Summary of this article
Govt to reissue 6.48 per cent security, plans to raise Rs 32000 crore.
Auction will follow multiple price method through e-Kuber platform.
Bidding opens on December 5, 2025 with strict participation and payment rules.
The central government has announced the re-issue of its 6.48 per cent G-Secs 2035 security, with an aim to raise Rs 32,000 crore through a scheduled auction on December 05, 2025. This, according to an official release by the Reserve Bank of India (RBI), constitutes part of the borrowing program for the year. The government also has the option to retain an additional Rs 2,000 crore, depending on the demand that comes up in the auction.
The government security under this plan will mature on October 06, 2035. RBI will carry out the sale through its Mumbai office. The settlement date for the successful bidders will be on December 08, 2025.
Auction Process And Bidding Window
The auction will follow the multiple price method. This means that successful competitive bids will be accepted at the individual yields or prices quoted by the bidders rather than a single uniform cut-off. Since the security is a re-issue, the bidding will be price-based.
Both competitive and non-competitive bids have to be submitted electronically on RBI's e-Kuber platform on December 05, 2025. The timing for the non-competitive window is from 12:30 pm to 01:00 pm, while the competitive window remains open until 01:30 pm. The results will be announced later that day. All payments by the successful bidders must be completed on December 08, 2025.
This Additional Competitive Underwriting portion can be underwritten by primary dealers between 10:30 am and 11:00 am on the day of the auction. The security will also be available under When-issued trading from December 02 to December 05, 2025, prior to formal issuance.
Rules For Bidders And Eligibility
The government security can be issued in minimum lots of Rs 10,000 and in multiples of the same. Up to 5 per cent of the notified amount will be reserved for eligible individuals and institutions under the non-competitive bidding scheme. Retail investors can also participate through the RBI Retail Direct portal.
Banks and primary dealers placing non-competitive orders on behalf of clients must submit a single consolidated bid per security. Allotments under this category will be made at the weighted average yield or price emerging from the competitive bidding.
Investors may submit more than one competitive bid, but the aggregate amount of bids should not exceed the notified Rs 32,000 crore. The final acceptance or rejection of bids will be left to the absolute discretion of RBI, which will determine the minimum price or maximum yield at which bids will be accepted.
The successful bidders will receive their holdings through credit to their Subsidiary General Ledger or Constituents Subsidiary General Ledger accounts maintained with RBI. Interest on the security will be paid on a half-yearly basis, and the coupon rate will be as stated below unless otherwise specified.
System Guidance and Operational Support
All bids have to be submitted electronically through e-Kuber. Hard copy bids will not be accepted except in case of system failure. If this happens, physical submissions should be sent by email or phone to the Public Debt Office in Mumbai during the auction window. For technical difficulties, Core Banking Operations support and for auction-related queries, separate contact points have been indicated by RBI.
The security will be repayable as per the conditions prescribed in the repo directions issued by RBI. It will also be tradable under the When-issued guidelines notified earlier. Investments by non-residents will follow the rules under the Fully Accessible Route and related frameworks.
Underwriting And Market Participation
Primary dealers will make underwriting arrangements for the auction as per the revised scheme for underwriting commitments and liquidity support. This revised scheme has been operational since 2007, and continues to govern the role of primary dealers in government security auctions.
