**Executive Summary**
This press release, dated January 27, 2026, announces an auction of State Government Securities for an aggregate amount of ₹39,800 Crore. The auction will be conducted on January 27, 2026 (Tuesday) via the Reserve Bank of India Core Banking Solution (E-Kuber) system. Results will be announced on the same day, and payment is due on January 28, 2026 (Wednesday).
**Key Points / Main Content**
* **Auction Details:**
* Auction conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system.
* Date: January 27, 2026 (Tuesday).
* Competitive bids: 10:30 A.M. - 11:30 A.M.
* Non-competitive bids: 10:30 A.M. - 11:00 A.M.
* **Amount and Tenor:**
* Aggregate amount to be raised: ₹39,800 Crore (Face Value).
* Individual state amounts and tenors vary (listed in the table).
* **Bidding Process:**
* Both competitive and non-competitive bids must be submitted electronically.
* Eligible individuals and institutions can bid up to 10% of the notified amount per stock, with a 1% limit for a single bid, as per the "Scheme for Non-competitive Bidding Facility."
* Individual investors can bid non-competitively via the Retail Direct portal (https://rbiretaildirect.org.in).
* Investors can submit more than one competitive bid, but the aggregate bid amount should not exceed the notified amount for each state.
* **Technical Issues:**
* Core Banking Operations Team can be contacted for technical difficulties.
* IDMD Auction Team can be contacted for auction-related difficulties.
* Physical bids are accepted only in the event of system failure.
* **Yield/Price Determination:**
* The yield per cent or price should be expressed up to two decimal points.
* The Reserve Bank of India will determine the maximum yield / minimum price at which bids will be accepted.
* **Stock Issuance:**
* Stock will be issued for a minimum nominal amount of ₹10,000.00 and in multiples of ₹10,000.00 thereafter.
* **Payment and Interest:**
* Payment by successful bidders is due on January 28, 2026 (Wednesday).
* Interest on the new stock will be paid half-yearly on July 28 and January 28 of each year until maturity. Interest on the re-issued Government Stock will be paid at the original rate on a half-yearly basis.
* **Regulatory Information:**
* Stocks are governed by the Government Securities Act, 2006 and the Government Securities Regulations, 2007.
* The investment in State Government Stocks is an eligible investment for SLR purposes under Section 24 of the Banking Regulation Act, 1949.
**Impact Analysis**
**State Governments**
* **Impact**: Opportunity to raise funds through the sale of securities.
* **Action Required**: Offer securities for auction as per the stated amounts and tenors.
**Investors (Individuals and Institutions)**
* **Impact**: Opportunity to invest in State Government Securities.
* **Action Required**: Submit competitive or non-competitive bids through the E-Kuber system or the Retail Direct portal within the specified timelines.
**Banks**
* **Impact**: Opportunity to invest in securities that qualify for Statutory Liquidity Ratio (SLR).
* **Action Required**: Participate in the auction to acquire securities for SLR purposes.
**Reserve Bank of India (RBI)**
* **Impact**: Manages the auction process and determines the acceptable yield/price.
* **Action Required**: Conduct the auction, announce results, and facilitate payment.
Key Entities Referenced
Reserve Bank of India: Conducts the auction and determines interest rates.
State Government Securities: The subject of the auction.
E-Kuber: Reserve Bank of India Core Banking Solution system used for auction participation.
Government Securities Act, 2006: Governs the stocks being auctioned.
Banking Regulation Act, 1949 Section 24: Relates to Statutory Liquidity Ratio (SLR) eligibility.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व ब ैंक
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
January 27, 2026
Auction of State Government Securities
The following State Governments have offered to sell stock by way of auction, for an
aggregate amount of ₹39,800 Crore (Face Value)
Sr. State Amount to Tenor (Year) Type of
No . be raised Auction
(₹ Crore)
1. Andhra Pradesh 1000 09 Yield
1500 17 Yield
2. Assam 1000 10 Yield
3. Bihar 1500 14 Yield
1500 24 Yield
4. Gujarat 2000 10 Yield
5. Haryana 1000 14 Yield
6. Karnataka 2000 05 year and 06 months Yield
Re-issue of 7.32% Karnataka SGS Price
2000
2033, issued on January 21,2026
2000 09 year and 06 months Yield
7. Kerala 2000 13 Yield
8. Maharashtra Re-issue of 7.24% Maharashtra SGS Price
1500
2034, issued on September 10, 2025
Re-issue of 7.43% Maharashtra SGS Price
1500
2040, issued on December 03, 2025
Re-issue of 7.48% Maharashtra SGS Price
1500
2045, issued on December 10, 2025
9. Odisha 1000 07 Yield
1000 12 Yield
10. Punjab 2000 07 Yield
11. Rajasthan 1500 09 Yield
1800 Re-issue of 7.54% Rajasthan SGS Price
2036, issued on December 24, 2025
12. Tamil Nadu 1000 08 Yield
1000 10 Yield
1000 11 Yield
1000 Re-issue of 7.58% Tamil Nadu SGS Price
2056, issued on January 21, 2026
13. Telangana 1000 18 Yield
500 22 Yield
14. Uttarakhand 1000 12 Yield
15. West Bengal 2000 18 Yield
2000 21 Yield
Total 398002
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber)
system on January 27, 2026 (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 January 27, 2026 (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 January 27, 2026 (Tuesday) and payment by
successful bidders will be made during banking hours on January 28, 2026 (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 July 28 and January 28 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: 2025-2026/1975 Deputy General Manager
(Communications)