon payment and
will be paid half yearly. The Securities will be repaid at par on date of maturity.
+-------------------+-------------------+-------------------------+-------------------------------------+-----------------------------+
| Name of the | Coupon rate | Date of Last | Date up to which | Date of Coupon |
| Security | (%) | Coupon payment | accrued interest is due | payments |
| | | | | (month / date) |
+===================+===================+=========================+=====================================+=============================+
| 6.68% GS 2040 | 6.68 | Jan 07, 2026 | Feb 08, 2026 | Jul 07 and Jan 07 |
+-------------------+-------------------+-------------------------+-------------------------------------+-----------------------------+
| 6.90% GS 2065 | 6.90 | Oct 15, 2025 | Feb 08, 2026 | Apr 15 and Oct 15 |
+-------------------+-------------------+-------------------------+-------------------------------------+-----------------------------+
By Order of the President of India,
VYASAN R., Jt. Secy.
Annex
Scheme for Non-competitive Bidding Facility in the Auction of
Government of India Dated Securities and Treasury Bills
I. Scope: With a view to encouraging wider participation and retail holding of Government securities, retail
investors are allowed participation on "non-competitive” basis in select auctions of dated Government of
India (GoI) securities and Treasury Bills.
II. Definitions: For the purpose of this scheme, the terms shall bear the meaning assigned to them as under:
a. Retail investor is any person, including individuals, firms, companies, corporate bodies, institutions,
provident funds, trusts, and any other entity as may be prescribed by RBI.
b. 'Aggregator/Facilitator' means a Scheduled Bank or Primary Dealer or Specified Stock Exchange or
any other entity approved by RBI, permitted to aggregate the bids received from the investors and
submit a single bid in the non-competitive segment of the primary auction.
c. 'Specified stock exchange' means SEBI recognized Stock Exchange, which have received No
Objection Certificate (NOC) from SEBI to act as aggregator/facilitator in the primary auction
segment.
d. 'Eligible Provident Funds' are those non-government provident funds governed by the Provident
Funds Act, 1925 whose investment pattern is decided by the Government of India.
III. Eligibility:
a. Participation on a non-competitive basis in the auctions will be open to a retail investor who:
1. Does not maintain current account (CA) or subsidiary General Ledger (SGL) account with the
Reserve Bank of India; and
2. Submits the bid indirectly through an Aggregator/Facilitator permitted under the scheme; or
3. Maintains the 'Retail Direct Gilt Account' (RDG Account) with RBI
Exceptions:
a. Regional Rural Banks (RRBs) and Cooperative Banks:
i. Regional Rural Banks (RRBs) and Cooperative Banks shall be covered under this Scheme only
in the auctions of dated securities in view of their statutory obligations.
ii. Since these banks maintain SGL account and current account with the Reserve Bank of India,
they shall be eligible to submit their non-competitive bids directly.
b. State Governments, eligible provident funds and Others:
i. State Governments, eligible provident funds in India, the Nepal Rashtra Bank, Royal Monetary
Authority of Bhutan and any Person or Institution, specified by the Bank, with the approval of
Government, shall be covered under this scheme only in the auctions of Treasury Bills.
ii. These bids will be outside the notified amount.
iii. There will not be any restriction on the maximum amount of bid for these entities.
IV. Quantum: Allocation of non-competitive bids from retail investors will be restricted to a maximum of
five percent of the aggregate nominal amount of the issue within the notified amount as specified by the
Government of India, or any other percentage determined by Reserve Bank of India.
V. Amount of Bid:
a. The minimum amount for bidding will be ₹10,000 (face value) and therefore in multiples in ₹10,000
as hitherto.
b. In the auctions of GoI dated securities, the retail investors can make a single bid for an amount not
more than Rupees Two crore (face value) per security per auction.
VI. Other Operational Guidelines:
a. The retail investor desirous of participating in the auction under the Scheme would be required to
maintain a depository account with any of the depositories or a gilt account under the constituent
subsidiary general ledger (CSGL) account of Aggregator/Facilitator or ‘Retail Direct Gilt Account'
(RDG Account) with RBI.
b. Under the Scheme, an investor can make only a single bid in an auction. An undertaking to the effect
that the investor is making only a single bid will have to obtained and kept on record by the
Aggregator/Facilitator.
Submission of Bids:
с. Each Aggregator/Facilitator on the basis of firm orders received from their constituents with submit
a single consolidated non-competitive bid on behalf of all its constituents in electronic format on the
Reserve Bank of India Core Banking Solution (E-Kuber) system. Except in extraordinary
circumstances such as general failure of the Reserve Bank of India Core Banking Solution (E-Kuber)
system, non-competitive bid in physical form will not be accepted.
Allotment of Bids:
d. Allotment under the non-competitive segment to the Aggregator/Facilitator will be at the weighted
average rate of yield/price that will emerge in the auction on the basis of the competitive bidding. The
securities will be issued to the Aggregator/Facilitator against payment on the date of issue irrespective
of whether they have received payment from their clients.
e. In case the aggregate amount of bid is more than the reserved amount (5% of notified amount), pro
rata allotment would be made. In case of partial allotments, it will be the responsibility of the
Aggregator/Facilitator to appropriately allocate securities to their clients in a transparent manner.
f. In case the aggregate amount of bids is less than the reserved amount, the shortfall will be taken to
competitive portion.
Issue of Security:
g. Security would be issued only in SGL form by RBI. The Aggregator/Facilitator has to clearly indicate
at the time of tendering the non-competitive bids the amounts (face value) to be credited to their main
SGL or CSGL account.
h. Delivery in physical form from the Main SGL account is permissible at the instance of the investor
subsequently.
i. It will be the responsibility of the Aggregator/Facilitator to pass on the securities to their clients.
Except in extraordinary circumstances, the transfer of securities to the client should b completed
within five working days from the date of issue.
Commission/Brokerage charged to Clients:
j. The Aggregator/Facilitator can recover up to six paise per ₹ 100 as brokerage /commission/ service
charges for rendering this service to their clients. Such costs may be built into the sale price or
recovered separately from the clients.
k. In case, the securities are transferred subsequent to the issue date of the security, the consideration
amount payable by the client to the Aggregator/Facilitator will include accrued interest from the date
of issue.
l. Modalities for obtaining payment from clients towards cost of the securities, accrued interest,
wherever applicable, and brokerage/commission/service charges may be worked out by the
Aggregator/Facilitator as per agreement with the client.
m. It may be noted that no other costs, such as funding costs, should be built into the price or recovered
from the client.
VII. Reporting Requirements:
Aggregators/Facilitators will be required to furnish information relating to operations under the Scheme
to the Reserve Bank of India (Bank) as may be called for from time to time within the time frame
prescribed by the Bank.
VIII. The aforesaid guidelines are subject to review by the Bank and accordingly, if and when considered
necessary, the Scheme will be modified.
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and Published by the Controller of Publications, Delhi-110054.