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Government of India has announced the sale (re-issue) of Government Stock through auctions to be held on March 12, 2021. The securities include 4.48% GS 2023 for Rs 4000 crore, GoI FRB 2033 for Rs 4000 crore and 6.22% GS 2035 for Rs 11000 crore. The underwriting auction will be conducted through multiple price-based method on March 12, 2021 (Friday).
PDs may submit their bids for ACU auction electronically through Core Banking Solution (E- Kuber) System between 9.00 A. M. and 9.30 A. M. on the date of underwriting auction.
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The Reserve Bank of India (RBI) on Friday allowed retail investors to directly buy government debt or G-Secs, the first in Asia to allow direct purchases and among the very few globally.
While the move will broaden the investor base, it remains to be seen if retail investors will take up the option as past attempts have not yielded good results.
A G-Sec is an instrument issued by the central government or the states and, therefore, offers maximum safety. They are short term (called treasury bills, with original maturities of less than one year) or long term dated securities. They carry a fixed or floating coupon (interest rate) which is paid on the face value, on a half-yearly basis.