The Reserve Bank of India (RBI) announced the results of the underwriting auction conducted on December 26, 2025, for Additional Competitive Underwriting (ACU) of government securities. The cut-off rates for underwriting commission payable to Primary Dealers are as follows:
- 5.91% GS 2028: Notified amount ₹9,000 crore, Minimum Underwriting Commitment (MUC) ₹4,515 crore, Additional Competitive Underwriting Amount Accepted ₹4,485 crore, Total Amount Underwritten ₹9,000 crore, ACU Commission Cut-off rate 0.19 (Paise per ₹100).
- 6.28% GS 2032: Notified amount ₹11,000 crore, Minimum Underwriting Commitment (MUC) ₹5,502 crore, Additional Competitive Underwriting Amount Accepted ₹5,498 crore, Total Amount Underwritten ₹11,000 crore, ACU Commission Cut-off rate 0.34 (Paise per ₹100).
- 7.24% GS 2055: Notified amount ₹12,000 crore, Minimum Underwriting Commitment (MUC) ₹6,006 crore, Additional Competitive Underwriting Amount Accepted ₹5,994 crore, Total Amount Underwritten ₹12,000 crore, ACU Commission Cut-off rate 1.10 (Paise per ₹100).
Auction for the sale of securities will be held on December 26, 2025. The press release number is 2025-2026/1772. Contact person is Ajit Prasad, Deputy General Manager (Communications). The RBI's website is www.rbi.org.in, and the email address is helpdoc@rbi.org.in. The Department of Communication, Central Office is located at Shahid Bhagat Singh Marg, Fort, Mumbai - 400 001, and the phone number is 022 - 2266 0502.
Key Entities Referenced
Reserve Bank of India: Sets cut-off rates for underwriting commission payable to Primary Dealers for Government securities.
Underwriting Auction: Auction conducted for Additional Competitive Underwriting (ACU) of Government securities.
Government Securities: Undernoted securities that are part of the auction for Additional Competitive Underwriting (ACU).
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
December 26, 2025
Result of Underwriting Auction conducted on December 26, 2025
In the underwriting auction conducted on December 26, 2025, for Additional Competitive
Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set
the cut-off rates for underwriting commission payable to Primary Dealers as given below:
Minimum
Additional ACU
Underwritin
Competitive Commissio
g Total Amount
Nomenclature of Notified Underwriting n Cut-off
Commitmen underwritten
the Security Amount Amount rate
t (MUC) (₹crore)
(₹crore) Accepted (Paise per
Amount
(₹crore) ₹10 0)
(₹crore)
5.91% GS 2028 9,000 4,515 4,485 9,000 0.19
6.28% GS 2032 11,000 5,502 5,498 11,000 0.34
7.24% GS 2055 12,000 6,006 5,994 12,000 1.10
Auction for the sale of securities will be held on December 26, 2025.
Ajit Prasad
Press Release: 2025-2026/1772 Deputy General Manager
(Communications)