Govt to switch 8 gilts worth INR 250 bln with 4 other bonds via auction Monday
This story was originally published at 20:09 IST on 12 November 2025
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--RBI: Govt to switch 8 gilts worth INR 250 bln via auction on Mon
NEW DELHI – The government will switch eight bonds worth INR 250 billion with four 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 1.41 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 |
| 5.74%, 2026 gilt | 20 | 7.57%, 2033 gilt |
| 8.15%, 2026 gilt | 30 | 6.57%, 2033 gilt |
| 6.64%, 2027 gilt | 50 | 6.19%, 2034 gilt |
| 7.06%, 2028 gilt | 30 | 7.57%, 2033 gilt |
| 8.60%, 2028 gilt | 30 | 6.57%, 2033 gilt |
| 7.37%, 2028 gilt | 30 | 7.57%, 2033 gilt |
| 7.26%, 2029 gilt | 30 | 6.19%, 2034 gilt |
| 7.59%, 2029 gilt | 30 | 7.50%, 2034 gilt |
| Total | 250 |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Aaryan Khanna
Edited by Ashish Shirke
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