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REGD. No. D. L.-33004/99
The Gazette of India
CG-DL-E-29092025-266522
EXTRAORDINARY
PART I-Section 1
PUBLISHED BY AUTHORITY
No. 279]
NEW DELHI, MONDAY, SEPTEMBER 29, 2025/ASVINA 7, 1947
MINISTRY OF FINANCE
(Department of Economic Affairs)
(BUDGET DIVISION)
NOTIFICATION
New Delhi, the 29th September, 2025
Auction for Sale (Issue) of Government Security (GS)
F. No. 4(1)-B(W&M)/2025.—Government of India (GoI) hereby notifies sale (issue) of the following
Government Security.
+-------------------+-----------------------+------------+------------------+--------+----------+----------------------------+
| Name of the | Date of Original | Tenure | Date of | Base | Method | Notified Amount |
| Security | Issue | (yy-mm-dd) | Maturity | | | (in ₹ Crore) |
+===================+=======================+============+==================+========+==========+============================+
| New GS 2035 | Oct 06, 2025 | 10-00-00 | Oct 06, 2035 | Yield | Multiple | 32,000 |
+-------------------+-----------------------+------------+------------------+--------+----------+----------------------------+
GoI will have the option to retain additional subscription up to ₹2,000 Crore against the security mentioned above. The
sale will be subject to the terms and conditions spelt out in this notification (called 'Specific Notification'). The Security
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 October 03,
2025. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution
(E-Kuber system) on October 03, 2025. The non-competitive bids should be submitted between 10:30 a.m. and 11:00
a.m. and the competitive bids should be submitted between 10:30 a.m. and 11:30 a.m.
When Issued Trading
4. The Security 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 October
03, 2025. The payment by successful bidders will be on October 06, 2025 i.e. the date of issue. The payment for the
security will include accrued interest on the nominal value of the Security 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 Security from the date of original issue / last coupon payment and
will be paid half yearly. The Security will be repaid at par on date of maturity.
+-------------------+-------------------+---------------------------+-----------------------------------+---------------------------+
| Name of the | Coupon rate | Date of Last Coupon | Date up to which | Date of Coupon |
| Security | (%) | payment | accrued interest is due | payments |
| | | | | (month / date) |
+===================+===================+===========================+===================================+===========================+
| New GS 2035 | Yield based* | New Security | New Security | Apr 06 and Oct 06 |
+-------------------+-------------------+---------------------------+-----------------------------------+---------------------------+
*The coupon rate for the security will be set at the cut-off yield to maturity rate decided in the auction. The interest will
be payable half-yearly.
By Order of the President of India,
VYASAN R., Jt. Secy.
Annex
I. Scheme for Non-competitive Bidding Facility in the Auction of
Government of India Dated Securities and Treasury Bills
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.
с. '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 accoun5 under the constituent
b. subsidiary general ledger (CSGL) account of Aggregator/Facilitator or 'Retail Direct Gilt Account' (RDG
Account) with RBI.
с. 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:
d. 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:
e. 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.
f. 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.
g. In case the aggregate amount of bids is less than the reserved amount, the shortfall will be taken to
competitive portion.
Issue of Security:
h. 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.
i. Delivery in physical form from the Main SGL account is permissible at the instance of the investor
subsequently.
j. 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:
k. 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.
l. 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.
m. 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.
n. 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.