The RBI will sell 25,000 crore of a single 2029 bond line
Victoria Shinder1 min readThe Reserve Bank of India announced on 23 September 2026 that it will conduct an open market operation sale of government securities totalling INR 25,000 crore on 28 September, following through on a plan set out on 11 September: https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=63651.
One security is on offer: 7.59% GS 2029, ISIN IN0020150069, maturing 20 March 2029, with the full amount against that line and no security-wise limit stated.
What it means
An OMO sale is the mirror image of the daily absorption operations, and it acts on a different horizon. Variable rate reverse repos drain cash for a night or a week; selling a bond outright takes the liquidity out permanently and leaves a security in private hands. A central bank that is doing both is managing two problems at once: today's overnight surplus, and the stock of durable liquidity underneath it.
The choice of a 2029 line is the detail. Selling at that point on the curve withdraws cash while adding supply to a specific maturity, which is where the operation stops being purely about quantity and starts having a shape. A sale concentrated in one security is also simpler to read than a spread across several - there is no ambiguity about what the market is being asked to absorb.
⚠️ This is an announcement of an auction, not its result. The amount offered is not the amount that will be taken, and the cut-off will say more about appetite at that maturity than the announcement does.