What happened
The Reserve Bank of India (RBI) held an Open Market Operation (OMO) on 13 October 2026 to sell Government of India securities. It had notified an aggregate ₹25,000 crore for the sale, without fixing amounts for individual securities.
The RBI accepted bids in five securities. The table below shows the face value accepted, the cut-off yield and the cut-off price for each.
| Security | Face value accepted (₹ crore) | Cut-off yield (%) | Cut-off price (₹) |
|---|---|---|---|
| 7.88% GS 2030 | 2,820 | 7.1428 | 102.20 |
| 6.10% GS 2031 | 8,430 | 7.2236 | 95.54 |
| 7.95% GS 2032 | 1,600 | 7.2659 | 103.21 |
| 7.26% GS 2033 | 2,735 | 7.3413 | 99.58 |
| 7.18% GS 2033 | 9,415 | 7.3947 | 98.85 |
No accepted amount or cut-off was shown for the 7.10% GS 2034. Detailed results will be issued shortly, according to the RBI.
The accepted amounts add up to ₹25,000 crore of face value, the same as the aggregate amount notified.
What it means for you
A cut-off yield is the highest yield at which the RBI accepted bids, and the cut-off price is the matching price per ₹100 of face value. Bonds priced above ₹100 carry a coupon (the fixed interest rate the bond pays) higher than the yield, and those below ₹100 carry a lower one. The 6.10% GS 2031 at ₹95.54 is an example of the latter.
The sources do not say why the RBI held this sale or what effect it will have on liquidity or bond yields, so this article does not speculate on that. If you hold bonds or bond funds, the cut-offs give a reference point for where these particular securities cleared on the day.
Background
An open market operation is the buying or selling of government securities by the central bank. A sale takes money out of the banking system, while a purchase puts money in.
The RBI has also been in the news for other market steps this month, including a special dollar window for oil companies from 12 October.
