Government Securities Conversion ₹30,000 Crore Auction April 20
Summary
The Reserve Bank of India has announced a Government of India securities conversion/switch auction worth ₹30,000 crore (face value) scheduled for April 20, 2026. The auction involves switching 9 source securities maturing between 2026-2030 into destination securities maturing between 2033-2039. Bids must be submitted electronically through the e-Kuber platform between 10:30 AM and 11:30 AM on the auction date.
What changed
The RBI has announced a conversion/switch auction for Government of India securities aggregating ₹30,000 crore in face value. Nine source securities with coupon rates ranging from 5.74% to 8.60% maturing between November 2026 and March 2030 will be converted into destination securities with coupon rates ranging from 6.19% to 7.50% maturing between December 2033 and November 2039.\n\nMarket participants (primarily banks and primary dealers) must submit electronic bids through the RBI's e-Kuber Core Banking Solution platform. The auction uses a multiple-price format where successful bidders receive securities at their quoted prices. Results will be announced on April 20, 2026 with settlement on April 21, 2026. Participants should ensure technical readiness for the e-Kuber platform and review operational guidelines for switch transactions.
What to do next
- Submit bids through e-Kuber platform on April 20, 2026 between 10:30 AM and 11:30 AM
- Specify amount of source security and prices for both source and destination securities in bids
Archived snapshot
Apr 16, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Press Releases
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| Date : Apr 15, 2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Conversion/Switch of Government of India Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Government of India announces the conversion/switch of its securities through auction for an aggregate amount of ₹30,000 crore (face value). The security-wise details of the conversion/switch are given as under:
\| Date of Auction \| Source Securities \| Amount (FV) of Source Securities
(in ₹ crore) \| Destination Securities \|
\| April 20, 2026
(Monday) \| 5.74% GS 2026
(Maturing on Nov 15, 2026) \| 3,000 \| 6.33% GS 2035
(Maturing on May 05, 2035) \|
\| 8.24% GS 2027
(Maturing on Feb 15, 2027) \| 1,000 \| 6.92% GS 2039
(Maturing on Nov 18, 2039) \| \|
\| 6.79% GS 2027
(Maturing on May 15, 2027) \| 3,000 \| 6.19% GS 2034
(Maturing on Sep 16, 2034) \| \|
\| 6.64% GS 2027
(Maturing on Dec 09, 2027) \| 3,000 \| 6.64% GS 2035
(Maturing on Jun 16, 2035) \| \|
\| 8.60% GS 2028
(Maturing on Jun 02, 2028) \| 3,000 \| 7.50% GS 2034
(Maturing on Aug 10, 2034) \| \|
\| 7.59% GS 2029
(Maturing on Mar 20, 2029) \| 3,000 \| 6.22% GS 2035
(Maturing on Mar 16, 2035) \| \|
\| 7.10% GS 2029
(Maturing on Apr 18, 2029) \| 6,000 \| 6.57% GS 2033
(Maturing on Dec 05, 2033) \| \|
\| 7.04% GS 2029
(Maturing on Jun 03, 2029) \| 4,000 \| 7.50% GS 2034
(Maturing on Aug 10, 2034) \| \|
\| 7.88% GS 2030
(Maturing on Mar 19, 2030) \| 4,000 \| 7.40% GS 2035
(Maturing on Sep 09, 2035) \| \|
\| \| Total \| 30,000 \| \|
The market participants are required to place their bids in Reserve Bank of India Core Banking Solution (e-Kuber) giving the amount of the source security and the price of the source and destination security expressed in Indian Rupees up to two decimal places.
The auction will be a multiple-price based auction, i.e., successful bids will get accepted at their respective quoted prices for the source and destination securities.
Bids for the auction should be submitted in electronic format on the e-Kuber platform on April 20, 2026 (Monday) between 10:30 AM and 11:30 AM. The result of the auction will be announced on the same day and settlement will take place on April 21, 2026 (Tuesday).
Government of India reserves the right to:
- Accept offers for less than the notified amount.
- Purchase marginally higher than the notified amount due to rounding-off effect.
- Accept or reject any or all the offers either wholly or partially without assigning any reason.
Operational guidelines for switch transactions and other details are given in the Annex.
Ajit Prasad
Deputy General Manager
(Communications)
Press Release: 2026-2027/88
Operational Guidelines for Switch/Conversion Transactions with the Government of India
Switch module on e-Kuber
- The market participants can bid in the switch auction through the Switch Transaction module provided in the e-Kuber portal.
Bidding in a switch transaction
- Bidding in the auction implies that the market participants agree to sell the source security/ies to the Government of India (GoI) and simultaneously agree to buy the destination security from the GoI at their respective quoted prices.
Placing of bids
Each bid should specify the following details:
- Amount of the source security (Face Value) that the participants are willing to sell.
- Price of the source security (expressed up to two decimal places).
- Choice of destination security and the price of the destination security (expressed up to two decimal places), at which the participants are willing to buy the destination security.
The participants can choose to bid for any/all the destination security/ies, but the aggregate amount of bids for the source security should not exceed their holdings of the source security in face value terms.
Minimum Bid size
- Minimum bid size would be ₹10,000 and in multiples of ₹10,000 thereafter. The participants are allowed to submit multiple bids. However, the aggregate amount of bids submitted should not exceed the notified amount of source security/basket of source securities in the auction.
Price of source security
The price of the source security quoted must be equal to the FBIL closing price of the source security as on the previous working day.
Bids for source security not as per the price mentioned above will be rejected.
Price of destination security
- Bids for the destination security may be placed after taking into account the price of source security as mentioned above.
Method of auction
- The auction will be a multiple-price based auction, i.e. successful bids will get accepted at their respective quoted prices for the source and destination securities.
Auction decision
The auction cut-off will be decided based on the price of the destination security/ies.
Successful bidders are those who have placed their bids at or above the cut-off price. All bids lower than the cut-off price will be rejected.
There will be provision of pro-rata allotment, should there be more than one successful bid at the cut-off price.
Amount of destination security and dealing in odd amounts during switch auction
The switch ratio, which is the ratio of the price of the source security to the price of the destination security, would be rounded off at 8 decimal places.
The amount of destination security to be issued for each successful bid will be computed by multiplying the allotted amount (FV) of the source security with the rounded-off switch ratio. The amount of destination security (FV) would be rounded-off to the nearest lower value in multiples of ₹10,000.
The odd amount of destination securities (less than ₹10,000) which has been rounded-off, would be notionally allotted and bought back from the bidders at the quoted bid price of the destination security. The net cash consideration to be paid to the bidder for such odd amounts would be the clean price of these securities (as the accrued interest received during notional allotment and paid during notional buyback offset each other).
Fund settlement
- Though the conversion would be broadly cash neutral, there will be fund settlement for the net accrued interest (accrued interest for the source security FV – accrued interest for the destination security FV) for each bid. Cash consideration (due to rounding-off of face value of destination security) computed for each bid would be added to the net accrued interest. Accordingly, fund settlement will be done for the final amount (Net accrued interest + cash consideration) for each bid.
Note: An illustration for the calculation of cash consideration due to rounding-off of destination security face value is as given below:
\| Amount of Source Security (FV) \| ₹10,00,00,000.00 \|
\| Price of Source Security \| ₹97.50 \|
\| Price of Destination Security \| ₹99.20 \|
\| Switch Ratio (rounded-off at 8 decimals) \| 0.98286290 \|
\| Destination Security FV before rounding off \| ₹9,82,86,290.00 \|
\| Destination Security FV re-issued after rounding-off \| ₹9,82,80,000.00 \|
\| Odd amount of rounded-off destination security (FV) \| ₹6290.00 \|
\| Cash consideration due to rounding off (Clean Price calculated at the quoted price of destination security) \| ₹6240.00 \|
17. The settlement of the auction would be held on T+1 basis.
Help Desk
- In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-69870466, 022-69870415). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 22705125). | Date of Auction | Source Securities | Amount (FV) of Source Securities (in ₹ crore) | Destination Securities | April 20, 2026 (Monday) | 5.74% GS 2026 (Maturing on Nov 15, 2026) | 3,000 | 6.33% GS 2035 (Maturing on May 05, 2035) | 8.24% GS 2027 (Maturing on Feb 15, 2027) | 1,000 | 6.92% GS 2039 (Maturing on Nov 18, 2039) | 6.79% GS 2027 (Maturing on May 15, 2027) | 3,000 | 6.19% GS 2034 (Maturing on Sep 16, 2034) | 6.64% GS 2027 (Maturing on Dec 09, 2027) | 3,000 | 6.64% GS 2035 (Maturing on Jun 16, 2035) | 8.60% GS 2028 (Maturing on Jun 02, 2028) | 3,000 | 7.50% GS 2034 (Maturing on Aug 10, 2034) | 7.59% GS 2029 (Maturing on Mar 20, 2029) | 3,000 | 6.22% GS 2035 (Maturing on Mar 16, 2035) | 7.10% GS 2029 (Maturing on Apr 18, 2029) | 6,000 | 6.57% GS 2033 (Maturing on Dec 05, 2033) | 7.04% GS 2029 (Maturing on Jun 03, 2029) | 4,000 | 7.50% GS 2034 (Maturing on Aug 10, 2034) | 7.88% GS 2030 (Maturing on Mar 19, 2030) | 4,000 | 7.40% GS 2035 (Maturing on Sep 09, 2035) | | Total | 30,000 | | Amount of Source Security (FV) | ₹10,00,00,000.00 | Price of Source Security | ₹97.50 | Price of Destination Security | ₹99.20 | Switch Ratio (rounded-off at 8 decimals) | 0.98286290 | Destination Security FV before rounding off | ₹9,82,86,290.00 | Destination Security FV re-issued after rounding-off | ₹9,82,80,000.00 | Odd amount of rounded-off destination security (FV) | ₹6290.00 | Cash consideration due to rounding off (Clean Price calculated at the quoted price of destination security) | ₹6240.00 | | Date of Auction | Source Securities | Amount (FV) of Source Securities (in ₹ crore) | Destination Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | April 20, 2026 (Monday) | 5.74% GS 2026 (Maturing on Nov 15, 2026) | 3,000 | 6.33% GS 2035 (Maturing on May 05, 2035) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8.24% GS 2027 (Maturing on Feb 15, 2027) | 1,000 | 6.92% GS 2039 (Maturing on Nov 18, 2039) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6.79% GS 2027 (Maturing on May 15, 2027) | 3,000 | 6.19% GS 2034 (Maturing on Sep 16, 2034) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6.64% GS 2027 (Maturing on Dec 09, 2027) | 3,000 | 6.64% GS 2035 (Maturing on Jun 16, 2035) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8.60% GS 2028 (Maturing on Jun 02, 2028) | 3,000 | 7.50% GS 2034 (Maturing on Aug 10, 2034) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7.59% GS 2029 (Maturing on Mar 20, 2029) | 3,000 | 6.22% GS 2035 (Maturing on Mar 16, 2035) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7.10% GS 2029 (Maturing on Apr 18, 2029) | 6,000 | 6.57% GS 2033 (Maturing on Dec 05, 2033) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7.04% GS 2029 (Maturing on Jun 03, 2029) | 4,000 | 7.50% GS 2034 (Maturing on Aug 10, 2034) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7.88% GS 2030 (Maturing on Mar 19, 2030) | 4,000 | 7.40% GS 2035 (Maturing on Sep 09, 2035) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | 30,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amount of Source Security (FV) | ₹10,00,00,000.00 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Price of Source Security | ₹97.50 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Price of Destination Security | ₹99.20 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Switch Ratio (rounded-off at 8 decimals) | 0.98286290 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Destination Security FV before rounding off | ₹9,82,86,290.00 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Destination Security FV re-issued after rounding-off | ₹9,82,80,000.00 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Odd amount of rounded-off destination security (FV) | ₹6290.00 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cash consideration due to rounding off (Clean Price calculated at the quoted price of destination security) | ₹6240.00 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Government of India announces the conversion/switch of its securities through auction for an aggregate amount of ₹30,000 crore (face value). The security-wise details of the conversion/switch are given as under:
| Date of Auction | Source Securities | Amount (FV) of Source Securities
(in ₹ crore) | Destination Securities |
| April 20, 2026
(Monday) | 5.74% GS 2026
(Maturing on Nov 15, 2026) | 3,000 | 6.33% GS 2035
(Maturing on May 05, 2035) |
| 8.24% GS 2027
(Maturing on Feb 15, 2027) | 1,000 | 6.92% GS 2039
(Maturing on Nov 18, 2039) | |
| 6.79% GS 2027
(Maturing on May 15, 2027) | 3,000 | 6.19% GS 2034
(Maturing on Sep 16, 2034) | |
| 6.64% GS 2027
(Maturing on Dec 09, 2027) | 3,000 | 6.64% GS 2035
(Maturing on Jun 16, 2035) | |
| 8.60% GS 2028
(Maturing on Jun 02, 2028) | 3,000 | 7.50% GS 2034
(Maturing on Aug 10, 2034) | |
| 7.59% GS 2029
(Maturing on Mar 20, 2029) | 3,000 | 6.22% GS 2035
(Maturing on Mar 16, 2035) | |
| 7.10% GS 2029
(Maturing on Apr 18, 2029) | 6,000 | 6.57% GS 2033
(Maturing on Dec 05, 2033) | |
| 7.04% GS 2029
(Maturing on Jun 03, 2029) | 4,000 | 7.50% GS 2034
(Maturing on Aug 10, 2034) | |
| 7.88% GS 2030
(Maturing on Mar 19, 2030) | 4,000 | 7.40% GS 2035
(Maturing on Sep 09, 2035) | |
| | Total | 30,000 | |
The market participants are required to place their bids in Reserve Bank of India Core Banking Solution (e-Kuber) giving the amount of the source security and the price of the source and destination security expressed in Indian Rupees up to two decimal places.
The auction will be a multiple-price based auction, i.e., successful bids will get accepted at their respective quoted prices for the source and destination securities.
Bids for the auction should be submitted in electronic format on the e-Kuber platform on April 20, 2026 (Monday) between 10:30 AM and 11:30 AM. The result of the auction will be announced on the same day and settlement will take place on April 21, 2026 (Tuesday).
Government of India reserves the right to:
Accept offers for less than the notified amount.
Purchase marginally higher than the notified amount due to rounding-off effect.
Accept or reject any or all the offers either wholly or partially without assigning any reason.
Operational guidelines for switch transactions and other details are given in the Annex.
Ajit Prasad
Deputy General Manager
(Communications)
Press Release: 2026-2027/88
Operational Guidelines for Switch/Conversion Transactions with the Government of India
Switch module on e-Kuber
- The market participants can bid in the switch auction through the Switch Transaction module provided in the e-Kuber portal.
Bidding in a switch transaction
- Bidding in the auction implies that the market participants agree to sell the source security/ies to the Government of India (GoI) and simultaneously agree to buy the destination security from the GoI at their respective quoted prices.
Placing of bids
Each bid should specify the following details:
- Amount of the source security (Face Value) that the participants are willing to sell.
- Price of the source security (expressed up to two decimal places).
- Choice of destination security and the price of the destination security (expressed up to two decimal places), at which the participants are willing to buy the destination security.
The participants can choose to bid for any/all the destination security/ies, but the aggregate amount of bids for the source security should not exceed their holdings of the source security in face value terms.
Minimum Bid size
- Minimum bid size would be ₹10,000 and in multiples of ₹10,000 thereafter. The participants are allowed to submit multiple bids. However, the aggregate amount of bids submitted should not exceed the notified amount of source security/basket of source securities in the auction.
Price of source security
The price of the source security quoted must be equal to the FBIL closing price of the source security as on the previous working day.
Bids for source security not as per the price mentioned above will be rejected.
Price of destination security
- Bids for the destination security may be placed after taking into account the price of source security as mentioned above.
Method of auction
- The auction will be a multiple-price based auction, i.e. successful bids will get accepted at their respective quoted prices for the source and destination securities.
Auction decision
The auction cut-off will be decided based on the price of the destination security/ies.
Successful bidders are those who have placed their bids at or above the cut-off price. All bids lower than the cut-off price will be rejected.
There will be provision of pro-rata allotment, should there be more than one successful bid at the cut-off price.
Amount of destination security and dealing in odd amounts during switch auction
The switch ratio, which is the ratio of the price of the source security to the price of the destination security, would be rounded off at 8 decimal places.
The amount of destination security to be issued for each successful bid will be computed by multiplying the allotted amount (FV) of the source security with the rounded-off switch ratio. The amount of destination security (FV) would be rounded-off to the nearest lower value in multiples of ₹10,000.
The odd amount of destination securities (less than ₹10,000) which has been rounded-off, would be notionally allotted and bought back from the bidders at the quoted bid price of the destination security. The net cash consideration to be paid to the bidder for such odd amounts would be the clean price of these securities (as the accrued interest received during notional allotment and paid during notional buyback offset each other).
Fund settlement
- Though the conversion would be broadly cash neutral, there will be fund settlement for the net accrued interest (accrued interest for the source security FV – accrued interest for the destination security FV) for each bid. Cash consideration (due to rounding-off of face value of destination security) computed for each bid would be added to the net accrued interest. Accordingly, fund settlement will be done for the final amount (Net accrued interest + cash consideration) for each bid.
Note: An illustration for the calculation of cash consideration due to rounding-off of destination security face value is as given below:
| Amount of Source Security (FV) | ₹10,00,00,000.00 |
| Price of Source Security | ₹97.50 |
| Price of Destination Security | ₹99.20 |
| Switch Ratio (rounded-off at 8 decimals) | 0.98286290 |
| Destination Security FV before rounding off | ₹9,82,86,290.00 |
| Destination Security FV re-issued after rounding-off | ₹9,82,80,000.00 |
| Odd amount of rounded-off destination security (FV) | ₹6290.00 |
| Cash consideration due to rounding off (Clean Price calculated at the quoted price of destination security) | ₹6240.00 |
17. The settlement of the auction would be held on T+1 basis.
Help Desk
- In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-69870466, 022-69870415). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 22705125). | Date of Auction | Source Securities | Amount (FV) of Source Securities (in ₹ crore) | Destination Securities | April 20, 2026 (Monday) | 5.74% GS 2026 (Maturing on Nov 15, 2026) | 3,000 | 6.33% GS 2035 (Maturing on May 05, 2035) | 8.24% GS 2027 (Maturing on Feb 15, 2027) | 1,000 | 6.92% GS 2039 (Maturing on Nov 18, 2039) | 6.79% GS 2027 (Maturing on May 15, 2027) | 3,000 | 6.19% GS 2034 (Maturing on Sep 16, 2034) | 6.64% GS 2027 (Maturing on Dec 09, 2027) | 3,000 | 6.64% GS 2035 (Maturing on Jun 16, 2035) | 8.60% GS 2028 (Maturing on Jun 02, 2028) | 3,000 | 7.50% GS 2034 (Maturing on Aug 10, 2034) | 7.59% GS 2029 (Maturing on Mar 20, 2029) | 3,000 | 6.22% GS 2035 (Maturing on Mar 16, 2035) | 7.10% GS 2029 (Maturing on Apr 18, 2029) | 6,000 | 6.57% GS 2033 (Maturing on Dec 05, 2033) | 7.04% GS 2029 (Maturing on Jun 03, 2029) | 4,000 | 7.50% GS 2034 (Maturing on Aug 10, 2034) | 7.88% GS 2030 (Maturing on Mar 19, 2030) | 4,000 | 7.40% GS 2035 (Maturing on Sep 09, 2035) | | Total | 30,000 | | Amount of Source Security (FV) | ₹10,00,00,000.00 | Price of Source Security | ₹97.50 | Price of Destination Security | ₹99.20 | Switch Ratio (rounded-off at 8 decimals) | 0.98286290 | Destination Security FV before rounding off | ₹9,82,86,290.00 | Destination Security FV re-issued after rounding-off | ₹9,82,80,000.00 | Odd amount of rounded-off destination security (FV) | ₹6290.00 | Cash consideration due to rounding off (Clean Price calculated at the quoted price of destination security) | ₹6240.00 | | Government of India announces the conversion/switch of its securities through auction for an aggregate amount of ₹30,000 crore (face value). The security-wise details of the conversion/switch are given as under:
| Date of Auction | Source Securities | Amount (FV) of Source Securities
(in ₹ crore) | Destination Securities |
| April 20, 2026
(Monday) | 5.74% GS 2026
(Maturing on Nov 15, 2026) | 3,000 | 6.33% GS 2035
(Maturing on May 05, 2035) |
| 8.24% GS 2027
(Maturing on Feb 15, 2027) | 1,000 | 6.92% GS 2039
(Maturing on Nov 18, 2039) | |
| 6.79% GS 2027
(Maturing on May 15, 2027) | 3,000 | 6.19% GS 2034
(Maturing on Sep 16, 2034) | |
| 6.64% GS 2027
(Maturing on Dec 09, 2027) | 3,000 | 6.64% GS 2035
(Maturing on Jun 16, 2035) | |
| 8.60% GS 2028
(Maturing on Jun 02, 2028) | 3,000 | 7.50% GS 2034
(Maturing on Aug 10, 2034) | |
| 7.59% GS 2029
(Maturing on Mar 20, 2029) | 3,000 | 6.22% GS 2035
(Maturing on Mar 16, 2035) | |
| 7.10% GS 2029
(Maturing on Apr 18, 2029) | 6,000 | 6.57% GS 2033
(Maturing on Dec 05, 2033) | |
| 7.04% GS 2029
(Maturing on Jun 03, 2029) | 4,000 | 7.50% GS 2034
(Maturing on Aug 10, 2034) | |
| 7.88% GS 2030
(Maturing on Mar 19, 2030) | 4,000 | 7.40% GS 2035
(Maturing on Sep 09, 2035) | |
| | Total | 30,000 | |
The market participants are required to place their bids in Reserve Bank of India Core Banking Solution (e-Kuber) giving the amount of the source security and the price of the source and destination security expressed in Indian Rupees up to two decimal places.
The auction will be a multiple-price based auction, i.e., successful bids will get accepted at their respective quoted prices for the source and destination securities.
Bids for the auction should be submitted in electronic format on the e-Kuber platform on April 20, 2026 (Monday) between 10:30 AM and 11:30 AM. The result of the auction will be announced on the same day and settlement will take place on April 21, 2026 (Tuesday).
Government of India reserves the right to:
Accept offers for less than the notified amount.
Purchase marginally higher than the notified amount due to rounding-off effect.
Accept or reject any or all the offers either wholly or partially without assigning any reason.
Operational guidelines for switch transactions and other details are given in the Annex.
Ajit Prasad
Deputy General Manager
(Communications)
Press Release: 2026-2027/88
Operational Guidelines for Switch/Conversion Transactions with the Government of India
Switch module on e-Kuber
- The market participants can bid in the switch auction through the Switch Transaction module provided in the e-Kuber portal.
Bidding in a switch transaction
- Bidding in the auction implies that the market participants agree to sell the source security/ies to the Government of India (GoI) and simultaneously agree to buy the destination security from the GoI at their respective quoted prices.
Placing of bids
Each bid should specify the following details:
- Amount of the source security (Face Value) that the participants are willing to sell.
- Price of the source security (expressed up to two decimal places).
- Choice of destination security and the price of the destination security (expressed up to two decimal places), at which the participants are willing to buy the destination security.
The participants can choose to bid for any/all the destination security/ies, but the aggregate amount of bids for the source security should not exceed their holdings of the source security in face value terms.
Minimum Bid size
- Minimum bid size would be ₹10,000 and in multiples of ₹10,000 thereafter. The participants are allowed to submit multiple bids. However, the aggregate amount of bids submitted should not exceed the notified amount of source security/basket of source securities in the auction.
Price of source security
The price of the source security quoted must be equal to the FBIL closing price of the source security as on the previous working day.
Bids for source security not as per the price mentioned above will be rejected.
Price of destination security
- Bids for the destination security may be placed after taking into account the price of source security as mentioned above.
Method of auction
- The auction will be a multiple-price based auction, i.e. successful bids will get accepted at their respective quoted prices for the source and destination securities.
Auction decision
The auction cut-off will be decided based on the price of the destination security/ies.
Successful bidders are those who have placed their bids at or above the cut-off price. All bids lower than the cut-off price will be rejected.
There will be provision of pro-rata allotment, should there be more than one successful bid at the cut-off price.
Amount of destination security and dealing in odd amounts during switch auction
The switch ratio, which is the ratio of the price of the source security to the price of the destination security, would be rounded off at 8 decimal places.
The amount of destination security to be issued for each successful bid will be computed by multiplying the allotted amount (FV) of the source security with the rounded-off switch ratio. The amount of destination security (FV) would be rounded-off to the nearest lower value in multiples of ₹10,000.
The odd amount of destination securities (less than ₹10,000) which has been rounded-off, would be notionally allotted and bought back from the bidders at the quoted bid price of the destination security. The net cash consideration to be paid to the bidder for such odd amounts would be the clean price of these securities (as the accrued interest received during notional allotment and paid during notional buyback offset each other).
Fund settlement
- Though the conversion would be broadly cash neutral, there will be fund settlement for the net accrued interest (accrued interest for the source security FV – accrued interest for the destination security FV) for each bid. Cash consideration (due to rounding-off of face value of destination security) computed for each bid would be added to the net accrued interest. Accordingly, fund settlement will be done for the final amount (Net accrued interest + cash consideration) for each bid.
Note: An illustration for the calculation of cash consideration due to rounding-off of destination security face value is as given below:
| Amount of Source Security (FV) | ₹10,00,00,000.00 |
| Price of Source Security | ₹97.50 |
| Price of Destination Security | ₹99.20 |
| Switch Ratio (rounded-off at 8 decimals) | 0.98286290 |
| Destination Security FV before rounding off | ₹9,82,86,290.00 |
| Destination Security FV re-issued after rounding-off | ₹9,82,80,000.00 |
| Odd amount of rounded-off destination security (FV) | ₹6290.00 |
| Cash consideration due to rounding off (Clean Price calculated at the quoted price of destination security) | ₹6240.00 |
17. The settlement of the auction would be held on T+1 basis.
Help Desk
- In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-69870466, 022-69870415). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 22705125). | Date of Auction | Source Securities | Amount (FV) of Source Securities (in ₹ crore) | Destination Securities | April 20, 2026 (Monday) | 5.74% GS 2026 (Maturing on Nov 15, 2026) | 3,000 | 6.33% GS 2035 (Maturing on May 05, 2035) | 8.24% GS 2027 (Maturing on Feb 15, 2027) | 1,000 | 6.92% GS 2039 (Maturing on Nov 18, 2039) | 6.79% GS 2027 (Maturing on May 15, 2027) | 3,000 | 6.19% GS 2034 (Maturing on Sep 16, 2034) | 6.64% GS 2027 (Maturing on Dec 09, 2027) | 3,000 | 6.64% GS 2035 (Maturing on Jun 16, 2035) | 8.60% GS 2028 (Maturing on Jun 02, 2028) | 3,000 | 7.50% GS 2034 (Maturing on Aug 10, 2034) | 7.59% GS 2029 (Maturing on Mar 20, 2029) | 3,000 | 6.22% GS 2035 (Maturing on Mar 16, 2035) | 7.10% GS 2029 (Maturing on Apr 18, 2029) | 6,000 | 6.57% GS 2033 (Maturing on Dec 05, 2033) | 7.04% GS 2029 (Maturing on Jun 03, 2029) | 4,000 | 7.50% GS 2034 (Maturing on Aug 10, 2034) | 7.88% GS 2030 (Maturing on Mar 19, 2030) | 4,000 | 7.40% GS 2035 (Maturing on Sep 09, 2035) | | Total | 30,000 | | Amount of Source Security (FV) | ₹10,00,00,000.00 | Price of Source Security | ₹97.50 | Price of Destination Security | ₹99.20 | Switch Ratio (rounded-off at 8 decimals) | 0.98286290 | Destination Security FV before rounding off | ₹9,82,86,290.00 | Destination Security FV re-issued after rounding-off | ₹9,82,80,000.00 | Odd amount of rounded-off destination security (FV) | ₹6290.00 | Cash consideration due to rounding off (Clean Price calculated at the quoted price of destination security) | ₹6240.00 | | | Date of Auction | Source Securities | Amount (FV) of Source Securities (in ₹ crore) | Destination Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | April 20, 2026 (Monday) | 5.74% GS 2026 (Maturing on Nov 15, 2026) | 3,000 | 6.33% GS 2035 (Maturing on May 05, 2035) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8.24% GS 2027 (Maturing on Feb 15, 2027) | 1,000 | 6.92% GS 2039 (Maturing on Nov 18, 2039) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6.79% GS 2027 (Maturing on May 15, 2027) | 3,000 | 6.19% GS 2034 (Maturing on Sep 16, 2034) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6.64% GS 2027 (Maturing on Dec 09, 2027) | 3,000 | 6.64% GS 2035 (Maturing on Jun 16, 2035) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8.60% GS 2028 (Maturing on Jun 02, 2028) | 3,000 | 7.50% GS 2034 (Maturing on Aug 10, 2034) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7.59% GS 2029 (Maturing on Mar 20, 2029) | 3,000 | 6.22% GS 2035 (Maturing on Mar 16, 2035) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7.10% GS 2029 (Maturing on Apr 18, 2029) | 6,000 | 6.57% GS 2033 (Maturing on Dec 05, 2033) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7.04% GS 2029 (Maturing on Jun 03, 2029) | 4,000 | 7.50% GS 2034 (Maturing on Aug 10, 2034) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7.88% GS 2030 (Maturing on Mar 19, 2030) | 4,000 | 7.40% GS 2035 (Maturing on Sep 09, 2035) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | 30,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amount of Source Security (FV) | ₹10,00,00,000.00 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Price of Source Security | ₹97.50 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Price of Destination Security | ₹99.20 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Switch Ratio (rounded-off at 8 decimals) | 0.98286290 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Destination Security FV before rounding off | ₹9,82,86,290.00 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Destination Security FV re-issued after rounding-off | ₹9,82,80,000.00 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Odd amount of rounded-off destination security (FV) | ₹6290.00 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cash consideration due to rounding off (Clean Price calculated at the quoted price of destination security) | ₹6240.00 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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