**Executive Summary**
This press release from the Reserve Bank of India, dated December 26, 2025, announces the auction of State Government Securities for an aggregate amount of ₹35,450 Crore (Face Value). The auction will be conducted on December 30, 2025, and the payment by successful bidders will be made on December 31, 2025.
**Key Points / Main Content**
* **Auction Details:**
* State Governments are offering to sell stock by auction.
* Aggregate amount to be raised is ₹35,450 Crore (Face Value).
* The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on December 30, 2025 (Tuesday).
* Results will be announced on December 30, 2025 (Tuesday).
* Payment by successful bidders will be made during banking hours on December 31, 2025 (Wednesday) at Mumbai and at respective Regional Offices of RBI.
* The stocks will qualify for the ready forward facility.
* **Bidding Process:**
* Up to ten percent 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 should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on December 30, 2025 (Tuesday).
* 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.
* 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, but the aggregate amount of bids submitted by a bidder should not exceed the notified amount for each State.
* RBI 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.
* 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.
* **Interest and Regulations:**
* 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 30 and December 31 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.
* **Investment Eligibility:**
* 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.
* **State-Specific Details:**
* Includes a table detailing the state, amount to be raised (in ₹ Crores), tenor (in years), and type of auction (Yield or Price) for Andhra Pradesh, Assam, Bihar, Haryana, Himachal Pradesh, Karnataka, Kerala, Madhya Pradesh, Manipur, Rajasthan, Tamil Nadu, Telangana, Tripura, Uttarakhand, and West Bengal.
**Impact Analysis**
**State Governments**
* **Impact:** Opportunity to raise funds through the sale of securities.
* **Action Required:** Participate in the auction process by offering securities with specified tenors.
**Banks and Financial Institutions**
* **Impact:** Opportunity to invest in State Government Securities, fulfilling SLR requirements.
* **Action Required:** Evaluate investment opportunities and submit competitive bids during the auction.
**Individual Investors**
* **Impact:** Opportunity to invest in State Government Securities and earn interest.
* **Action Required:** Place bids through the Retail Direct portal or participate in the non-competitive bidding facility.
Key Entities Referenced
Reserve Bank of India Core Banking Solution (E-Kuber) system: The electronic system used for conducting the auction of State Government Securities.
State Government Securities: Debt instruments being auctioned by various state governments.
Reserve Bank of India: The central bank conducting the auction and determining the interest rates.
Government Securities Act, 2006: Law governing the stocks mentioned in the press release.
Banking Regulation Act, 1949: Section 24 governs the 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 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
December 26, 2025
Auction of State Government Securities
The following State Governments have offered to sell stock by way of auction, for an
aggregate amount of ₹35,450 Crore (Face Value)
Amount to
Sr. Type of
State be raised Tenor (Year)
No . Auction
(₹ Crore)
1000 09 Yield
Andhra 1000 10 Yield
1.
Pradesh 1000 12 Yield
1000 17 Yield
2. Assam 1000 20 Yield
3. Bihar 1400 06 Yield
4. Haryana 1000 15 Yield
Himachal
5. 1000 15 Yield
Pradesh
Re-issue of 7.10% Karnataka SGS
1000 Price
2032, issued on January 08, 2025
Re-issue of 7.03% Karnataka SGS
6. Karnataka 1000 Price
2033, issued on March 26, 2025
2000 11 Yield
2000 13 Yield
7. Kerala 2000 19 Yield
1200 05 Yield
Madhya
1200 11 Yield
8. Pradesh
1000 21 Yield
9. Manipur 150 13 Yield
1000 04 Yield
1000 06 Yield
10. Rajasthan
Re-issue of 7.54% Rajasthan SGS
1000 Price
2035, issued on December 24, 2025
1500 04 Yield
Re-issue of 7.00% Tamil Nadu SGS
1000 Price
2031, issued on August 28, 2025
11. Tamil Nadu
Re-issue of 7.34% Tamil Nadu SGS
2000 Price
2034, issued on December 24, 2025
1500 10 Yield
12. Telangana 1000 11 Yield
13. Tripura 500 15 Yield
Re-issue of 6.97% Uttarakhand SGS
14. Uttarakhand 1000 Price
2035, issued on July 30, 2025
2000 17 Yield
15. West Bengal
2000 21 Yield
354502
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber)
system on December 30, 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 30, 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 30, 2025 (Tuesday) and payment by
successful bidders will be made during banking hours on December 31, 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 30 and December 31 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: 2025-2026/1781 Deputy General Manager
(Communications)