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Banking Awareness

Government Securities Notes 2026: G-Secs, T-Bills, SDLs, Dated Securities & RBI | IBPS SBI RRB

📅 03 November 2026
Banking Awareness IBPS SBI RRB 2026

Government Securities — Complete Banking Awareness Notes

Detailed notes covering Government Securities (G-Secs), Treasury Bills, dated government securities, State Development Loans, Cash Management Bills, government bond auctions, coupon, yield, RBI's role, primary dealers, SGL, settlement, risks and important exam facts.

Quick Definition: Government Securities are debt instruments issued by the Central Government or State Governments to borrow money. They are commonly called G-Secs. They are important instruments in India's government borrowing programme and financial markets.
Exam Focus: Remember the difference between Treasury Bills, dated Government Securities, State Development Loans, Cash Management Bills, Government of India Securities, coupon, yield, face value, maturity, primary auction, secondary market, RBI's role and the difference between Central Government and State Government securities.

Table of Contents

1. What are Government Securities?

Government Securities, commonly called G-Secs, are debt instruments issued by the Central Government or State Governments to raise funds.

When an investor buys a government security, the investor is effectively lending money to the government according to the terms of the security. Depending on the instrument, the government may pay periodic interest and repay the principal at maturity.

Government Security = Government Borrowing + Investor's Debt Investment

Government securities are an important part of India's financial system because they help finance government expenditure and provide relatively low-credit-risk instruments for investors.

2. Why Do Governments Issue Securities?

Governments may need funds to finance expenditure, infrastructure, development programmes, fiscal requirements and other public purposes.

  • Finance government expenditure.
  • Fund infrastructure projects.
  • Finance development programmes.
  • Manage fiscal requirements.
  • Refinance or manage existing debt.
  • Develop a benchmark yield curve.
  • Provide investment instruments to financial institutions.
  • Support monetary and liquidity operations through the government securities market.

3. Major Features of Government Securities

Government Issuer

The security is issued by the Central Government or a State Government.

Debt Instrument

G-Secs represent borrowing by the government.

Different Maturities

Government securities are available across different maturity periods.

Tradability

Many government securities can be traded in the secondary market.

Benchmark Role

Government bond yields are important benchmarks for pricing other debt instruments.

Liquidity

Government securities are important instruments in financial-market liquidity management.

4. Main Types of Government Securities

Instrument Issuer Main Feature
Treasury Bills Central Government Short-term government securities
Cash Management Bills Central Government Short-term cash-flow management
Dated Government Securities Central Government Longer-term government borrowing
State Development Loans State Governments Market borrowing by states

5. Central Government Securities

Central Government securities are debt instruments issued by the Government of India.

They include short-term instruments such as Treasury Bills and longer-term dated government securities.

Exam Point: Treasury Bills are issued by the Central Government, whereas State Development Loans are issued by State Governments.

6. Treasury Bills (T-Bills)

Treasury Bills are short-term government securities issued by the Central Government.

Treasury Bills are generally issued at a discount to face value and redeemed at face value at maturity.

Important Features

  • Short-term Central Government securities.
  • Issued through auctions.
  • Generally issued at a discount.
  • Redeemed at face value.
  • Do not normally pay periodic coupon interest.
  • Used as an important money-market instrument.
Investor's Return = Face Value − Purchase Price

7. 91-Day Treasury Bills

The 91-day Treasury Bill is a short-term Central Government security with a maturity of approximately 91 days.

It is widely used in short-term liquidity management and is an important instrument for the Indian money market.

8. 182-Day Treasury Bills

A 182-day Treasury Bill has a maturity of approximately 182 days.

It is a short-term government instrument and is generally issued at a discount and redeemed at face value.

9. 364-Day Treasury Bills

A 364-day Treasury Bill is a short-term Central Government security with a maturity of approximately 364 days.

Exam Memory: Commonly remembered Treasury Bill tenors are 91 days, 182 days and 364 days.

10. Cash Management Bills (CMBs)

CMB stands for Cash Management Bill. These are short-term government securities issued by the Central Government to meet temporary cash-flow mismatches.

Unlike standard Treasury Bills, CMBs have non-standard maturity periods and are generally issued for maturities of less than 91 days.

Feature T-Bill CMB
Issuer Central Government Central Government
Purpose Regular short-term borrowing Temporary cash-flow mismatch
Maturity Standard prescribed tenors Non-standard and generally less than 91 days

11. Dated Government Securities

Dated Government Securities are Central Government securities with a specified maturity date.

Unlike Treasury Bills, dated government securities normally carry a stated coupon and have longer maturity periods.

Examples of Structure

  • Fixed-rate government securities.
  • Floating-rate government securities.
  • Inflation-linked structures where applicable.
  • Special government securities issued under specific programmes.

12. What is Coupon?

The coupon is the stated interest rate associated with a bond or dated government security.

For example, if a government security has a face value of ₹100 and a coupon rate of 7%, the annual coupon payment is ₹7, assuming the stated coupon structure is annual.

Annual Coupon = Face Value × Coupon Rate

13. Face Value

Face Value is the nominal value of a security specified by the issuer.

It is different from the market price. A government bond with a face value of ₹100 can trade above or below ₹100 depending on market conditions.

Term Meaning
Face Value Nominal value of the security.
Issue Price Price at which the security is issued.
Market Price Current price in the secondary market.

14. Maturity

Maturity is the date or period when the principal amount of a debt security becomes payable according to its terms.

Treasury Bills are short-term instruments, whereas dated government securities generally have longer maturity periods.

15. What is Yield?

Yield represents the return associated with a debt security in relation to its price and cash flows.

In the bond market, yield is extremely important because investors compare securities based on expected returns and risks.

Approximate Current Yield = Annual Coupon / Current Market Price × 100

16. Relationship Between Bond Price and Yield

One of the most important concepts in government securities is the inverse relationship between bond prices and yields, assuming other factors remain unchanged.

  • Bond price rises → yield generally falls.
  • Bond price falls → yield generally rises.
Price ↑ → Yield ↓
Price ↓ → Yield ↑
This relationship is extremely important for banking examinations.

17. State Development Loans (SDLs)

SDL stands for State Development Loan. These are securities issued by State Governments to raise funds from the market.

SDLs are an important component of State Government market borrowing.

Important Points

  • Issued by State Governments.
  • Used to raise funds through market borrowing.
  • Generally issued as dated securities.
  • Interest is paid according to the security terms.
  • RBI conducts the auction process for SDLs on behalf of State Governments.

18. Central Government Securities vs SDLs

Feature Central Government G-Secs SDLs
Issuer Government of India State Governments
Purpose Central Government borrowing State Government borrowing
Auction Conducted through RBI framework Conducted through RBI on behalf of states
Nature Government debt security State government debt security

19. Government Securities Auction

Government securities are generally issued through an auction mechanism. In India, the Reserve Bank of India conducts government securities auctions as part of the government's borrowing programme.

Basic Process

  1. Government announces borrowing/auction details.
  2. Eligible participants submit bids.
  3. Bids are processed according to the auction mechanism.
  4. Securities are allotted.
  5. Successful bidders make payment.
  6. Securities are credited according to the settlement process.

20. Competitive Bidding

Under competitive bidding, bidders specify the price or yield at which they are willing to purchase the government securities.

Institutional and professional market participants commonly participate through competitive bidding.

21. Non-Competitive Bidding

Under a non-competitive bid, the bidder does not specify the price or yield. Allocation takes place according to the applicable auction rules and weighted average price/yield.

This mechanism helps smaller investors participate in government securities auctions without having to determine the competitive bid price.

Exam Point: Competitive bidder quotes price/yield. Non-competitive bidder does not quote the price/yield.

22. RBI's Role in Government Securities

The Reserve Bank of India (RBI) plays a major role in India's government securities market.

Important Functions

  • Manages government securities auctions on behalf of governments.
  • Acts as debt manager to the Central Government under the applicable framework.
  • Acts as debt manager to State Governments under agreements.
  • Facilitates government securities market infrastructure.
  • Conducts monetary-policy and liquidity operations involving government securities.
  • Regulates and oversees relevant financial-market activities under its statutory mandate.

23. Public Debt Management

Public debt management involves managing government borrowing in a way that helps meet financing requirements while managing cost, maturity and risk.

Important Objectives

  • Meet government financing requirements.
  • Manage refinancing risk.
  • Control interest-cost risk.
  • Develop the government securities market.
  • Maintain orderly market conditions.
  • Develop a reliable government bond yield curve.

24. Primary Dealers (PDs)

Primary Dealers are specialised financial-market intermediaries that play an important role in the government securities market.

Major Functions

  • Participate in primary auctions.
  • Support distribution of government securities.
  • Provide liquidity in the secondary market.
  • Assist in developing the government securities market.
Primary Dealers are closely associated with the government securities market and should not be confused with ordinary stock-market brokers.

25. Subsidiary General Ledger (SGL)

SGL stands for Subsidiary General Ledger. It is an electronic record/settlement mechanism associated with holdings and transactions in government securities.

SGL accounts are maintained with the RBI by eligible entities under the applicable framework.

26. Government Securities Market Infrastructure

The government securities market depends on several institutions and systems for issuance, trading, clearing, settlement and holding.

Institution/System Role
RBI Auction, debt management, monetary operations and market framework.
Primary Dealers Primary auction participation and secondary-market liquidity.
CCIL Clearing and settlement infrastructure for government securities and related markets.
SGL Electronic holding/settlement arrangement for eligible securities.
Stock Exchanges Provide permitted trading platforms for government securities.

27. Primary Market for Government Securities

The primary market is where newly issued government securities are sold to investors.

Government securities are commonly issued through auctions conducted under the RBI's framework.

Key Participants

  • Banks
  • Primary Dealers
  • Financial institutions
  • Mutual funds
  • Insurance companies
  • Other eligible institutional investors
  • Retail investors through permitted channels

28. Secondary Market for Government Securities

The secondary market allows investors to buy and sell government securities that have already been issued.

Importance

  • Provides liquidity.
  • Enables price discovery.
  • Creates market yields.
  • Allows investors to adjust portfolio maturity and risk.
  • Supports efficient transmission of interest rates.

29. Non-Competitive Bidding — Exam Concept

Non-competitive bidding is particularly important for understanding retail and smaller-investor participation in government securities auctions.

Feature Competitive Bid Non-Competitive Bid
Price/Yield Quoted? Yes No
Typical Participant Professional/institutional participants Eligible smaller investors under applicable rules
Allocation Based on auction outcome Based on applicable weighted-average auction outcome

30. What are Gilt-Edged Securities?

Gilt-edged securities generally refer to high-quality government securities.

The word "gilt" is commonly associated with securities carrying very low default risk because of the government issuer.

Low credit/default risk does not mean zero market risk. Government securities can experience price changes when interest rates change.

31. Risks in Government Securities

Government securities are generally considered to have low credit risk compared with many private-sector debt instruments, but they are not completely risk-free in terms of investment value.

  • Interest-rate risk.
  • Market-price risk.
  • Liquidity risk.
  • Inflation risk.
  • Reinvestment risk.

32. Interest Rate Risk

Interest-rate risk is one of the most important risks for investors holding longer-duration government securities.

When market interest rates rise, existing fixed-rate bond prices generally fall. When market interest rates fall, existing fixed-rate bond prices generally rise.

Market Interest Rate ↑ → Existing Bond Price ↓
Market Interest Rate ↓ → Existing Bond Price ↑

33. Credit Risk

Credit risk is the risk that the issuer fails to meet its financial obligations.

Sovereign government securities generally have very low domestic sovereign credit/default risk because they are obligations of the government. However, the absence of significant default risk should not be confused with the absence of market or inflation risk.

34. Liquidity Risk

Liquidity risk arises when an investor cannot sell a security quickly at a reasonable price.

Highly traded government securities generally have better liquidity than many less actively traded debt securities, but liquidity can vary across securities and market conditions.

35. Who Can Hold Government Securities?

Government securities can be held by different categories of eligible investors subject to applicable regulatory and market-access rules.

  • Commercial banks
  • Co-operative banks subject to applicable rules
  • Insurance companies
  • Mutual funds
  • Financial institutions
  • Foreign portfolio investors subject to applicable rules
  • Corporates and other eligible institutions
  • Retail investors

36. RBI Retail Direct Scheme

The RBI Retail Direct Scheme provides an online mechanism through which eligible retail investors can access the government securities market directly through the RBI's retail direct platform, subject to applicable rules.

Important Points

  • Designed to facilitate retail participation in government securities.
  • Provides access to the primary and/or secondary government securities market according to the scheme's facilities.
  • Reduces the need for traditional intermediary arrangements for eligible retail investors.
  • Provides a dedicated retail-access mechanism.
Exam Point: RBI Retail Direct is associated with direct retail investment in government securities.

37. Gilt Funds

Gilt Funds are mutual fund schemes that primarily invest in government securities according to their scheme objectives and applicable regulations.

Although the underlying securities may have low credit risk, gilt funds can experience NAV fluctuations because government bond prices change with interest rates.

Gilt Fund does not mean guaranteed return.

38. Government Securities and Repo

Government securities are widely used as collateral in repo transactions.

In a repo transaction, securities are sold with an agreement to repurchase them later. Economically, the transaction functions as collateralised short-term borrowing and lending.

Repo = Sale of Securities + Agreement to Repurchase

Government securities are important collateral because they are highly standardised and widely accepted in financial markets.

39. Government Securities and SLR

Banks are required to maintain specified liquid assets under the statutory liquidity framework. Government securities form an important part of banks' liquid-asset portfolios.

This makes government securities particularly important for commercial banks and their treasury operations.

Remember: SLR is a banking regulatory requirement, while a G-Sec is a financial instrument. They are related, but they are not the same thing.

40. Government Securities and Open Market Operations

OMO stands for Open Market Operations. RBI can buy or sell government securities in the market as part of liquidity and monetary management.

RBI Action General Liquidity Effect
Purchase of Government Securities Injects liquidity into the banking system, other things equal.
Sale of Government Securities Absorbs liquidity from the banking system, other things equal.

41. Government Securities and Monetary Policy

Government securities are closely connected with monetary policy because RBI uses government securities in various liquidity-management operations.

  • Open Market Operations.
  • Repo operations.
  • Liquidity management.
  • Yield-curve transmission.
  • Financial-market operations.
G-Sec Market → Interest Rates → Financial Conditions → Monetary Transmission

42. Government Securities Market

India's government securities market consists of the primary market, where new government securities are issued, and the secondary market, where existing securities are traded.

Major Participants

  • RBI
  • Central Government
  • State Governments
  • Commercial banks
  • Primary Dealers
  • Insurance companies
  • Mutual funds
  • Financial institutions
  • Foreign investors under applicable rules
  • Retail investors

43. Government Securities vs Corporate Bonds

Feature Government Securities Corporate Bonds
Issuer Central/State Government Company/corporate issuer
Credit Risk Generally low for sovereign securities Depends on issuer
Return Usually reflects sovereign borrowing conditions Often includes a credit-risk premium
Market Role Benchmark and liquidity instrument Corporate financing and investment

44. Treasury Bills vs Dated Government Securities

Feature Treasury Bills Dated G-Secs
Maturity Short-term Longer-term
Coupon Normally no periodic coupon Generally carry coupon or specified interest structure
Issue Generally at discount Can be issued through auction at determined price/yield
Return Difference between purchase price and face value Coupon and price/yield movement

45. Central G-Secs vs State Development Loans

Point Central Government G-Sec SDL
Full Form Government Security State Development Loan
Issuer Government of India State Government
Borrower Central Government State Government
Market Government securities market State government borrowing market

46. Important Numerical Concepts

Example 1 — Treasury Bill Return

Suppose a Treasury Bill with a face value of ₹100 is purchased for ₹97 and redeemed at ₹100.

Gain = ₹100 − ₹97 = ₹3

The investor's return arises from the discount between purchase price and redemption value.

Example 2 — Coupon

Suppose a government bond has a face value of ₹1,000 and coupon rate of 7%.

Annual Coupon = ₹1,000 × 7% = ₹70

Example 3 — Current Yield

Suppose the annual coupon is ₹70 and the current market price is ₹950.

Current Yield = ₹70 / ₹950 × 100
≈ 7.37%

47. Common Government Securities Exam Traps

  • G-Sec means Government Security.
  • Government securities are debt instruments.
  • Treasury Bills are short-term Central Government securities.
  • T-Bills generally do not carry periodic coupon payments.
  • T-Bills are generally issued at a discount and redeemed at face value.
  • Common T-Bill tenors are 91, 182 and 364 days.
  • CMB means Cash Management Bill.
  • CMBs are used for temporary cash-flow mismatches.
  • Dated government securities have specified maturity dates.
  • Dated G-Secs generally carry coupon/interest.
  • SDL means State Development Loan.
  • SDLs are issued by State Governments.
  • RBI conducts government securities auctions under the government's borrowing programme.
  • Primary Dealers are important participants in the G-Sec market.
  • SGL means Subsidiary General Ledger.
  • CCIL provides important clearing and settlement infrastructure.
  • Price and yield of fixed-rate bonds generally move inversely.
  • Government securities generally have low sovereign credit risk.
  • Low credit risk does not mean zero market risk.
  • Interest-rate changes can cause G-Sec prices to change.
  • RBI uses government securities in liquidity-management operations.
  • OMO involves buying or selling government securities.
  • G-Secs are important for banks' liquid-asset portfolios.
  • Retail investors can access eligible government securities through RBI Retail Direct.

48. 100 Rapid Revision Facts

  1. G-Sec means Government Security.
  2. Government securities are debt instruments.
  3. They are issued by Central or State Governments.
  4. Central Government securities are issued by the Government of India.
  5. State Development Loans are issued by State Governments.
  6. T-Bill means Treasury Bill.
  7. Treasury Bills are short-term securities.
  8. Treasury Bills are Central Government securities.
  9. T-Bills are generally issued at a discount.
  10. T-Bills are redeemed at face value.
  11. T-Bills normally do not pay periodic coupon interest.
  12. 91-day T-Bill is a standard short-term instrument.
  13. 182-day T-Bill is a standard short-term instrument.
  14. 364-day T-Bill is a standard short-term instrument.
  15. CMB means Cash Management Bill.
  16. CMBs help meet temporary cash-flow mismatches.
  17. CMBs have non-standard short-term maturities.
  18. Dated G-Secs have specified maturity dates.
  19. Dated G-Secs generally carry coupon/interest.
  20. Coupon is the stated interest rate/payment structure.
  21. Face value is the nominal value.
  22. Market price can differ from face value.
  23. Issue price is the price at which a security is issued.
  24. Maturity is when principal becomes due.
  25. Yield represents return relative to price/cash flows.
  26. Bond price and yield generally move inversely.
  27. Price rises generally means yield falls.
  28. Price falls generally means yield rises.
  29. SDL means State Development Loan.
  30. SDLs are issued by State Governments.
  31. Government securities help finance government expenditure.
  32. They help fund government borrowing programmes.
  33. They are important financial-market instruments.
  34. RBI plays a major role in the G-Sec market.
  35. RBI conducts government securities auctions under the applicable framework.
  36. RBI manages government debt under the applicable statutory arrangements.
  37. Primary Dealers are important G-Sec market intermediaries.
  38. PD stands for Primary Dealer.
  39. SGL means Subsidiary General Ledger.
  40. CCIL provides important clearing and settlement infrastructure.
  41. Government securities have primary and secondary markets.
  42. Primary market involves new issuance.
  43. Secondary market involves trading of existing securities.
  44. Secondary market provides liquidity.
  45. Secondary market supports price discovery.
  46. Competitive bidding involves quoting price/yield.
  47. Non-competitive bidding does not require the investor to quote price/yield.
  48. Government securities are used as collateral in repo transactions.
  49. Repo is a collateralised borrowing/lending transaction.
  50. Government securities are important repo collateral.
  51. SLR is connected with liquid assets held by banks.
  52. Government securities form an important component of bank liquid assets.
  53. SLR and G-Sec are not the same thing.
  54. OMO means Open Market Operations.
  55. OMO involves government securities.
  56. RBI purchases can inject liquidity, other things equal.
  57. RBI sales can absorb liquidity, other things equal.
  58. G-Sec yields are important market indicators.
  59. Government bond yields influence broader borrowing costs.
  60. Government securities help create benchmark yield curves.
  61. Gilt-edged securities generally refer to government securities.
  62. Government securities generally have low sovereign credit risk.
  63. They can still have interest-rate risk.
  64. They can have market-price risk.
  65. They can have liquidity risk.
  66. They can have inflation risk.
  67. Longer-duration bonds are generally more sensitive to interest-rate changes.
  68. Fixed-rate bond prices generally fall when market yields rise.
  69. Fixed-rate bond prices generally rise when market yields fall.
  70. Credit risk is different from interest-rate risk.
  71. RBI Retail Direct facilitates retail participation.
  72. Retail investors can access eligible government securities through the scheme.
  73. Gilt funds invest predominantly in government securities.
  74. Gilt funds are not guaranteed-return products.
  75. Gilt fund NAV can change with bond prices.
  76. Insurance companies are important institutional investors.
  77. Banks are major G-Sec market participants.
  78. Mutual funds can invest in government securities subject to their mandates.
  79. Foreign investors can participate subject to applicable rules.
  80. Retail participation has increased through dedicated access mechanisms.
  81. Central Government G-Secs are sovereign debt instruments.
  82. SDLs represent State Government borrowing.
  83. T-Bills belong to the money-market category.
  84. Dated G-Secs are generally associated with longer-term borrowing.
  85. G-Secs can be traded in secondary markets.
  86. Price discovery occurs through market trading.
  87. Coupon is calculated on face value for a fixed-rate security.
  88. Current yield uses market price.
  89. Face value and market price are different concepts.
  90. Yield and coupon are not identical concepts.
  91. Government securities are important to monetary policy operations.
  92. Government securities are important to liquidity management.
  93. G-Secs are important to banking treasury operations.
  94. G-Sec yields are watched by investors and policymakers.
  95. Government borrowing influences the bond market.
  96. Interest-rate expectations influence G-Sec prices.
  97. Inflation expectations can influence bond yields.
  98. Fiscal conditions can influence government bond yields.
  99. Global interest rates can affect domestic bond markets.
  100. Government securities are important for the overall financial system.
  101. G-Secs are different from corporate bonds.
  102. Corporate bonds carry issuer-specific credit risk.
  103. Government bonds can serve as benchmark instruments.
  104. Primary Dealers support market-making and distribution.
  105. Government securities auctions are an important part of public borrowing.
  106. RBI acts as a key operational institution in government securities markets.
  107. G-Sec market knowledge is important for banking examinations.
  108. Price-yield relationship is a high-priority exam concept.
  109. T-Bill vs dated G-Sec is a frequently tested comparison.
  110. G-Sec vs SDL is another important comparison.

49. Frequently Asked Questions

Q1. What are Government Securities?

Government Securities are debt instruments issued by the Central or State Governments to borrow funds.

Q2. What is a G-Sec?

G-Sec is short for Government Security.

Q3. What are Treasury Bills?

Treasury Bills are short-term Central Government securities generally issued at a discount and redeemed at face value.

Q4. What are the common Treasury Bill maturities?

The commonly remembered standard tenors are 91 days, 182 days and 364 days.

Q5. What is a Cash Management Bill?

A Cash Management Bill is a short-term Central Government security issued to meet temporary cash-flow mismatches.

Q6. What is an SDL?

SDL means State Development Loan. It is a market borrowing instrument issued by a State Government.

Q7. Who conducts government securities auctions in India?

RBI conducts government securities auctions under the government's borrowing programme.

Q8. What is a Primary Dealer?

A Primary Dealer is a specialised intermediary that participates in government securities markets and supports primary issuance and secondary-market liquidity.

Q9. What happens to bond prices when yields rise?

Generally, fixed-rate bond prices fall when market yields rise, assuming other factors remain unchanged.

Q10. What is coupon?

Coupon is the stated interest rate/payment associated with a bond or dated government security.

Q11. What is face value?

Face value is the nominal value of a security.

Q12. What is yield?

Yield represents the return associated with a debt security in relation to its price and cash flows.

Q13. Can retail investors invest in Government Securities?

Yes. Eligible retail investors can access government securities through mechanisms including the RBI Retail Direct framework, subject to the applicable rules.

Q14. Are Government Securities completely risk-free?

Government securities generally have low sovereign credit/default risk, but their market value can fluctuate because of interest rates, liquidity, inflation and other market factors.

Q15. What is the difference between G-Secs and SDLs?

G-Secs are issued by the Central Government, while SDLs are issued by State Governments.

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Suggested Internal Links

Final Government Securities Memory Chart

Concept Remember
G-Sec Government Security
Central G-Sec Issued by Government of India
SDL State Development Loan — State Government borrowing
T-Bill Short-term Central Government security
91-Day T-Bill Short-term Treasury Bill
182-Day T-Bill Short-term Treasury Bill
364-Day T-Bill Short-term Treasury Bill
CMB Cash Management Bill
Dated G-Sec Longer-term government security with specified maturity
Coupon Stated interest
Face Value Nominal value
Yield Return relative to price/cash flows
Price ↑ Yield ↓ generally
Price ↓ Yield ↑ generally
Primary Market New government securities issued
Secondary Market Existing securities traded
PD Primary Dealer
SGL Subsidiary General Ledger
OMO Open Market Operations
RBI Retail Direct Retail access to government securities

Official Verification Sources

Government securities rules, auction procedures, eligible investors, settlement arrangements, Retail Direct facilities and other market requirements can change. For current information, verify important details using the latest official RBI and Government sources.

Government Securities — Banking Awareness

These notes are prepared for educational and competitive-examination purposes. Government securities rules, auction procedures, investor eligibility, market conventions and other regulatory requirements may change. Always verify time-sensitive information from the latest official notification or regulatory source.

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