Explanation:

 A government security (G-Sec) is a debt obligation of the Indian government to fund their fiscal deficit. These instruments are tradable and are issued either by the central or the state government. These securities are offered for short term as well as long term. Short-term instruments with a maturity of less than one year are typically called treasury bills (T-Bills) whereas long-term instruments are called government bonds or dated securities with a maturity of one year or more.
However in India, the central government issues T-Bills as well as bonds or dated securities while the state government issues only the bonds or dated securities called State Development Loans (SDL). These securities are issued through auctions conducted by the RBI on the electronic platform called the NDS (Negotiated Dealing System) – Auction platform. The central bank in consultation with the central government issues an indicative half-yearly auction calendar which contains information about the borrowing amount, tenor and the likely period during which auctions will be held. A notification or press release giving exact particulars of the securities and procedure of auction is issued by the government about a week prior to the actual date of auction. Treasury Bills (T-bills), Cash Management Bills (CMBs), Dated Government Securities, State Development Loans (SDLs) all are considered as a government securities.