**Executive Summary**
This press release from the Reserve Bank of India, dated November 14, 2025, announces an auction of State Government Securities for an aggregate amount of ₹13,600 Crore. The auction will be conducted on November 18, 2025, through the E-Kuber system. Competitive and non-competitive bids must be submitted on the same day between specified times.
**Key Points / Main Content**
* **Auction Details:**
* State Governments are offering to sell stock via auction.
* Aggregate amount to be raised: ₹13,600 Crore (Face Value).
* Auction Date: November 18, 2025 (Tuesday).
* Auction Platform: Reserve Bank of India Core Banking Solution (E-Kuber).
* Announcement of Results: November 18, 2025 (Tuesday).
* Payment Date: November 19, 2025 (Wednesday).
* **Bidding:**
* Competitive bids: 10:30 A.M. - 11:30 A.M.
* Non-competitive bids: 10:30 A.M. - 11:00 A.M.
* Bids must be submitted electronically via E-Kuber. Physical bids accepted only in case of system failure.
* Individual investors can place bids through the Retail Direct portal (https://rbiretaildirect.org.in).
* **Amount Allocation:**
* Up to 10% of notified amount of each stock will be allotted to eligible individuals and institutions.
* Maximum limit of 1% of notified amount for a single bid per stock for non-competitive bids.
* Minimum nominal amount of stock: ₹10,000.00 and in multiples of ₹10,000.00 thereafter.
* Aggregate amount of bids by a bidder should not exceed the notified amount for each State.
* **Securities Details:**
* Interest payment: Half-yearly on May 19 and November 19 until maturity, except for re-issued stock.
* Re-issued stock interest: Paid at the rate determined on the original issue date.
* Governed by: Government Securities Act, 2006 and Government Securities Regulations, 2007.
* Yield/Price: Bidders should express yield percent per annum or the price up to two decimal points.
* **State-wise Offerings:**
| Sr. No. | State | Amount to be raised (₹ Crore) | Tenor (Year) | Type of Auction |
| ------- | ------------------ | ----------------------------- | ------------ | --------------- |
| 1. | Arunachal Pradesh | 200 | 20 | Yield |
| 2. | Gujarat | 1500 | 06 | Yield |
| 3. | Himachal Pradesh | 300 | 15 | Yield |
| | | 500 | 05 | Yield |
| 4. | Rajasthan | 1000 | 10 | Yield |
| | | 1000 | 12 | Yield |
| | | 1000 | 04 | Yield |
| | | 1000 | 10 | Yield |
| 5. | Tamil Nadu | 1000 | 11 | Yield |
| | | 1000 | Re-issue of 7.01% of Tamil Nadu SGS 2032, issued on November 12, 2025 | Price |
| 6. | Telangana | 1100 | 26 | Yield |
| | | 1000 | 27 | Yield |
| 7. | Uttar Pradesh | 1500 | 08 | Yield |
| | | 1500 | 10 | Yield |
* **Statutory Liquidity Ratio (SLR):** Investment in State Government Stocks is considered an eligible investment for banks under Section 24 of the Banking Regulation Act, 1949 and qualifies for ready forward facility.
**Impact Analysis**
**State Governments**
* **Impact:** Opportunity to raise funds through the sale of securities.
* **Action Required:** Offer stock for auction according to the specified amounts and tenors.
**Banks**
* **Impact:** Opportunity to invest in government securities for SLR compliance.
* **Action Required:** Participate in the auction to acquire State Government Stocks.
**Individual Investors & Institutions**
* **Impact:** Opportunity to invest in State Government Securities.
* **Action Required:** Submit competitive or non-competitive bids through the E-Kuber system or Retail Direct portal within the stipulated timeframes.
**RBI**
* **Impact:** Manage the auction process and determine acceptable yield/price.
* **Action Required:** Conduct the auction on E-Kuber, announce the results, and facilitate the settlement process.
Key Entities Referenced
Reserve Bank of India Core Banking Solution (E-Kuber) system: The electronic platform used for conducting the auction of State Government Securities.
State Government Securities: The financial instruments being auctioned by State Governments to raise funds.
Scheme for Non-competitive Bidding Facility: A facility that allows eligible individuals and institutions to participate in the auction without having to competitively bid.
Government Securities Act, 2006: The act governing the issuance and regulation of Government Securities.
Banking Regulation Act, 1949 Section 24: Section of the act that pertains to the Statutory Liquidity Ratio and how State Government Stocks will be treated.
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
November 14, 2025
Auction of State Government Securities
The following State Governments have offered to sell stock by way of auction, for an
aggregate amount of ₹13,600 Crore (Face Value).
Sr. State Amount to Tenor (Year) Type of
No. be raised Auction
(₹ Crore)
1. Arunachal Pradesh 200 20 Yield
2. Gujarat 1500 06 Yield
3. Himachal Pradesh 300 15 Yield
500 05 Yield
4. Rajasthan 1000 10 Yield
1000 12 Yield
1000 04 Yield
1000 10 Yield
1000 11 Yield
5. Tamil Nadu
Re-issue of 7.01% of Tamil Price
1000 Nadu SGS 2032, issued on
November 12, 2025
1100 26 Yield
6. Telangana
1000 27 Yield
1500 08 Yield
7. Uttar Pradesh
1500 10 Yield
Total 13600
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-
Kuber) system on November 18, 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 November 18, 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.2
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 November 18, 2025 (Tuesday) and
payment by successful bidders will be made during banking hours on November 19,
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 May 19 and
November 19 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: 2025-2026/1508 Deputy General Manager
(Communications)