On April 20, 2023, the Government of India executed a buyback of government securities (G-secs) totaling ₹12,686.974 crore during a switch auction conducted by the Reserve Bank of India (RBI). In this operation, the government also issued bonds worth ₹13,311.383 crore. Among the repurchased securities were ₹2,316 crore of 5.74 percent GS 2026 and ₹1,000 crore of 8.24 percent GS 2027, along with other securities maturing in FY28, FY29, and FY30. Notably, the government did not accept bids for certain securities, including 6.64 percent GS 2027 and 7.88 percent GS 2030. This strategic move is expected to alleviate redemption pressure as the government faces ₹5.47 lakh crore in bond maturities in the next financial year. With gross market borrowing already set at ₹17.2 lakh crore, this buyback helps in managing repayment obligations more effectively and smoothing the maturity profile for upcoming years.