**Executive Summary**
This press release by the Reserve Bank of India, dated October 24, 2025, announces the auction of State Government Securities for an aggregate amount of ₹17,800 Crore. The auction will be conducted on October 28, 2025 (Tuesday) via the RBI’s E-Kuber system. The results will be announced on the same day, and payment is due on October 29, 2025 (Wednesday).
**Key Points / Main Content**
* **Auction Details:**
* The auction is for State Government Securities (stocks).
* The total face value of stocks to be auctioned is ₹17,800 Crore.
* The auction will be held on October 28, 2025 (Tuesday) using the RBI's E-Kuber system.
* Results will be announced on October 28, 2025.
* Payment by successful bidders is due on October 29, 2025 (Wednesday).
* **Bidding Process:**
* Competitive bids must be submitted electronically between 10:30 AM and 11:30 AM.
* Non-competitive bids must be submitted electronically between 10:30 AM and 11:00 AM.
* Physical bids are accepted only in the event of system failure and must be submitted before the auction timing ends.
* Individuals can place bids as per the non-competitive scheme through the Retail Direct portal.
* Bids should express the yield per cent or price up to two decimal points.
* The minimum nominal amount for stock is ₹10,000.00 and in multiples of ₹10,000.00 thereafter.
* **Stock Allocation and Interest:**
* Up to 10% of each stock's notified amount will be allotted to eligible individuals and institutions, subject to a 1% maximum limit per bid.
* Interest on the new stock will be paid half-yearly on April 29 and October 29 of each year until maturity.
* Interest on re-issued Government Stock will be paid on a half-yearly basis until maturity.
* **Other Provisions:**
* The investment in State Government Stocks qualifies as an eligible investment for Statutory Liquidity Ratio (SLR) purposes for banks.
* The stocks qualify for the ready forward facility.
* **Contact Information:**
* For technical difficulties: Core Banking Operations Team (email; Phone: 022-69870466, 022-69870415).
* For other auction-related difficulties: IDMD Auction Team (email; Phone: 022-22702431, 022-22705125).
* For physical bids: Public Debt Office (email; Phone: 022-22603456, 022-22603457,022-22603190).
**Impact Analysis**
**State Governments**
* **Impact:** The State Governments have the opportunity to raise funds through the sale of their securities.
* **Action Required:** Participate in the auction process to sell their stock.
**Banks and Financial Institutions**
* **Impact:** Banks can invest in State Government Stocks, which qualify for SLR requirements and the ready forward facility.
* **Action Required:** Assess the potential investment and participate in the auction.
**Individual Investors**
* **Impact:** Individual investors can participate in the auction through the non-competitive bidding facility.
* **Action Required:** Place bids through the E-Kuber system or the Retail Direct portal.
**Reserve Bank of India (RBI)**
* **Impact:** The RBI conducts the auction and determines the maximum yield/minimum price.
* **Action Required:** Conduct the auction process and announce the results.
Key Entities Referenced
Reserve Bank of India: The central bank that conducts the auction and determines interest rates for the State Government Securities.
State Government Securities: The central subject of the press release, detailing the auction of state debt.
Scheme for Non-competitive Bidding Facility: A scheme that allows certain investors to place bids in State Government Securities auctions.
Government Securities Act, 2006: Law governing the State Government Stocks.
Banking Regulation Act, 1949: Section 24 of this act allows investments in State Government Stocks as an eligible investment.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व बैंक
RESERVE BANK OF INDIA
वेबसाइट
:
www.rbi.org.in/hindi
संचार वर्भाग, केंद्रीय कायाालय, शहीद भगत ससिंह मागा, 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
October 24, 2025
Auction of State Government Securities
The following State Governments have offered to sell stock by way of auction, for an
aggregate amount of ₹17,800 Crore (Face Value).
Sr. State/UT Amount to Tenor (Year) Type of Auction
No. be raised
(₹ Crore)
1. Goa 100 12 Yield
1000 08 Yield
1000 12 Yield
2. Haryana
1000 14 Yield
1000 16 Yield
3. Himachal Pradesh 200 06 Yield
4. Jammu and Kashmir 300 17 Yield
2700 21 Yield
5. Madhya Pradesh
2500 22 Yield
6. Punjab 2000 15 Yield
7. Sikkim 500 10 Yield
1000 Re-issue of 6.99% Price
Tamil Nadu SGS
2032, issued on
October 23, 2025
1000 Re-issue of 7.14% Price
Tamil Nadu SGS
8. Tamil Nadu
2035, issued on
October 23, 2025
2000 Re-issue of 7.44% Price
Tamil Nadu SGS
2055, issued on
October 01, 2025
9. Uttar Pradesh 1500 14 Yield
Total 17800
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-
Kuber) system on October 28, 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).2
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 October 28, 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 October 28, 2025 (Tuesday) and
payment by successful bidders will be made during banking hours on October 29, 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 April 29 and October
29 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: 2025-2026/1377 Deputy General Manager
(Communications)