The Ministry of Finance, working with the Reserve Bank of India (RBI), has published an indicative calendar for issuing Government of India dated securities during the second half of financial year 2026-27, from October 1, 2026 to March 31, 2027. The calendar sets out auction dates, maturity periods and amounts to help investors plan investments and bring predictability to the government securities market.
Key facts
- Total amount to be issued: ₹7,86,000 crore across 23 auctions
- Period covered: October 1, 2026 to March 31, 2027
- Auction frequency: Weekly, with multiple securities auctioned each week
- Maturity periods: 3-year, 5-year, 7-year, 10-year, 15-year, 30-year, 40-year and 50-year securities
- Sovereign Green Bonds (SGrBs): 30-year green bonds worth ₹3,000 crore each in October, November, December 2026 and January 2027
- Non-competitive bidding: 5 per cent of notified amount reserved for retail investors
- Greenshoe option: Government can retain additional subscription up to ₹2,000 crore per security
What are government securities and why does this matter
Government securities, also called G-secs, are bonds issued by the Government of India to borrow money from the public. When you buy a government bond, you lend money to the government and receive regular interest payments and repayment of principal on maturity. These are considered among the safest investments because they are backed by the government.
Publishing an auction calendar in advance gives both big institutional investors and ordinary citizens time to decide whether to participate. It reduces uncertainty in the financial markets and helps financial institutions plan their lending and investment strategies.
Structure of the issuance calendar
The calendar is divided into 23 auction weeks running from late September 2026 through early March 2027. In most weeks, the government will auction ₹33,000 to ₹36,000 crore worth of securities across different maturity periods.
Each auction week focuses on specific maturity periods. For example, some weeks feature only 10-year bonds, while others include a mix of 3-year, 7-year and 30-year securities. This rotation ensures a steady supply of bonds across all maturity periods that investors need.
Focus on green bonds
The calendar includes Sovereign Green Bonds (SGrBs), which are government securities whose proceeds are used for environmental projects. These 30-year bonds are scheduled for four auction periods: late September, late October, late November 2026 and mid-January 2027, with ₹3,000 crore issued in each auction.
Access for retail investors
The government reserves 5 per cent of each auctioned amount for non-competitive bidding by retail investors. Under non-competitive bidding, individual investors can bid without specifying a price; they receive bonds at the weighted average price that emerges from the competitive auction. This mechanism gives small investors easier access to government securities without needing sophisticated financial knowledge or trading systems.
Flexibility and changes
Although the calendar provides indicative amounts and dates, the government retains flexibility to modify the schedule. It may change the notified amounts, auction dates, maturity periods or even issue different types of instruments such as floating rate bonds or inflation-indexed bonds if market conditions or government requirements shift. The government can also conduct buyback or switch auctions on the third Monday of each month, allowing investors to exchange existing bonds for new ones.
Any changes to the published calendar will be communicated through separate press releases. The calendar is also subject to adjustment for unexpected holidays or other unforeseen circumstances.
What this means for you
If you are an individual investor, you now know when government bonds will be auctioned over the next six months, allowing you to plan purchases. Retail investors can participate in non-competitive bidding without the need for stockbroker accounts or trading terminals, making government securities more accessible.
If you work in banking, insurance or investment management, this calendar helps you align your portfolio strategy and client offerings with available securities. Mutual fund managers and pension funds can use this schedule to plan their bond purchases.
For borrowers and businesses, the calendar signals how much the government is raising through debt, which affects the broader interest rate environment and borrowing costs across the economy.