This press release from the Reserve Bank of India (RBI), dated March 02, 2026, details the results of the Conversion/Switch Auction of Government of India Securities. The auction involved various "Source Securities" with different coupon rates and maturity dates, and "Destination Securities" also with specified coupon rates and maturity dates.
For the "Source Securities" 5.63% GS 2026, 7.33% GS 2026, 8.15% GS 2026 (two instances), the Notified Amounts were ₹3,000 crore, ₹2,000 crore, ₹5,000 crore, and ₹3,000 crore, respectively. The corresponding "Destination Securities" were 6.92% GS 2039, 7.50% GS 2034, 6.57% GS 2033, and 8.32% GS 2032. The number of offers received for these pairings were 9, 10, 6, and 6, with the total amount of Source Security offered being ₹727.659 crore, ₹1,425.000 crore, ₹4,450.806 crore, and ₹2,500.472 crore. The number of offers accepted were 2, 10, 6, and 6. The total amount of Source Security accepted (Face value, in crore) was ₹102.335 crore, ₹1,425.000 crore, ₹4,450.806 crore, and ₹2,500.472 crore. The total amount of Destination Security issued (Face value, in crore) amounted to ₹103.281 crore, ₹1,368.733 crore, ₹4,556.164 crore, and ₹2,331.967 crore. The cut-off prices and yields for the destination securities were 99.12/7.0193%, 105.25/6.6747%, 99.35/6.6765%, and 109.08/6.5604%.
The release also covers "Source Securities" of 8.24% GS 2027 (three instances) with Notified Amounts of ₹5,000 crore, ₹4,000 crore, and ₹3,000 crore. The "Destination Securities" for these were 8.32% GS 2032, 6.57% GS 2033, and 7.40% GS 2062. The number of offers received were 11, 14, and 6, with the total amount of Source Security offered at ₹7,209.560 crore, ₹3,675.000 crore, and ₹2,710.000 crore. Offers accepted were 8, 5, and 0. The total amount of Source Security accepted (Face value, in crore) was ₹2,009.560 crore, ₹3,300.000 crore, and ₹0. The total amount of Destination Security issued (Face value, in crore) was ₹1,886.241 crore, ₹3,400.510 crore, and ₹0. The cut-off prices and yields for the destination securities were 109.00/6.5751%, 99.22/6.6984%, and NA.
The RBI can be contacted via their websites www.rbi.org.in/hindi and www.rbi.org.in, or by email at helpdoc@rbi.org.in. The Department of Communication is located at Central Office, Shahid Bhagat Singh Marg, Fort, Mumbai - 400 001, with a phone number of 022 - 2266 0502. The press release number is 2025-2026/2199. The release is signed by Ajit Prasad, Deputy General Manager (Communications).
Key Entities Referenced
Reserve Bank of India: The central bank of India, issuing the press release and conducting the auction.
Government of India Securities: The financial instruments being auctioned, indicating the policy's focus on sovereign debt.
Conversion/Switch Auction: The specific type of financial operation being conducted, central to the policy's purpose.
Mumbai: The location of the Reserve Bank of India's Central Office, indicating the geographical scope of operations.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व बैंक
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
March 02, 2026
Result: Conversion/Switch Auction of Government of India Securities
5.63% GS 7.33% GS 8.15% GS 8.15% GS
A. Source Security
2026 2026 2026 2026
Notified Amount
3,000 2,000 5,000 3,000
(in ₹ crore)
B.
6.92% GS 7.50% GS 6.57% GS 8.32% GS
Destination Security
2039 2034 2033 2032
i. No. of offers received 9 10 6 6
ii. Total amount of Source
Security offered 727.659 1,425.000 4,450.806 2,500.472
(Face value, in ₹ crore)
iii. No. of offers accepted 2 10 6 6
C. iv. Total amount of source
security accepted 102.335 1,425.000 4,450.806 2,500.472
(Face value, in ₹ crore)
v. Total amount of
destination security issued 103.281 1,368.733 4,556.164 2,331.967
(Face value, in ₹ crore)
vi. Cut-off price (₹) / yield 99.12/ 105.25/ 109.08/
99.35/ 6.6765
(%) for destination security 7.0193 6.6747 6.56042
A. Source Security 8.24% GS 2027 8.24% GS 2027 8.24% GS 2027
Notified Amount
5,000 4,000 3,000
(in ₹ crore)
B.
Destination Security 8.32% GS 2032 6.57% GS 2033 7.40% GS 2062
i. No. of offers received 11 14 6
ii. Total amount of Source
Security offered 7,209.560 3,675.000 2,710.000
(Face value, in ₹ crore)
iii. No. of offers accepted 8 5 0
iv. Total amount of source
C.
security accepted 2,009.560 3,300.000 0
(Face value, in ₹ crore)
v. Total amount of
destination security issued 1,886.241 3,400.510 0
(Face value, in ₹ crore)
vi. Cut-off price (₹) / yield (%)
109.00/ 6.5751 99.22/ 6.6984 NA
for destination security
Ajit Prasad
Press Release: 2025-2026/2199 Deputy General Manager
(Communications)