RBI Issuance Calendar for Marketable Dated Securities Oct 2026 - Mar 2027

The Reserve Bank of India (RBI), in consultation with the Government of India, has released the indicative issuance calendar for marketable dated securities, including Sovereign Green Bonds (SGrBs), for the second half of the fiscal year 2026-27. Spanning from October 01, 2026, to March 31, 2027, this schedule provides vital transparency and stability to the Government Securities Market, enabling institutional and retail investors to plan their investments efficiently. The total notified amount across the scheduled auctions during this period stands at ₹7,86,000 crore.

Overview of the Issuance Calendar

The calendar outlines weekly auction details, specifying the exact amounts and security-wise allocations for various tenors ranging from 3 years to 50 years. Key highlights include regular issuances across 3-year, 5-year, 7-year, 10-year, 15-year, 30-year, 40-year, and 50-year maturities, along with dedicated Sovereign Green Bond tranches. Investors can review the structured table below to understand the temporal distribution and quantum of funds being raised.

Key Detail	Information
Issuing Authority	Reserve Bank of India (RBI)
Target Period	October 01, 2026 – March 31, 2027
Total Notified Amount	₹7,86,000 crore
Covered Instruments	Government of India Dated Securities & Sovereign Green Bonds (SGrBs)
Retail Reservation	5% under non-competitive bidding facility
Greenshoe Option	Up to ₹2,000 crore additional retention per security

Important Dates and Schedule Summary

The second-half borrowing program is systematically distributed across multiple auction weeks from late September 2026 through early March 2027. Below are the key milestones associated with the issuance schedule.

Event Description	Date / Period
Issuance Period Commencement	October 01, 2026
Issuance Period Conclusion	March 31, 2027
Monthly Switch Auctions	Third Monday of every month (or fourth Monday if a holiday)

Key Features and Retail Participation

To encourage broader participation, all auctions covered under this calendar feature a non-competitive bidding facility. Under this provision, five percent of the notified amount is specifically reserved for eligible retail investors. Furthermore, the RBI and the Government of India retain the flexibility to modify the calendar terms, issuance periods, maturities, or introduce instruments such as floating rate bonds (FRBs), inflation-indexed bonds (IIBs), and non-standard maturities based on evolving market conditions. Additionally, the RBI retains the right to exercise a greenshoe option to retain additional subscriptions of up to ₹2,000 crore against each security.

Switch Auctions and Regulatory Framework

In addition to regular primary issuances, the RBI will conduct switches of dated securities through auctions on the third Monday of every month, or more frequently if required. If the third Monday falls on a holiday, the switch auction will take place on the fourth Monday of the month. All auctions will be governed by the terms and conditions outlined in the General Notification No. F.4(2)-B(W&M)/2018 dated March 26, 2025, issued by the Government of India. Stakeholders are advised to keep track of official press releases for any dynamic adjustments or intervening holiday notices.