On December 26, 2025, the Government of India will conduct an underwriting auction for the sale (re-issue) of Government Securities for ₹32,000 crore. The auction will use a multiple price-based method. Primary Dealers (PDs) can submit bids for the Additional Competitive Underwriting (ACU) auction electronically through the Reserve Bank of India Core Banking Solution (e-Kuber system) between 09:00 A.M. and 09:30 A.M. on December 26, 2025. The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.
The amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) auction, applicable to each Primary Dealer (PD) are as follows:
- 5.91% GS 2028: Notified Amount 9,000, MUC amount per PD 215, Minimum bidding commitment per PD under ACU auction 215
- 6.28% GS 2032: Notified Amount 11,000, MUC amount per PD 262, Minimum bidding commitment per PD under ACU auction 262
- 7.24% GS 2055: Notified Amount 12,000, MUC amount per PD 286, Minimum bidding commitment per PD under ACU auction 286
The Press Release number is 2025-2026/1764. For communications, contact Ajit Prasad, Deputy General Manager.
Key Entities Referenced
Underwriting Auction: Auction for the sale of Government Securities.
Reserve Bank of India Core Banking Solution (e-Kuber system): Electronic platform for submitting bids for the ACU auction.
Minimum Underwriting Commitment (MUC): The amounts of underwriting commitment.
Additional Competitive Underwriting (ACU) auction: Auction related to underwriting commitment.
Government Securities: Securities being sold in the underwriting auction.
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 24, 2025
Underwriting Auction for sale of Government Securities for ₹32,000 crore
on December 26, 2025
Government of India has announced the sale (re-issue) of Government Securities, as
detailed below, through auction to be held on December 26, 2025 (Friday).
As per the extant scheme of underwriting commitment notified on November 14, 2007,
the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding
commitment under Additional Competitive Underwriting (ACU) auction, applicable to each
Primary Dealer (PD), are as under:
(₹ crore)
Minimum bidding
Notified MUC amount per
Securities commitment per PD
Amount PD
under ACU auction
5.91% GS 2028 9,000 215 215
6.28% GS 2032 11,000 262 262
7.24% GS 2055 12,000 286 286
The underwriting auction will be conducted through multiple price-based method on
December 26, 2025 (Friday). PDs may submit their bids for ACU auction electronically
through the Reserve Bank of India Core Banking Solution (e-Kuber system) between 09:00
A.M. and 09:30 A.M. on the day of underwriting auction.
The underwriting commission will be credited to the current account of the respective
PDs with RBI on the day of issue of securities.
Ajit Prasad
Press Release: 2025-2026/1764 Deputy General Manager
(Communications)