The Government to finance its fiscal deficit, or for the purpose notified by the Government in the official Gazette, issues securities which are called Government Securities. These sovereign securities are issued by the Reserve Bank of India (RBI) on behalf of Government of India as per the Central Government’s market borrowing programme. On the basis of the Borrowing Programme, RBI issues an indicative auction calendar to enable the institutional and retail investors to plan their investment. RBI indicates in this core calendar for issuance of dated government securities the amounts and maturities of the loans to be raised. The calendar is subject to variations – depending on market conditions and other factors. The Reserve Bank, reserves the right to make additional issuances outside the calendar or make changes in the calendar as per emerging requirements of the Government or even cancel an auction depending on market conditions. The calendar also helps in providing transparency and stability to the Government securities market.
The Reserve Bank of India announces the Auction calendar in advance for each half of the Financial Year separately, in March and September. You can download the Auction calendar by logging onto www.sbidfhi.com