**Executive Summary**
This press release from the Reserve Bank of India, dated December 05, 2025, announces the auction of State Government Securities for an aggregate amount of ₹15,964 Crore. The auction will be conducted on December 09, 2025, via the RBI's E-Kuber system. The results will be announced on the same day, and payment is due on December 10, 2025.
**Key Points / Main Content**
* **Auction Details**
* State Governments are offering stock for sale via auction.
* The auction will be conducted on December 09, 2025 (Tuesday) via RBI's E-Kuber system.
* Results will be announced on December 09, 2025.
* Payment by successful bidders is due on December 10, 2025 (Wednesday).
* **Bidding Process**
* Competitive and non-competitive bids must be submitted electronically via the E-Kuber system on December 09, 2025 (Tuesday).
* Competitive bids are accepted between 10:30 A.M. and 11:30 A.M.
* Non-competitive bids are accepted between 10:30 A.M. and 11:00 A.M.
* Physical bids are only accepted in the event of system failure.
* Individual investors can also place bids as per the non-competitive scheme through the Retail Direct portal.
* **Stock Allotment & Investment**
* Up to ten percent of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions.
* 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 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).
* **State Government Securities Offered:**
* Detailed table listing State/UT, amount to be raised, tenor, and type of auction. Includes Arunachal Pradesh, Bihar, Gujarat, Haryana, Jammu and Kashmir, Maharashtra, Meghalaya, Mizoram, Tamil Nadu, and Uttar Pradesh.
* Some securities are re-issues of existing stocks.
* **Interest Payment:**
* For the new stock, interest will be paid half yearly on June 10 and December 10 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.
**Impact Analysis**
**Bidders/Investors**
* **Impact**: They have the opportunity to purchase State Government Securities through an auction process.
* **Action Required**: They must submit competitive or non-competitive bids electronically through the RBI's E-Kuber system within the specified timeframes on December 09, 2025. If successful, payment must be made by December 10, 2025.
**State Governments**
* **Impact**: They can raise funds by selling their stock through this auction.
* **Action Required**: No specific action is required as they have already offered the stock for sale.
**Reserve Bank of India (RBI)**
* **Impact**: They are conducting the auction and managing the issuance of State Government Securities.
* **Action Required**: Conduct the auction on December 09, 2025, announce the results, and facilitate the payment process.
**Banks**
* **Impact**: They can reckon the investment in State Government Stocks as an eligible investment in Government Securities.
* **Action Required**: Make investment decisions and ensure compliance with Statutory Liquidity Ratio (SLR) requirements.
Key Entities Referenced
Reserve Bank of India: Conducts the auction and determines interest rates for the State Government Stocks.
State Government Securities: The stocks being auctioned by various state governments.
E-Kuber: Reserve Bank of India's Core Banking Solution system used for the auction.
Scheme for Non-competitive Bidding Facility: A scheme allowing eligible individuals and institutions to bid for a portion of the stock.
Government Securities Act, 2006: Law governing the stocks being auctioned.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय �रज़वर् बैंक
RESERVE BANK OF INDIA
वेबसाइट : www.rbi.org.in/hindi संचार िवभाग, केंद्रीय कायार्लय, शहीद भगत िसंह मागर्, फोटर्, मुंबई - 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 05, 2025
Auction of State Government Securities
The following State Governments have offered to sell stock by way of auction, for an
aggregate amount of ₹15,964 Crore (Face Value)
Amount to
Sr. Type of
State/ UT be raised Tenor (Year)
No . Auction
(₹ Crore)
1. Arunachal Pradesh 375 20 Yield
2. Bihar 1500 12 Yield
3. Gujarat 1000 08 Yield
1000 16 Yield
4. Haryana
1000 17 Yield
5. Jammu and Kashmir 500 12 Yield
1000 10 Yield
1000 20 Yield
Re-issue of 7.20%
6. Maharashtra
Maharashtra SGS
1000 Price
2034, issued on
December 03, 2025
7. Meghalaya 484 09 Yield
8. Mizoram 105 13 Yield
Re-issue of 7.09%
Tamil Nadu SGS 2032,
1000 Price
issued on December
03, 2025
Re-issue of 7.18%
Tamil Nadu SGS 2033,
1000 Price
issued on December
03, 2025
9. Tamil Nadu
Re-issue of 7.20%
Tamil Nadu SGS 2035,
1000 Price
issued on December
03, 2025
Re-issue of 7.18%
Tamil Nadu SGS 2036,
1000 Price
issued on February 27,
2025
1000 08 Yield
10. Uttar Pradesh
1000 Re-issue of 7.35% Price2
Uttar Pradesh SGS
2039, issued on
October 29, 2025
Re-issue of 7.51%
Uttar Pradesh SGS
1000 Price
2040, issued on
December 03, 2025
Total 15964
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-
Kuber) system on December 09, 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 09, 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.
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 09, 2025 (Tuesday) and
payment by successful bidders will be made during banking hours on December 10,
2025 (Wednesday) at Mumbai and at respective Regional Offices of RBI.3
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 10 and
December 10 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
Press Release: 2025-2026/1651 Deputy General Manager
(Communications)