**Executive Summary**
The Reserve Bank of India, on behalf of the Government of India, is announcing a conversion/switch auction of Government of India securities for an aggregate amount of ₹20,000 crore. Bidding for this auction will take place on March 09, 2026, between 10:30 AM and 11:30 AM, with auction results announced the same day and settlement on March 10, 2026.
**Key Points / Main Content**
* **Auction Details:**
* **Purpose:** Conversion/switch of Government of India securities.
* **Aggregate Amount:** ₹20,000 crore (face value).
* **Auction Date and Time:** March 09, 2026 (Monday), 10:30 AM - 11:30 AM.
* **Result Announcement:** March 09, 2026.
* **Settlement Date:** March 10, 2026 (Tuesday).
* **Bidding Process:**
* **Platform:** Reserve Bank of India Core Banking Solution (e-Kuber) using the Switch Transaction module.
* **Bid Requirements:** Bids must specify the amount of source security (face value), the price of the source security (up to two decimal places), and the chosen destination security with its price (up to two decimal places).
* **Source Security Price:** Must be equal to the FBIL closing price of the source security on the previous working day. Bids not meeting this will be rejected.
* **Destination Security Price:** Can be placed after considering the source security price.
* **Minimum Bid Size:** ₹10,000 and multiples thereof. Multiple bids are allowed, but the aggregate amount cannot exceed the notified amount of source security.
* **Auction Type:** Multiple-price based auction, with successful bids accepted at their respective quoted prices.
* **Auction Decision and Allotment:**
* **Cut-off Price:** Determined based on the price of the destination security/ies.
* **Successful Bidders:** Those who bid at or above the cut-off price. Bids lower than the cut-off price will be rejected.
* **Pro-rata Allotment:** Provided if there are multiple successful bids at the cut-off price.
* **Switch Ratio and Destination Security Calculation:**
* **Switch Ratio:** Rounded off to 8 decimal places.
* **Destination Security Amount:** Computed by multiplying the allotted source security amount (FV) with the rounded-off switch ratio.
* **Rounding:** The amount of destination security (FV) will be rounded off to the nearest lower value in multiples of ₹10,000. Odd amounts (less than ₹10,000) rounded off will be notionally allotted and bought back at the quoted bid price of the destination security.
* **Fund Settlement:**
* **Net Accrued Interest:** Fund settlement will include the net accrued interest (source security accrued interest - destination security accrued interest) plus cash consideration due to rounding-off of destination security face value.
* **Settlement Basis:** T+1 basis.
* **Government of India's Rights:**
* Accept offers for less than the notified amount.
* Purchase marginally higher than the notified amount due to rounding-off effects.
* Accept or reject any or all offers wholly or partially without assigning any reason.
**Impact Analysis**
**Market Participants**
* **Impact:** They can convert their existing Government of India securities into new ones through an auction process, potentially adjusting their portfolio maturity and yield. They need to comply with specific bidding procedures and pricing requirements.
* **Action Required:** Submit bids electronically on the e-Kuber platform on March 09, 2026, between 10:30 AM and 11:30 AM, adhering to all specified requirements regarding bid amount, prices, and security choices.
**Reserve Bank of India (RBI) / Government of India**
* **Impact:** RBI facilitates the auction and manages the settlement process. The Government of India issues new securities and redeems existing ones through this mechanism.
* **Action Required:** Conduct the auction, announce results, manage settlement, and maintain operational guidelines.
Key Entities Referenced
Government of India Securities: Refers to the securities issued by the Government of India, which are the subject of the conversion/switch auction.
Reserve Bank of India: The central bank of India, which is conducting the auction and managing the conversion/switch of securities.
e-Kuber: The Reserve Bank of India's Core Banking Solution platform used for submitting bids in the auction.
Annex: Contains the operational guidelines for switch transactions with the Government of India.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय �रज़वर् बैंक
RESERVE BANK OF INDIA
वेबसाइट : www.rbi.org.in/hindi संचार िवभाग, केंद्रीय कायार्लय, शहीद भगत िसंह मागर्, फोटर्, मुंबई - 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
March 04, 2026
Conversion/Switch of Government of India Securities
Government of India announces the conversion/switch of its securities through auction for
an aggregate amount of ₹20,000 crore (face value). The security-wise details of the
conversion/switch are given as under:
Amount (FV) of
Date of Source
Source Securities Destination Securities
Auction Securities
(in ₹ crore)
6.97% GS 2026 7 . 5 0% GS 2034
(Maturing on Sep 06, 2026) 2,000 (Maturing on Aug 10, 2034)
6.97% GS 2026 8 . 3 2% GS 2032
(Maturing on Sep 06, 2026) 2,000 (Maturing on Aug 02, 2032)
7.33% GS 2026 6 . 5 7% GS 2033
(Maturing on Oct 30, 2026) 3,000 (Maturing on Dec 05, 2033)
March 09,
5.74% GS 2026 7 . 6 2% GS 2039
2026
(Maturing on Nov 15, 2026) 2,000 (Maturing on Sep 15, 2039)
(Monday)
8.15% GS 2026 6 . 5 7% GS 2033
(Maturing on Nov 24, 2026) 2,000 (Maturing on Dec 05, 2033)
8.24% GS 2027 7 . 4 0% GS 2062
(Maturing on Feb 15, 2027) 3,000 (Maturing on Sep 19, 2062)
8.24% GS 2027 8 . 3 2% GS 2032
(Maturing on Feb 15, 2027) 6,000 (Maturing on Aug 02, 2032)
Total 20,000
The market participants are required to place their bids in Reserve Bank of India Core
Banking Solution (e-Kuber) giving the amount of the source security and the price of the
source and destination security expressed in Indian Rupees up to two decimal places.
The auction will be a multiple-price based auction, i.e., successful bids will get accepted at
their respective quoted prices for the source and destination securities.
Bids for the auction should be submitted in electronic format on the e-Kuber platform on
March 09, 2026 (Monday) between 10:30 AM and 11:30 AM. The result of the auction will be
announced on the same day and settlement will take place on March 10, 2026 (Tuesday).
Government of India reserves the right to:
• Accept offers for less than the notified amount.
• Purchase marginally higher than the notified amount due to rounding-off effect.
• Accept or reject any or all the offers either wholly or partially without assigning any
reason.
Operational guidelines for switch transactions and other details are given in the Annex.
Ajit Prasad
Press Release: 2025-2026/2210 Deputy General Manager
(Communications)Annex
Operational Guidelines for Switch/Conversion Transactions with the Government of
India
Switch module on e-Kuber
1. The market participants can bid in the switch auction through the Switch Transaction
module provided in the e-Kuber portal.
Bidding in a switch transaction
2. Bidding in the auction implies that the market participants agree to sell the source
security/ies to the Government of India (GoI) and simultaneously agree to buy the destination
security from the GoI at their respective quoted prices.
Placing of bids
3. Each bid should specify the following details:
I. Amount of the source security (Face Value) that the participants are willing to sell.
II. Price of the source security (expressed up to two decimal places).
III. Choice of destination security and the price of the destination security (expressed up
to two decimal places), at which the participants are willing to buy the destination
security.
4. The participants can choose to bid for any/all the destination security/ies, but the aggregate
amount of bids for the source security should not exceed their holdings of the source security
in face value terms.
Minimum Bid size
5. Minimum bid size would be ₹10,000 and in multiples of ₹10,000 thereafter. The participants
are allowed to submit multiple bids. However, the aggregate amount of bids submitted should
not exceed the notified amount of source security/basket of source securities in the auction.
Price of source security
6. The price of the source security quoted must be equal to the FBIL closing price of the
source security as on the previous working day.
7. Bids for source security not as per the price mentioned above will be rejected.
Price of destination security
8. Bids for the destination security may be placed after taking into account the price of source
security as mentioned above.
Method of auction
9. The auction will be a multiple-price based auction, i.e. successful bids will get accepted at
their respective quoted prices for the source and destination securities.
Auction decision
10. The auction cut-off will be decided based on the price of the destination security/ies.
11. Successful bidders are those who have placed their bids at or above the cut-off price. All
bids lower than the cut-off price will be rejected.
12. There will be provision of pro-rata allotment, should there be more than one successful bid
at the cut-off price.Amount of destination security and dealing in odd amounts during switch auction
13. The switch ratio, which is the ratio of the price of the source security to the price of the
destination security, would be rounded off at 8 decimal places.
14. The amount of destination security to be issued for each successful bid will be computed
by multiplying the allotted amount (FV) of the source security with the rounded-off switch ratio.
The amount of destination security (FV) would be rounded-off to the nearest lower value in
multiples of ₹10,000.
15. The odd amount of destination securities (less than ₹10,000) which has been rounded-off,
would be notionally allotted and bought back from the bidders at the quoted bid price of the
destination security. The net cash consideration to be paid to the bidder for such odd amounts
would be the clean price of these securities (as the accrued interest received during notional
allotment and paid during notional buyback offset each other).
Fund settlement
16. Though the conversion would be broadly cash neutral, there will be fund settlement for the
net accrued interest (accrued interest for the source security FV – accrued interest for the
destination security FV) for each bid. Cash consideration (due to rounding-off of face value of
destination security) computed for each bid would be added to the net accrued interest.
Accordingly, fund settlement will be done for the final amount (Net accrued interest + cash
consideration) for each bid.
Note: An illustration for the calculation of cash consideration due to rounding-off of
destination security face value is as given below:
Amount of Source Security (FV) ₹10,00,00,000.00
Price of Source Security ₹97.50
Price of Destination Security ₹99.20
Switch Ratio (rounded-off at 8 decimals) 0.98286290
Destination Security FV before rounding off ₹9,82,86,290.00
Destination Security FV re-issued after rounding-off ₹9,82,80,000.00
Odd amount of rounded-off destination security (FV) ₹6290.00
Cash consideration due to rounding off (Clean Price ₹6240.00
calculated at the quoted price of destination security)
17. The settlement of the auction would be held on T+1 basis.
Help Desk
18. In case of technical difficulties, Core Banking Operations Team should be contacted
(email; Phone no: 022-69870466, 022-69870415). For other auction related difficulties, IDMD
auction team can be contacted (email; Phone no: 022-22702431, 22705125).