RBI Report
Underwriting commission paid to PDs in FY26 rises to INR 863 mln
This story was originally published at 13:07 IST on 29 May 2026
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MUMBAI – The government's expenditure on account of underwriting commission paid to primary dealers, including Goods and Services Tax, for auctions of dated government bonds rose to INR 863 million in the financial year 2025-26 (Apr-Mar). This was over five times higher than INR 158 million paid in the previous year. The rise in underwriting amount in the reporting year was likely due to current market conditions amid escalating geopolitical risks, the Reserve Bank of India said in its annual report.
In FY26, primary dealers achieved an average success ratio of 62.4% in Apr-Sept and 70.0% in Oct-Mar, the report said. The share of amount allotted to primary dealers in auctions of Treasury bills was 76.1% during FY26, up from 74.8% the previous year. End
Reported by Janwee Prajapati
Edited by Deepshikha Bhardwaj
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