India’s ₹7.86 lakh crore October–March G-sec calendar: first auction week, maturities and retail route
India will auction ₹7.86 lakh crore of dated securities from October to March. Here are the first week, tenor plan, green bonds and retail route.
- The Government of India and RBI have issued an indicative ₹7.86 lakh crore calendar for marketable dated securities between 1 October 2026 and 31 March 2027.
- The first auction week, 28 September–2 October, has ₹33,000 crore scheduled across 3-year, 7-year, 30-year and 30-year Sovereign Green Bond securities.
- The programme covers 3-, 5-, 7-, 10-, 15-, 30-, 40- and 50-year maturities; the 10-year line totals ₹2.07 lakh crore across the calendar.
- The stated calendar includes ₹15,000 crore of 30-year Sovereign Green Bonds, while auction notifications may also permit up to ₹2,000 crore of additional subscription per listed security through a greenshoe option.
- Five per cent of each notified amount is reserved for specified retail investors through non-competitive bidding; an RBI Retail Direct user bids an amount, not a chosen price.
- Dates, amounts, maturities and instruments can change with notice, so readers should treat the calendar as a planning document rather than a final individual-auction notice.
India’s ₹7.86 lakh crore October–March G-sec calendar: first auction week, maturities and retail route
India has set out an indicative ₹7.86 lakh crore issuance calendar for marketable dated government securities for the six months from 1 October 2026 to 31 March 2027. The Ministry of Finance and the Reserve Bank of India (RBI) released the schedule on 25 September, covering ordinary dated securities and Sovereign Green Bonds (SGrBs). It is a timetable for the government’s market borrowing in the second half of FY27, not a list of guaranteed final auction terms.
The calendar begins with the auction week of 28 September–2 October, before the October–March period formally starts. That first week has ₹33,000 crore indicated across four lines: ₹9,000 crore at three years, ₹12,000 crore at seven years, ₹9,000 crore at 30 years and ₹3,000 crore in a 30-year SGrB. The exact auction notification remains the document that identifies a security and the terms for that sale.
For readers, the practical value lies in separating three things that can otherwise be blurred together: the six-month borrowing envelope, the recurring maturity pattern, and the retail non-competitive route. None of those is a signal to buy or sell a security; they describe how the sovereign plans to raise funds in the market.
What the H2 FY27 borrowing figure means
The ₹7.86 lakh crore figure is the scheduled total for the second half, rather than a single issue or the whole financial year’s borrowing. Mint reported that the government had planned gross borrowing of ₹15.995 lakh crore for FY27, down from the ₹16.09 lakh crore announced for the first half and the ₹17.20 lakh crore budgeted figure. The official calendar itself concerns only the October–March dated-securities programme.
A dated security is a government bond with a specified maturity. The calendar therefore sets out when the government expects to offer securities across a range of maturities, from three years to 50 years. It does not specify the final coupon, cut-off yield or market price for every future sale. Those details emerge through the relevant auction process and notifications.
This distinction also keeps the story separate from private-debt developments. Reddy News’ explainer on India’s tokenised corporate-bond pilot concerns corporate-bond market infrastructure, whereas this release is a sovereign borrowing calendar.
The first auction week: ₹33,000 crore in four maturities
The opening week is the most immediate part of the release. The 3-year, 7-year and 30-year conventional securities account for ₹30,000 crore of the indicated ₹33,000 crore, while the 30-year green-bond allocation is ₹3,000 crore. The calendar marks the week, not a reader-facing promise that every operational step will take place on each day in that window; RBI auction communications should be checked for the final transaction timetable.
The following three weekly patterns are also clear. The week of 5–9 October is allocated ₹36,000 crore in 15-year and 50-year securities; 12–16 October is ₹34,000 crore in a 10-year security; and 19–23 October returns to a ₹33,000 crore mix of 5-year and 40-year bonds. That four-part rotation broadly repeats through the six months, with a few changes in January, February and March.
The first auction week’s four-way allocation is useful planning information, but not a retail allotment announcement. Whether a particular security is allotted, and at what price, is determined in the auction and settlement process.
Maturity mix across the October–March calendar
The full programme includes 3-, 5-, 7-, 10-, 15-, 30-, 40- and 50-year maturities. The 10-year line is the largest single maturity bucket in the published schedule, totalling ₹2.07 lakh crore: ₹34,000 crore in each of the October, November and December slots, followed by ₹35,000 crore in each of the January, February and March slots.
The 15-year and 50-year combination appears in six ₹36,000 crore weeks, with ₹23,000 crore assigned to the 15-year security and ₹13,000 crore to the 50-year security each time. Five-year and 40-year securities recur in five ₹33,000 crore weeks, allocated ₹19,000 crore and ₹14,000 crore respectively. The 3-year and 7-year lines are set at ₹9,000 crore and ₹12,000 crore in each of six scheduled weeks.
The 30-year conventional allocation is ₹9,000 crore in the first five three-year/seven-year/30-year cycles and ₹12,000 crore in the 15–19 February week. Mint reported the 15-year and 30-year segments had taken a larger share of the composition than in April–September, while the five-year and 10-year shares were lower. That is context for the published mix, not a forecast of how market prices or yields will move. For broader macro context, see India’s September flash PMI reading.
Sovereign Green Bonds, greenshoe provision and switches
The calendar includes a ₹3,000 crore 30-year SGrB allocation in each of the first five mixed-maturity cycles: 28 September–2 October, 26–30 October, 23–27 November, 21–25 December and 18–22 January. Together, that is ₹15,000 crore. Mint independently reported the same second-half green-bond amount and said it would bring FY27 green-bond issuance to ₹30,000 crore if completed.
The government and RBI have retained the option to accept additional subscription of up to ₹2,000 crore against each security indicated in an auction notification. This is known as a greenshoe option. It is an option, not an automatic increase to the ₹7.86 lakh crore calendar total, and readers should not add it to the announced programme as though it were already borrowed.
The RBI also says it may conduct switches or buybacks of dated securities through auction. Switches are planned for the third Monday of each month, or the fourth Monday if the third is a holiday, and may be more frequent. Those operations are distinct from the new-issuance calendar.
The retail route: non-competitive bidding through RBI Retail Direct
All auctions in the calendar carry a non-competitive bidding facility under which 5% of the notified amount is reserved for specified retail investors. The RBI’s Retail Direct FAQ says an individual using the platform can bid in the non-competitive segment of primary auctions for dated G-secs by entering the desired amount rather than selecting a price. The minimum investment amount listed for a dated G-sec is ₹10,000, and the stated maximum under this route is ₹2 crore face value per security per auction.
In practical terms, an eligible user logs into the RBI Retail Direct primary-market platform, selects a security shown in Auction Watch, enters an amount and funds the bid before the bidding or subscription window closes. RBI says a bid that is not funded when submitted to it is cancelled. The portal supports payment methods including UPI transfer or block and net banking through linked payment gateways.
Non-competitive does not mean a bidder fixes the purchase price. The FAQ says allotment is at the weighted average price of successful competitive bids; that price is unknown when the retail bid is placed. RBI applies a markup to cover that uncertainty and says any excess is refunded to the linked bank account within two business days of the auction. The securities are normally credited to the Retail Direct Gilt account on the settlement date, typically one working day after the auction date. This is a description of the route, not personal financial advice.
Why the calendar may change — and what to check next
Both the Finance Ministry and RBI describe the release as indicative. They may modify amounts, issuance periods or maturities, and may issue non-standard maturities, floating-rate bonds or inflation-indexed bonds, after notice to the market. Intervening holidays are expressly listed as a possible reason for change. In other words, a calendar entry is valuable advance visibility but cannot replace a later RBI press release or auction notification.
Readers tracking a particular week should therefore use the calendar for orientation, then verify the individual auction notice, the non-competitive bidding window and the published result. They should also distinguish the scheduled notified amount from any additional amount the authorities choose to retain under a greenshoe option. Reddy News’ markets-this-week guide provides separate context on the indicators market participants follow; it is not a substitute for an RBI notice.
The core public record as of 27 September is straightforward: ₹7.86 lakh crore is the announced October–March dated-securities calendar, the first week is 28 September–2 October, and the published maturity range is three to 50 years. The next authoritative updates will be the RBI’s security-specific notices, auction results and any formally announced amendments.
Reader guide
Article questions, answered
Short answers to common reader questions based on the reporting above.
When is the first auction week in India’s H2 FY27 G-sec calendar?
The first scheduled auction week is 28 September–2 October 2026. The indicative allocation is ₹33,000 crore: ₹9,000 crore at three years, ₹12,000 crore at seven years, ₹9,000 crore at 30 years and ₹3,000 crore in a 30-year Sovereign Green Bond. Check the RBI’s individual auction notice for the final operational timetable.
Which maturities are included in the October–March government-securities programme?
The published calendar covers 3-, 5-, 7-, 10-, 15-, 30-, 40- and 50-year maturities. It is an indicative programme; the government and RBI may change amounts, maturity choices or issuance periods with notice.
How much is scheduled in Sovereign Green Bonds?
The calendar includes five ₹3,000 crore allocations for 30-year Sovereign Green Bonds, adding to ₹15,000 crore for the October–March period. Mint reported that, if completed, this would take FY27 green-bond issuance to ₹30,000 crore.
Can retail investors use RBI Retail Direct for these G-sec auctions?
The calendar says 5% of each notified amount is reserved for specified retail investors through non-competitive bidding. RBI Retail Direct users bid an amount rather than a price in eligible primary auctions. The RBI FAQ lists a ₹10,000 minimum for dated G-secs and a ₹2 crore face-value maximum per security per auction through this segment.
Is the published borrowing calendar final?
No. The Finance Ministry and RBI call it indicative and retain flexibility to change the amount, issuance period, maturities or instruments, including because of intervening holidays. Individual RBI auction notifications and results are the authoritative documents for a specific sale.
Sources and further reading
These references support the factual context used in this article. Links open the original publisher.
- Issuance Calendar for Marketable Dated Securities for October 2026-March 2027Ministry of Finance, Government of India (PIB) · accessed 27 September 2026
- Issuance Calendar for Marketable Dated Securities for October 2026 - March 2027Reserve Bank of India · accessed 27 September 2026
- Centre lowers FY27 borrowing estimate, plans ₹7.86 trillion bond sales in H2Mint · accessed 27 September 2026
- RBI Retail Direct Scheme — Frequently Asked QuestionsReserve Bank of India · accessed 27 September 2026
