On February 12, 2026, the Government of India undertook conversion/switch transactions with the Reserve Bank to smoothen its liability profile and for market development. Settlement date is February 13, 2026.
The Government bought back securities maturing in FY 2026-27 from the Reserve Bank and issued a security for equivalent market value using Financial Benchmarks India Pvt Ltd. (FBIL) prices as on February 11, 2026. The details are as follows:
| Security bought back by the Government from RBI | Amount (Face Value) (₹ crore) | Price of the security bought back by Government (₹) | Security issued by the Government to RBI | Amount (Face Value) (₹ crore) | Price of the security issued by Government (₹) |
|---|---|---|---|---|---|
| 7.27% GS 2026 | 3,527.689 | 100.28 | 8.30% GS 2040 | 3,202.866 | 110.45 |
| 8.33% GS 2026 | 34,957.713 | 101.05 | 8.30% GS 2040 | 31,982.588 | 110.45 |
| 8.15% GS 2026 | 19,958.783 | 101.96 | 8.30% GS 2040 | 18,424.604 | 110.45 |
| 8.24% GS 2027 | 17,060.240 | 102.46 | 8.30% GS 2040 | 15,826.094 | 110.45 |
Press Release: 2025-2026/2102
Contact: Ajit Prasad, Deputy General Manager (Communications). Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort, Mumbai - 400 001. Phone: 022 - 2266 0502. Website: www.rbi.org.in. Email: helpdoc@rbi.org.in.
Key Entities Referenced
Reserve Bank: Central bank involved in conversion/switch transactions.
Government of India Dated Securities: Securities subject to conversion/switch operations.
Mumbai: Location of the Department of Communication.
Financial Benchmarks India Pvt Ltd. (FBIL): Provider of prices used for determining equivalent market value.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व ब ैंक
RESERVE BANK OF INDIA
वेबसाइट : www.rbi.org.in/hindi संचार वर्भाग, केंद्रीय कायाालय, शहीद भगत ससिंह मागा, फोटा, म िंबई - 400 001
Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort,
ई-मेल/email : helpdoc@rbi.org.in Mumbai - 400 001 फोन/Phone: 022 - 2266 0502
February 12, 2026
Conversion/Switch of Government of India Dated Securities
Government of India undertakes conversion/switch operations with market
participants as well as with the Reserve Bank with the objective of smoothening its
liability profile as well as for market development. As part of these operations,
Government has undertaken conversion/switch transactions with the Reserve Bank
on February 12, 2026 (settlement on February 13, 2026). The transactions involved
Government buying back securities maturing in FY 2026-27 from the Reserve Bank
and issuing a security for equivalent market value using Financial Benchmarks India
Pvt Ltd. (FBIL) prices as on February 11, 2026, as per the details given below:
Price of
Price of the
the
Security bought security Security issued
Amount Amount security
back by the bought back by the
(Face Value) (Face Value) issued by
Government by Government to
(₹ crore) (₹ crore) Governme
from RBI Government RBI
nt
(₹)
(₹)
7.27% GS 2026 3,527.689 100.28 8.30% GS 2040 3,202.866 110.45
8.33% GS 2026 34,957.713 101.05 8.30% GS 2040 31,982.588 110.45
8.15% GS 2026 19,958.783 101.96 8.30% GS 2040 18,424.604 110.45
8.24% GS 2027 17,060.240 102.46 8.30% GS 2040 15,826.094 110.45
Ajit Prasad
Press Release: 2025-2026/2102 Deputy General Manager
(Communications)