RBI's ₹34,000 Crore Re-Issue of 6.94% GS 2036: How to Read the Notice
Government bond auction notices can look like a wall of dates. I am Nishi Jain, a full-time trader in Jaipur and ex-JioBlackRock, and I usually start by lining up the security, the size and the calendar.
Here is RBI's latest one, read in that order.
What RBI released
On 9 November 2026, RBI published Auction of Government of India Dated Security (Press Release 2026-2027/1474).
The Government of India has announced the sale (re-issue) of one dated security, for a notified amount of ₹34,000 crore.
The security and the size
Security: 6.94% GS 2036
Date of repayment: 11 May 2036
Notified amount: ₹34,000 crore
GoI notification: F.No.4(1)-B(W&M)/2026, dated 9 November 2026
The government will also have the option to retain additional subscription of up to ₹2,000 crore against this security.
Because this is a re-issue, the bond already exists. The auction adds to the amount outstanding; it does not create a new coupon or a new maturity date.
The dates that matter
RBI gives three windows around the sale:
“When Issued” trading: 11 November 2026 to 13 November 2026
Auction date: 13 November 2026 (Friday)
Settlement / payment by successful bidders: 16 November 2026 (Monday)
The result, RBI says, will be announced on the auction day itself.
How the bids will be taken
The auction will use the multiple price method. In the annex, RBI explains that, for a multiple price-based auction, successful bids are accepted at the respective quoted yield or price.
Bids — both competitive and non-competitive — are to be submitted electronically on RBI's e-Kuber system on 13 November 2026:
Non-competitive bids: 10:30 a.m. to 11:00 a.m.
Competitive bids: 10:30 a.m. to 11:30 a.m.
Primary Dealers may also bid for underwriting of the Additional Competitive Underwriting (ACU) portion, from 9:00 a.m. to 9:30 a.m. on the same day, again on e-Kuber.
The sale will be through RBI's Mumbai Office, Fort, and is subject to the specific notification plus General Notification F.No.4(2)–B(W&M)/2018, dated 26 March 2025.
What this notice does not tell you
It does not give a cut-off price or yield. Those come after the auction.
It does not say how much will actually be retained under the extra ₹2,000 crore option.
It is not a view on where bond yields should go, and it is not a trading signal.
I read notices like this next to rate data, including RBI's latest bank lending and deposit rates. The price of money and the supply of government paper are related, but neither table on its own tells you what to do.
FAQ
Which security is being sold?
6.94% GS 2036, a re-issue, with repayment on 11 May 2036, as per RBI Press Release 2026-2027/1474.
How large is the auction?
The notified amount is ₹34,000 crore. The government may retain up to ₹2,000 crore of additional subscription.
When is the auction?
On 13 November 2026 (Friday). Payment by successful bidders is due on 16 November 2026 (Monday).
What method will be used?
The multiple price method. Successful bids are accepted at the quoted yield or price, according to RBI's annex.
When can “When Issued” trading take place?
From 11 November 2026 to 13 November 2026, as stated in the release.
Sources
This article is for information and education only. It is not investment advice or a recommendation to buy, sell or hold any security. Figures and dates are from RBI Press Release 2026-2027/1474 dated 9 November 2026; refer to the original for the annex and full terms. — Nishi Jain, full-time trader in Jaipur, ex-JioBlackRock. Updates: https://t.me/nishijain_com.
