**Executive Summary**
This press release, dated December 19, 2025, announces the auction of State Government Securities for an aggregate amount of ₹33,220 Crore (Face Value). The auction will be conducted on December 23, 2025, via the Reserve Bank of India's E-Kuber system. Results will be announced on December 23, 2025 and payment is due on December 24, 2025.
**Key Points / Main Content**
* **Auction Details**
* Auction Date: December 23, 2025 (Tuesday)
* Bidding Platform: Reserve Bank of India Core Banking Solution (E-Kuber) system
* Competitive bids: 10:30 A.M. and 11:30 A.M.
* Non-competitive bids: 10:30 Α.Μ. and 11:00 Α.Μ.
* Results Announcement: December 23, 2025 (Tuesday)
* Payment Date: December 24, 2025 (Wednesday)
* Minimum Bid Amount: ₹10,000.00 and in multiples thereof.
* **Securities Offered**
* 15 State Governments are offering securities via auction: Bihar, Gujarat, Haryana, Jammu and Kashmir, Karnataka, Kerala, Maharashtra, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand and West Bengal.
* The aggregate amount to be raised is ₹33,220 Crore.
* Securities include new issues and re-issues of existing State Development Loans (SDLs).
* Tenors vary by state and security.
* The type of auction is either yield-based or price-based.
* **Bidding Process**
* Bidders must submit bids electronically through the E-Kuber system.
* Physical bids are only accepted in the event of system failure and must be submitted in the prescribed form obtained from the RBI website before the auction timing ends.
* Yield/price should be expressed up to two decimal points.
* Bidders can submit multiple competitive bids, but the total amount should not exceed the notified amount for each State.
* The RBI will determine the maximum yield/minimum price.
* Up to 10% of each stock will be allotted to eligible individuals/institutions subject to a 1% limit per bid per stock.
* Individual investors can use the Retail Direct portal (https://rbiretaildirect.org.in) for non-competitive bids.
* **Interest and Regulations**
* Interest for new stocks is paid half-yearly on June 24 and December 24.
* Interest for re-issued stocks is paid at the original issue date rate, half-yearly.
* Stocks are governed by the Government Securities Act, 2006, and Regulations, 2007.
* These securities qualify for SLR and ready forward facility.
**Impact Analysis**
**State Governments**
*Impact:* Affected state governments can raise capital through the sale of securities, potentially influencing their financial planning and budgetary allocations.
*Action Required:* States must participate in the auction process to sell their stocks.
**Banks and Financial Institutions**
*Impact:* Investment in State Government Stocks will be reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR)
*Action Required:* Banks and financial institutions should analyze the securities on offer and participate in the auction to meet their investment objectives and regulatory requirements.
**Individual Investors**
*Impact:* Investment in Government Securities
*Action Required:* Individual investors can participate through the non-competitive bidding facility via the Retail Direct portal.
Key Entities Referenced
Reserve Bank of India: Conducts the auction and determines the maximum yield/minimum price.
State Government Securities: The subject of the auction; stock offered by State Governments.
Government Securities Act, 2006: Governs the stocks.
Government Securities Regulations, 2007: Governs the stocks.
Section 24 of the Banking Regulation Act, 1949: Investment in State Government Stocks will be reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR)
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व बैंक
RESERVE BANK OF INDIA
वेबसाइट
:
www.rbi.org.in/hindi
संचार वर्भाग, केंद्रीय कायाालय, शहीद भगत ससिंह माग ा, फोटा, म िंबई - 400 001
Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort,
ई-मेल/email : helpdoc@rbi.org.in Mumbai - 400 001 फोन/Phone: 022 - 2266 0502
December 19, 2025
Auction of State Government Securities
The following State Governments have offered to sell stock by way of auction, for an
aggregate amount of ₹33,220 Crore (Face Value)
Sr. State/UT Amount to Additional Tenor Type of
No . be raised Borrowing (Year) Auction
(₹ Crore) (Greenshoe)
Option
(₹ Crore)
1. Bihar 1500 - 08 Yield
2. Gujarat 1500 - 05 Yield
1000 500 06 Yield
3. Haryana 1000 - Re-issue of 8.62% Haryana Price
SDL 2028, issued on
September 03, 2018
4. Jammu and 570 - 20 Yield
Kashmir
5. Karnataka 1000 - 06 years and 06 months Yield
2000 - 08 Yield
1000 - 10 Yield
2000 - 12 Yield
6. Kerala 1850 - 17 Yield
7. Maharashtra 1000 - Re-issue of 7.29% Price
Maharashtra SGS 2035,
issued on December 10, 2025
1000 - Re-issue of 7.43% Price
Maharashtra SGS 2040,
issued on December 03, 2025
8. Odisha 500 - 07 Yield
500 - 11 Yield
9. Punjab 1000 - Re-issue of 7.49% Punjab Price
SGS 2035, issued on
December 03, 2025
10. Rajasthan 1000 - 10 Yield
1000 - 11 Yield
11. Tamil Nadu 1000 - 09 Yield
1000 - 11 Yield
1000 - Re-issue of 7.16% Tamil Price
Nadu SGS 2032, issued on
December 17, 2025
1000 - Re-issue of 7.23% Tamil Price2
Nadu SGS 2035, issued on
December 17, 2025
1000 - Re-issue of 7.45% Tamil Price
Nadu SGS 2055, issued on
December 17, 2025
12. Telangana 500 - 17 Yield
800 - 23 Yield
1000 - 28 Yield
13. Uttar 1500 - 16 Yield
Pradesh 500 - Re-issue of 7.24% Uttar Price
Pradesh SGS 2033, issued on
December 10, 2025
1000 - Re-issue of 7.51% Uttar Price
Pradesh SGS 2039, issued on
December 17, 2025
14. Uttarakhand 500 - 07 Yield
15. West Bengal 1000 - 16 Yield
1000 - 20 Yield
1000 - 22 Yield
33220
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber)
system on December 23, 2025 (Tuesday). The Government Stock up to ten per cent of the
notified amount of the sale of each stock will be allotted to eligible individuals and institutions,
subject to a maximum limit of one per cent of its notified amount for a single bid per stock as per
the ‘Scheme for Non-competitive Bidding Facility’. Individual investors can also place bids as per
the non-competitive scheme through the Retail Direct portal (https://rbiretaildirect.org.in).
Both competitive and non-competitive bids for the auction should be submitted in electronic
format on the Reserve Bank of India Core Banking Solution (E-Kuber) system
on December 23, 2025 (Tuesday). The competitive bids should be submitted between
10:30 A.M. and 11:30 A.M. and non-competitive bids should be submitted between
10:30 A.M. and 11:00 A.M.
In case of technical difficulties, Core Banking Operations Team may be contacted
(email; Phone no: 022-69870466, 022-69870415).
For other auction related difficulties, IDMD Auction Team can be contacted
(email; Phone no: 022-22702431, 022-22705125).
Only in the event of system failure, physical bids would be accepted. Such physical bids should
be submitted to the Public Debt Office (email; Phone no: 022-22603456, 022-22603457,022-
22603190) in the prescribed form obtainable from RBI website (https://rbi.org.in/en/web/rbi/forms)
before the auction timing ends.
The yield per cent per annum or the price as the case may be, expected by the bidder should
be expressed up to two decimal points. An investor can submit more than one competitive bid at
same/different rates of yield or prices in electronic format on the Reserve Bank of India Core
Banking Solution (E-Kuber) system. However, the aggregate amount of bids submitted by a bidder
should not exceed the notified amount for each State.3
The Reserve Bank of India will determine the maximum yield / minimum price at which bids will
be accepted. Stock will be issued for a minimum nominal amount of ₹10,000.00 and in multiples of
₹10,000.00 thereafter.
The results of the auction will be announced on December 23, 2025 (Tuesday) and payment
by successful bidders will be made during banking hours on December 24, 2025 (Wednesday) at
Mumbai and at respective Regional Offices of RBI.
The new State Government Stocks will bear interest at the rates determined by RBI at the
auctions. For the new stock, interest will be paid half yearly on June 24 and December 24 of
each year till maturity. For the re-issued Government Stock, interest will be paid at the rate as
determined on the date of original issue of Government Stock and will be paid on half yearly basis
till maturity. The Stocks will be governed by the provisions of the Government Securities
Act, 2006 and the Government Securities Regulations, 2007.
The investment in State Government Stocks will be reckoned as an eligible investment in
Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR) under Section
24 of the Banking Regulation Act, 1949. The stocks will qualify for the ready forward facility.
Ajit Prasad
Deputy General Manager
Press Release: 2025-2026/1743 (Communications)