Conversion/Switch of Government of India Securities
RBI - Press Releases · Published 11 November 2026 · Last updated
The Government of India has announced the conversion and switch of its government securities through auction for an aggregate face value amount of ₹25,000 crore, scheduled for November 16, 2026.
Key points
- The Government of India announced a conversion and switch of its government securities through auction for an aggregate face value amount of ₹25,000 crore.
- The auction for the security conversion is scheduled to be held on November 16, 2026, which falls on a Monday.
- Market participants are required to place their bids using the Reserve Bank of India Core Banking Solution known as the e-Kuber platform.
- Bidding on the e-Kuber platform must be conducted on November 16, 2026, strictly between 10:30 AM and 11:30 AM.
- The auction follows a multiple-price based auction format where successful bids are accepted at their respective quoted prices for both source and destination securities.
- Source securities eligible for conversion include multiple maturing bonds such as 7.38% GS 2027, 8.26% GS 2027, 7.37% GS 2028, 7.26% GS 2029, 7.10% GS 2029, and 7.04% GS 2029.
- Destination securities offered in the switch include 7.18% GS 2037, 7.40% GS 2062, 6.83% GS 2039, 7.73% GS 2034, 6.64% GS 2035, and 7.41% GS 2036.
- The results of the auction will be announced on the same day, with settlement slated for November 17, 2026.
- The Government of India reserves the right to accept offers for less than the notified amount, purchase marginally higher due to rounding-off, or reject any or all offers without assigning reasons.
Background
- Debt management operations involving the switching of government securities are routinely utilized by the central government and the Reserve Bank of India to smooth redemption profiles and manage refinancing risks.
- The Reserve Bank of India Core Banking Solution (e-Kuber) serves as the standard digital infrastructure for conducting government securities auctions and domestic debt management operations.
Prelims facts and Mains angle for this issue are in the full SWAदेSH note.
Original report: RBI - Press Releases