Issuance Calendar for Marketable Dated Securities for October 2026 - March 2027
Distilled Policy Brief
- The Reserve Bank of India, in consultation with the Government of India, has released the indicative issuance calendar for marketable dated securities, including Sovereign Green Bonds (SGrBs), for the second half of the fiscal year 2026-27.
- To encourage retail participation, the auctions retain a non-competitive bidding facility reserving 5 percent of the notified amount for specified retail investors.
- The RBI maintains operational flexibility to modify the calendar, exercise a greenshoe option to retain additional subscriptions up to ₹2,000 crore per security, and conduct monthly switch auctions of dated securities.
🎯 Prelims High-Yield Examination Points
The non-competitive bidding scheme reserves 5% of the notified amount of dated securities for retail investors, and the RBI can exercise a greenshoe option of up to ₹2,000 crore per security.
⚖️ Mains Analytical & Syllabus Linkages
The role of predictable sovereign debt issuance calendars in fiscal transparency, managing market yields, preventing crowding-out of private investment, and deepening the retail debt market in India.
🎯 UPSC Prelims Practice Drill
With reference to the issuance of Government of India dated securities, consider the following statements: 1. Under the non-competitive bidding facility, 5 percent of the notified amount in the auctions is reserved for specified retail investors. 2. The Reserve Bank of India, in consultation with the Government of India, has the flexibility to exercise a greenshoe option to retain additional subscriptions up to ₹2,000 crore against each security. 3. Switch auctions of dated securities are scheduled to be conducted by the Reserve Bank of India on a quarterly basis. Which of the statements given above are correct?
- [A] 1 and 2 only
- [B] 2 and 3 only
- [C] 1 and 3 only
- [D] 1, 2 and 3
▶ Reveal Official Answer & Analytical Explanation
Statements 1 and 2 are correct: The non-competitive bidding facility reserves 5 percent of the notified amount for specified retail investors to encourage retail participation, and the RBI can exercise a greenshoe option to retain additional subscriptions up to ₹2,000 crore per security. Statement 3 is incorrect because switch auctions of dated securities are conducted on a monthly basis (specifically on the third Monday of every month, or the fourth Monday if the third is a holiday), not on a quarterly basis.
🏛️ Historical Twin PYQ Anchor (2021)
Consider the following statements regarding the "National Clean Air Programme (NCAP)": 1. It is implemented by the Ministry of Environment, Forest and Climate Change. 2. Central Pollution Control Board acts as the sole regulatory executive body.