Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auction to be held on April 17, 2026 (Friday).

As per the extant scheme of underwriting commitment notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) auction, applicable to each Primary Dealer (PD), are as under:

The underwriting auction will be conducted through multiple price-based method on April 17, 2026 (Friday). PDs may submit their bids for ACU auction electronically through Reserve Bank of India Core Banking Solution (e-Kuber system) between 09:00 A.M. and 09:30 A.M. on the day of underwriting auction.

The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.

Ajit Prasad          
Deputy General Manager
(Communications)    

Press Release: 2026-2027/90

Government of India announces the conversion/switch of its securities through auction for an aggregate amount of ₹30,000 crore (face value). The security-wise details of the conversion/switch are given as under:

The market participants are required to place their bids in Reserve Bank of India Core Banking Solution (e-Kuber) giving the amount of the source security and the price of the source and destination security expressed in Indian Rupees up to two decimal places.

The auction will be a multiple-price based auction, i.e., successful bids will get accepted at their respective quoted prices for the source and destination securities.

Bids for the auction should be submitted in electronic format on the e-Kuber platform on April 20, 2026 (Monday) between 10:30 AM and 11:30 AM. The result of the auction will be announced on the same day and settlement will take place on April 21, 2026 (Tuesday).

Government of India reserves the right to:

• Accept offers for less than the notified amount.

• Purchase marginally higher than the notified amount due to rounding-off effect.

• Accept or reject any or all the offers either wholly or partially without assigning any reason.

Operational guidelines for switch transactions and other details are given in the Annex.

Ajit Prasad          
Deputy General Manager
(Communications)    

Press Release: 2026-2027/88

Annex

Operational Guidelines for Switch/Conversion Transactions with the Government of India

Switch module on e-Kuber

1. The market participants can bid in the switch auction through the Switch Transaction module provided in the e-Kuber portal.

Bidding in a switch transaction

2. Bidding in the auction implies that the market participants agree to sell the source security/ies to the Government of India (GoI) and simultaneously agree to buy the destination security from the GoI at their respective quoted prices.

Placing of bids

3. Each bid should specify the following details:

1. Amount of the source security (Face Value) that the participants are willing to sell.

2. Price of the source security (expressed up to two decimal places).

3. Choice of destination security and the price of the destination security (expressed up to two decimal places), at which the participants are willing to buy the destination security.

4. The participants can choose to bid for any/all the destination security/ies, but the aggregate amount of bids for the source security should not exceed their holdings of the source security in face value terms.

Minimum Bid size

5. Minimum bid size would be ₹10,000 and in multiples of ₹10,000 thereafter. The participants are allowed to submit multiple bids. However, the aggregate amount of bids submitted should not exceed the notified amount of source security/basket of source securities in the auction.

Price of source security

6. The price of the source security quoted must be equal to the FBIL closing price of the source security as on the previous working day.

7. Bids for source security not as per the price mentioned above will be rejected.

Price of destination security

8. Bids for the destination security may be placed after taking into account the price of source security as mentioned above.

Method of auction

9. The auction will be a multiple-price based auction, i.e. successful bids will get accepted at their respective quoted prices for the source and destination securities.

Auction decision

10. The auction cut-off will be decided based on the price of the destination security/ies.

11. Successful bidders are those who have placed their bids at or above the cut-off price. All bids lower than the cut-off price will be rejected.

12. There will be provision of pro-rata allotment, should there be more than one successful bid at the cut-off price.

Amount of destination security and dealing in odd amounts during switch auction

13. The switch ratio, which is the ratio of the price of the source security to the price of the destination security, would be rounded off at 8 decimal places.

14. The amount of destination security to be issued for each successful bid will be computed by multiplying the allotted amount (FV) of the source security with the rounded-off switch ratio. The amount of destination security (FV) would be rounded-off to the nearest lower value in multiples of ₹10,000.

15. The odd amount of destination securities (less than ₹10,000) which has been rounded-off, would be notionally allotted and bought back from the bidders at the quoted bid price of the destination security. The net cash consideration to be paid to the bidder for such odd amounts would be the clean price of these securities (as the accrued interest received during notional allotment and paid during notional buyback offset each other).

Fund settlement

16. Though the conversion would be broadly cash neutral, there will be fund settlement for the net accrued interest (accrued interest for the source security FV – accrued interest for the destination security FV) for each bid. Cash consideration (due to rounding-off of face value of destination security) computed for each bid would be added to the net accrued interest. Accordingly, fund settlement will be done for the final amount (Net accrued interest + cash consideration) for each bid.

Note: An illustration for the calculation of cash consideration due to rounding-off of destination security face value is as given below:

17. The settlement of the auction would be held on T+1 basis.

Help Desk

18. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-69870466, 022-69870415). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 22705125).

The Reserve Bank had issued the draft Reserve Bank of India (Non-Banking Financial Companies – Branch Authorisation) Amendment Directions, 2026, seeking comments from NBFCs and other stakeholders till February 27, 2026. The draft instructions proposed to modify the extant guidelines on opening of branches as applicable to various categories of NBFCs (including HFCs).

2. Feedback received on the draft instructions has been examined and consequent modifications have been suitably incorporated in the final Amendment Directions. Statement on the feedback received on the draft instructions is provided in the Annex.

3. Accordingly, the Reserve Bank of India has today issued the Reserve Bank of India (Non-Banking Financial Companies – Branch Authorisation) Amendment Directions, 2026 to amend the extant instructions relating to opening of branches by NBFCs. Consequently, relevant paragraphs of the Reserve Bank of India (Non-Banking Financial Companies - Acceptance of Public Deposits) Directions, 2025 and the Reserve Bank of India (Housing Finance Companies) Directions, 2025, have also been suitably updated.

4. The objective of these Amendment Directions is to provide operational flexibility to NBFCs for branch expansion to facilitate ease of doing business while ensuring necessary regulatory compliance.

(Brij Raj)           
Chief General Manager

Press Release: 2026-2027/87

Ajit Prasad          
Deputy General Manager
(Communications)    

Press Release: 2026-2027/86

Ajit Prasad          
Deputy General Manager
(Communications)    

Press Release: 2026-2027/85

The expression ' Banking System ' or ' Banks ' means the banks and any other financial institution referred to in sub-clauses (i) to (vi) of clause (d) of the explanation below Section 42(1) of the Reserve Bank of India Act, 1934.

No. of Scheduled Commercial Banks as on Current Fortnight : 121

No. of Scheduled State Co-operative Banks as on Current Fortnight : 25

No. of Scheduled Primary(Urban) Co-operative Banks as on Current Fortnight : 51

Ajit Prasad          
Deputy General Manager
(Communications)     

Press Release: 2026-2027/83

In terms of GOI notification F.No.4(7)-B(W&M)/2019 dated September 30, 2019 (SGB 2019-20 Series-V-Issue date October 15, 2019) on Sovereign Gold Bond Scheme, premature redemption of Gold Bond may be permitted after fifth year from the date of issue of such Gold Bond on the date on which interest is payable. Accordingly, the next due date of premature redemption of the above tranche shall be on April 15, 2026.

2. Further, the redemption price of SGB shall be based on simple average of closing price of gold of 999 purity of previous three business days from the date of redemption, as published by the India Bullion and Jewellers Association Ltd (IBJA). Accordingly, the redemption price for premature redemption due on April 15, 2026, shall be ₹15,009/- (Rupees Fifteen Thousand and Nine Only) per unit of SGB based on the simple average of closing price of gold for the three business days i.e., April 09, April 10, and April 13, 2026.

Ajit Prasad          
Deputy General Manager
(Communications)    

Press Release: 2026-2027/81