Govt to switch 5 gilts worth INR 190 bln with 5 other bonds via auction Mon
This story was originally published at 23:25 IST on 15 October 2025
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--RBI: Govt to switch 5 gilts worth INR 190 bln via auction on Monday
NEW DELHI – The government will switch five bonds worth INR 190 billion with five longer-term gilts through an auction on Monday, the Reserve Bank of India said in a release Wednesday. The auction will take place at 1030-1130 IST. According to the central government's borrowing calendar, switches of government bonds are scheduled for the third Monday of every month.
The Union Budget for 2025-26 (Apr-Mar), presented in February, pegged the gilt switch target at a record INR 2.50 trillion against INR 1.47 trillion in the financial year ended March. The government has so far switched short-term gilts worth INR 1.29 trillion, including an INR-373-billion bilateral debt switch of FY27 bonds with the RBI.
A switch operation entails replacing a security maturing in the near term with a longer-maturity paper, effectively postponing the government's debt repayment to a later date. The security-wise details of the switch auction are as follows:
| Source Security | Notified amount of source securities (in INR bln) | Destination Security |
| 8.15%, 2026 gilt | 40 | 7.50%, 2034 gilt |
| 6.79%, 2027 gilt | 50 | 6.57%, 2033 gilt |
| 8.26%, 2027 gilt | 20 | 7.34%, 2064 gilt |
| 6.64%, 2027 gilt | 30 | 6.19%, 2034 gilt |
| 7.37%, 2028 gilt | 50 | 7.57%, 2033 gilt |
| Total | 190 |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Shubham Rana
Edited by Deepshikha Bhardwaj
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