**Executive Summary**
This press release from the Reserve Bank of India, dated October 24, 2025, announces an auction of State Government Securities (stocks) for an aggregate amount of ₹17,800 Crore. The auction will be conducted on October 28, 2025, via the RBI's E-Kuber system. The results will be announced on the same day, with payment due on October 29, 2025.
**Key Points / Main Content**
* **Auction Details:**
* Total amount to be raised: ₹17,800 Crore (Face Value).
* Auction Date: October 28, 2025 (Tuesday)
* Auction Platform: Reserve Bank of India Core Banking Solution (E-Kuber) system.
* Results Announcement: October 28, 2025 (Tuesday)
* Payment Date: October 29, 2025 (Wednesday)
* **Bidding Process:**
* Competitive bids to be submitted between 10:30 A.M. and 11:30 A.M.
* Non-competitive bids to be submitted between 10:30 A.M. and 11:00 A.M.
* Bids must be in electronic format via E-Kuber.
* 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.
* Yield/price should be expressed up to two decimal points.
* Investors can submit multiple competitive bids, but the total amount cannot exceed the notified amount for each State.
* **Allocation & Investment:**
* Up to 10% of each stock sale is allotted to eligible individuals and institutions.
* A maximum of 1% of the notified amount for a single bid per stock is allowed under the 'Scheme for Non-competitive Bidding Facility'.
* Individual investors can bid non-competitively through the Retail Direct portal.
* Minimum nominal amount for stock issuance is ₹10,000.00, and in multiples thereof.
* **Stock Characteristics:**
* Interest is paid half-yearly on April 29 and October 29 until maturity for the new stocks.
* Interest rates for re-issued Government Stock are determined on the original issue date and paid half-yearly until maturity.
* Stocks are governed by the Government Securities Act, 2006 and the Government Securities Regulations, 2007.
* Investment in these stocks qualifies as an eligible investment in Government Securities for banks under the Statutory Liquidity Ratio (SLR).
**Impact Analysis**
**State Governments**
* **Impact:** Provides a mechanism to raise funds through the sale of government securities.
* **Action Required:** Participate in the auction process, adhering to the specified amounts and tenors.
**Banks & Financial Institutions**
* **Impact:** Offers investment opportunities in State Government Securities, which qualify for SLR requirements.
* **Action Required:** Evaluate the auction terms and participate in the bidding process via E-Kuber.
**Individual Investors**
* **Impact:** Provides an opportunity to invest in State Government Securities through both competitive and non-competitive bidding schemes.
* **Action Required:** Submit bids through E-Kuber or the Retail Direct portal, adhering to the specified deadlines and requirements.
**Reserve Bank of India (RBI)**
* **Impact:** Oversees and conducts the auction process, determining the maximum yield/minimum price.
* **Action Required:** Facilitate the auction on the E-Kuber platform and announce the results.
Key Entities Referenced
Reserve Bank of India: The central bank that conducts the auction and determines the maximum yield/minimum price.
State Governments: The entities issuing securities and raising funds through the auction.
Government Securities Act, 2006: Law governing state government stocks.
Banking Regulation Act, 1949: Section 24 defines the statutory liquidity ratio (SLR).
Scheme for Non-competitive Bidding Facility: Scheme that facilitates individuals and institutions to participate in the auction.
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)