Govt to conduct ₹30,000 crore G-Sec conversion/switch auction on 17 Aug 2026

The Government of India has announced an auction to convert/switch Government securities (G-Secs) for an aggregate amount of **₹30,000 crore (face value)**. The auction is scheduled for **Monday, 17 August 2026**, with results to be announced the same day and settlement planned for **Tuesday, 18 August 2026**, as per the Reserve Bank of India (RBI) press release.

In a conversion/switch, investors offer specified “source” securities and receive “destination” securities, based on the prices they quote. Such operations are a routine part of public debt management and are typically used to streamline the government’s redemption profile over time.

What is being switched: the notified securities According to the notification, the auction will cover multiple source securities being switched into longer- or different-maturity destination securities. The security-wise details are:

• **8.26% GS 2027** (maturing **02 Aug 2027**) — **₹2,000 crore** → **7.19% GS 2060** (maturing **15 Sep 2060**)
• **7.17% GS 2028** (maturing **08 Jan 2028**) — **₹3,000 crore** → **6.64% GS 2035** (maturing **16 Jun 2035**)
• **7.06% GS 2028** (maturing **10 Apr 2028**) — **₹4,000 crore** → **6.83% GS 2039** (maturing **19 Jan 2039**)
• **7.37% GS 2028** (maturing **23 Oct 2028**) — **₹3,000 crore** → **7.10% GS 2034** (maturing **08 Apr 2034**)
• **7.26% GS 2029** (maturing **14 Jan 2029**) — **₹3,000 crore** → **6.64% GS 2035** (maturing **16 Jun 2035**)
• **7.10% GS 2029** (maturing **18 Apr 2029**) — **₹3,000 crore** → **7.50% GS 2034** (maturing **10 Aug 2034**)
• **7.10% GS 2029** (maturing **18 Apr 2029**) — **₹5,000 crore** → **7.62% GS 2039** (maturing **15 Sep 2039**)
• **6.45% GS 2029** (maturing **07 Oct 2029**) — **₹2,000 crore** → **7.10% GS 2034** (maturing **08 Apr 2034**)
• **7.88% GS 2030** (maturing **19 Mar 2030**) — **₹5,000 crore** → **6.67% GS 2035** (maturing **15 Dec 2035**)

**Total notified amount:** **₹30,000 crore (face value)**.

Auction process and timeline Market participants will place bids through the RBI’s **Core Banking Solution (e-Kuber)** platform. Bids must specify:

• the **amount of the source security**, and
• the **price of the source and destination securities**, expressed in **Indian Rupees up to two decimal places**.

The auction will be conducted as a **multiple-price auction**. This means successful bids are accepted at the **respective quoted prices** for both the source and destination securities, rather than at a single uniform clearing price.

**Bidding window:** **10:30 AM to 11:30 AM** on **17 August 2026 (Monday)**.

**Result announcement:** on the **same day**.

**Settlement date:** **18 August 2026 (Tuesday)**.

The Government of India has also reserved the right to **accept offers for less than the notified amount**, and to **purchase marginally higher than the notified amount**, as per the stated terms.

What this signals for markets and debt management For investors and the wider financial system, a well-telegraphed switch operation can be a constructive step. By offering clearly specified destination securities across maturities such as **2034, 2035, 2039 and 2060**, the government can support smoother redemption management while providing market participants an opportunity to reposition holdings through a transparent auction.

Such operations also reflect an emphasis on predictable, market-based processes—important for liquidity and price discovery in the government bond market.

**Why it matters:** By using an auction-led conversion/switch of ₹30,000 crore, the government can manage its borrowing profile in an orderly manner, while giving investors a transparent route to adjust duration and maturity preferences—supporting stability and efficiency in India’s G-Sec market.