**Executive Summary**
This press release announces the auction of State Government Securities by several states for an aggregate amount of ₹9,410 Crore (Face Value). The auction will be conducted on October 07, 2025 (Tuesday) via the Reserve Bank of India Core Banking Solution (E-Kuber) system. The results will be announced on the same day, and payment by successful bidders is due on October 08, 2025 (Wednesday).
**Key Points / Main Content**
* **Auction Details:**
* The following states are participating in the auction: Andhra Pradesh, Gujarat, Jammu and Kashmir, Maharashtra, and Mizoram.
* The aggregate amount to be raised is ₹9,410 Crore.
* The auction will be conducted on October 07, 2025 (Tuesday) using the Reserve Bank of India Core Banking Solution (E-Kuber) system.
* Results will be announced on October 07, 2025 (Tuesday).
* Payment by successful bidders is due on October 08, 2025 (Wednesday).
* **Bidding Process:**
* Both competitive and non-competitive bids must be submitted electronically via the E-Kuber system.
* Competitive bids are to be submitted between 10:30 A.M. and 11:30 A.M.
* Non-competitive bids are to be submitted between 10:30 A.M. and 11:00 A.M.
* Individual investors can place bids through the Retail Direct portal (https://rbiretaildirect.org.in).
* The government stock up to 10% of the notified amount of sale of each stock will be allotted to eligible individuals and institutions.
* **Stock Characteristics:**
* Stock will be issued for a minimum nominal amount of ₹10,000.00 and in multiples of ₹10,000.00 thereafter.
* Interest for new stock will be paid half yearly on April 08 and October 08 of each year till maturity.
* For 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 qualify for the ready forward facility.
* The stocks are governed by the Government Securities Act, 2006 and the Government Securities Regulations, 2007.
* **Technical Issues and Contact:**
* In case of technical difficulties, contact the Core Banking Operations Team or the IDMD Auction Team.
* Physical bids are only accepted in the event of system failure and must be submitted to the Public Debt Office before the auction timing ends.
**Impact Analysis**
**State Governments**
* **Impact:** Enables states to raise funds through the sale of securities.
* **Action Required:** Participate in the auction by offering securities.
**Investors (Individuals and Institutions)**
* **Impact:** Provides an opportunity to invest in State Government Securities.
* **Action Required:** Submit bids electronically through the E-Kuber system or the Retail Direct portal (for individuals).
**Banks**
* **Impact:** Investment in State Government Stocks will be reckoned as an eligible investment in Government Securities for SLR purposes.
* **Action Required:** Factor in the State Government Stocks as an eligible investment for Statutory Liquidity Ratio (SLR) under Section 24 of the Banking Regulation Act, 1949.
Key Entities Referenced
Reserve Bank of India Core Banking Solution (E-Kuber): Electronic platform for submitting competitive and non-competitive bids for the auction of State Government Securities.
State Government Securities: Debt instruments being auctioned by State Governments, with the Reserve Bank of India acting as the auctioneer.
Government Securities Act, 2006: Law governing the State Government Securities
Government Securities Regulations, 2007: Regulation governing the State Government Securities
Scheme for Non-competitive Bidding Facility: A scheme allowing individual investors to participate in the auction of State Government Securities without directly competing.
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 03, 2025
Auction of State Government Securities
The following State Governments have offered to sell stock by way of auction, for an
aggregate amount of ₹9,410 Crore (Face Value).
Sr. State/UT Amount to Tenor (Year) Type of
No. be raised Auction
(₹ Crore)
900 08 Yield
1.
Andhra Pradesh
1000 11 Yield
2. Gujarat 2000 08 Yield
3. Jammu and Kashmir 400 12 Yield
1000 16 Yield
1000 17 Yield
1500 Re-issue of 7.18% Price
Maharashtra SGS 2033,
4. Maharashtra
issued on September 10,
2025
1500 Re-issue of 7.27% Price
Maharashtra SGS 2036,
issued on September 24,
2025
5. Mizoram 110 16 Yield
Total 9410
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber)
system on October 07, 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 October 07, 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).2
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 07, 2025 (Tuesday) and payment by
successful bidders will be made during banking hours on October 08, 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 08 and October 08 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: 2025-2026/1248 (Communications)