**Executive Summary**
This press release from the Reserve Bank of India announces an auction of State Government Securities, where several states are offering to sell stock for a total of ₹17,850 Crore (Face Value). The auction will be conducted on December 16, 2025, via the E-Kuber system. Results will be announced on December 16, 2025. Payments by successful bidders will be made on December 17, 2025.
**Key Points / Main Content**
* **Auction Details:**
* The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system.
* Date: December 16, 2025 (Tuesday).
* **Bidding Process:**
* Both competitive and non-competitive bids are to be submitted electronically via the E-Kuber system.
* Competitive bids submission: 10:30 AM to 11:30 AM.
* Non-competitive bids submission: 10:30 AM to 11:00 AM.
* Physical bids are only accepted in the event of system failure and must be submitted before auction timing ends to the Public Debt Office in the prescribed form.
* Individual investors can also place bids as per the non-competitive scheme through the Retail Direct portal (https://rbiretaildirect.org.in).
* **Stock Allocation and Limits:**
* Up to 10% of the notified amount of each stock will be allotted to eligible individuals and institutions.
* A maximum limit of 1% of the notified amount applies for a single bid per stock under the 'Scheme for Non-competitive Bidding Facility'.
* Minimum nominal amount for stock issuance: ₹10,000.00 and in multiples of ₹10,000.00 thereafter.
* The aggregate amount of bids submitted by a bidder should not exceed the notified amount for each State.
* **Yield and Interest:**
* The yield per cent per annum or the price expected by the bidder should be expressed up to two decimal points.
* Interest for new stock will be paid half-yearly on June 17 and December 17 of each year until maturity.
* Interest for re-issued stock will be paid at the rate determined on the date of the original issue of Government Stock on a half-yearly basis until maturity.
* **Eligible Investment**
* 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.
**Impact Analysis**
**State Governments**
* **Impact:** Opportunity to raise funds through the sale of securities.
* **Action Required:** Ensure adherence to the terms and conditions of the auction.
**Bidders (Individuals and Institutions)**
* **Impact:** Opportunity to invest in State Government Securities.
* **Action Required:** Submit bids electronically via the E-Kuber system within the specified timeframe and comply with the bidding limits and requirements.
**Reserve Bank of India (RBI)**
* **Impact:** Oversees and conducts the auction process.
* **Action Required:** Conduct the auction, determine the maximum yield/minimum price, announce results, and ensure payments are processed.
**Banks**
* **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) under Section 24 of the Banking Regulation Act, 1949.
* **Action Required:** Comply with the terms of the investment.
Key Entities Referenced
Reserve Bank of India Core Banking Solution (E-Kuber): The electronic platform used for the auction of State Government Securities.
State Government Securities: The financial instruments being auctioned by various state governments.
Scheme for Non-competitive Bidding Facility: A scheme allowing individual investors and institutions to participate in the auction of State Government Securities.
Government Securities Act, 2006: Law governing the issuance and trading of Government Securities.
Government Securities Regulations, 2007: Regulations governing the issuance and trading of Government Securities.
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 12, 2025
Auction of State Government Securities
The following State Governments have offered to sell stock by way of auction, for
an aggregate amount of ₹17,850 Crore (Face Value).
Amount to
Sr. Tenor Type of
State/UT be raised
No . (Year) Auction
(₹ Crore)
1. Assam 900 14 Yield
1000 08 Yield
1000 Re-issue of 7.29%
2. Chhattisgarh
Chhattisgarh SGS 2030, Price
issued on June 07, 2023
3. Goa 100 10 Yield
1000 09 Yield
4. Gujarat
1000 15 Yield
1000 Re-issue of 7.07%
Maharashtra SGS 2033, Price
issued on November 12, 2025
5. Maharashtra
1000 Re-issue of 7.25%
Maharashtra SGS 2037, Price
issued on November 12, 2025
6. Nagaland 500 05 Yield
150 05 Yield
7. Puducherry
200 10 Yield
1000 04 Yield
1000 07 Yield
8. Tamil Nadu 1000 10 Yield
1000 11 Yield
1000 30 Yield
1000 12 Yield
1500 14 Yield
9. Uttar Pradesh 500 Re-issue of 7.24% Uttar
Pradesh SGS 2033, issued on Price
December 10, 2025
1000 16 Yield
10. West Bengal
1000 19 Yield
Total 17850
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-
Kuber) system on December 16, 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 December 16, 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 16, 2025 (Tuesday) and
payment by successful bidders will be made during banking hours on December 17,
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 17 and
December 17 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: 2025-2026/1696 Deputy General Manager
(Communications)