Debt Management

In the underwriting auction conducted on January 23, 2026, 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: Nomenclature of the Security Notified Amount (₹crore) Minimum Underwriting Commitment (MUC) Amount (₹crore) Additional Competitive Underwriting Amount Accepted (₹crore) Total Amount underwritten (₹crore) ACU Commission Cut-off rate (Paise per ₹100) New GS 2029 9,000 4,515 4,485 9,000 0.25 New GS 2033 11,000 5,502 5,498 11,000 0.49 7.24% GS 2055 13,000 6,510 6,490 13,000 0.84 Auction for the sale of securities will be held on January 23, 2026.

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹39,800 Crore (Face Value)

Government of India has announced the sale (issue/re-issue) of Government Securities, as detailed below, through auction to be held on January 23, 2026 (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

In terms of GOI notification F.No.4(22)-B(W&M)/2018 dated October 08, 2018 (SGB 2018-19 Series-V-Issue date January 22, 2019) on Sovereign Gold Bond Scheme, premature redemption of Gold Bond may be permitted after fifth year from the date of issue of such Gold Bond on the date on which interest is payable. Accordingly, the next due date of premature redemption of the above tranche shall be on January 22, 2026.

(Amount in ₹ crore) Auction Results    91-Day    182-Day    364-Day I.    Notified Amount    9,000    12,000    8,000 II.    Competitive Bids Received    (i) Number    76    81    94 (ii) Amount    17,439.745    29,587.500    23,200.120 III.    Cut-off price / Yield    98.6500    97.2539    94.6035 (YTM: 5.4889%)    (YTM: 5.6628%)    (YTM: 5.7200%) 

I. T-Bill 91-Day 182-Day 364-Day II. Total Face Value Notified ₹9,000 Crore ₹12,000 Crore ₹8,000 Crore III. Cut-off Price and Implicit Yield at Cut-Off Price 98.6500 (YTM:5.4889%) 97.2539 (YTM: 5.6628%) 94.6035 (YTM: 5.7200%)

In terms of GOI notification F.No.4(7)-B(W&M)/2019 dated September 30, 2019 (SGB 2019-20 Series-VIII-Issue date January 21, 2020) on Sovereign Gold Bond Scheme, premature redemption of Gold Bond may be permitted after fifth year from the date of issue

The result of the auction of State Government Securities held on January 20, 2026, is as under: (Amount in ₹ Crore) ASSAM SGS 2046 JAMMU AND KASHMIR UT SGS 2041 KARNATAKA SGS 2032 KARNATAKA SGS 2033 Notified Amount 1000 500 2000 2000 Tenor 20 -Years 15 -Years Re-issue of 7.25% KARNATAKA SGS 2032 issued on 14-JAN-2026 7 -Years 6 -Months Competitive Bids Received (i) No. 95 94 47 65

Sr. No. State/UT Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹)/ Yield (%) Tenor (Year) 1. Assam 1000 1000 7.62 20 2. Jammu and Kashmir 500 500 7.62 15 3. Karnataka 2000 2000 100.21/7.2084 Re-issue of 7.25% Karnataka SGS 2032, issued on January 14, 2026 2000 2000 7.32 07 year and 06 months

Government of India (GoI) has announced the sale (issue / re-issue) of three dated securities for a notified amount of ₹33,000 crore as per the following details: Sr No Security Date of Repayment Notified Amount (₹ Crore) GoI specific Notification Auction Date Settlement Date 1 New GS 2029 Jan 27, 2029 9,000 F.No.4(1)-B(W&M)/2025 dated January 19, 2026 January 23, 2026 (Friday) January 27, 2026 (Tuesday)