**Executive Summary**
This press release from the Reserve Bank of India, dated October 16, 2025, announces the auction of State Government Securities for an aggregate amount of ₹17,000 Crore. The auction will be conducted on October 20, 2025, via the RBI's E-Kuber system. Payment by successful bidders is due on October 23, 2025.
**Key Points / Main Content**
* **Auction Details:**
* Auction Date: October 20, 2025 (Monday)
* Auction Platform: Reserve Bank of India Core Banking Solution (E-Kuber) system
* Aggregate Amount: ₹17,000 Crore (Face Value)
* Competitive Bid Submission: 10:30 A.M. - 11:30 A.M.
* Non-Competitive Bid Submission: 10:30 A.M. - 11:00 A.M.
* Result Announcement: October 20, 2025 (Monday)
* Payment Date: October 23, 2025 (Thursday)
* **State Government Securities:**
* Five states (Chhattisgarh, Maharashtra, Rajasthan, Tamil Nadu, and Uttar Pradesh) are offering securities via auction.
* Securities include re-issues of existing State Government Stocks (SGS) with varying tenors and yields.
* Minimum bid amount is ₹10,000.00 and in multiples of ₹10,000.00 thereafter.
* **Bidding Process:**
* Bids must be submitted electronically via the E-Kuber system.
* Physical bids are accepted only in the event of system failure, using a prescribed form from the RBI website.
* Yield or price should be expressed up to two decimal points.
* Bidders can submit multiple competitive bids, but the aggregate amount must not exceed the notified amount for each state.
* Up to 10% of the notified amount of each stock will be allotted to eligible individuals and institutions via the 'Scheme for Non-competitive Bidding Facility', subject to a maximum limit of one per cent of its notified amount for a single bid per stock. Individual investors can also place bids as per the non-competitive scheme through the Retail Direct portal.
* **Interest and Regulations:**
* Interest for the new stock will be paid half-yearly on April 23 and October 23 of each year until maturity.
* Interest for re-issued Government Stock will be paid at the rate determined on the date of original issue of Government Stock and will be paid on a half-yearly basis till maturity.
* The stocks are governed by the Government Securities Act, 2006 and the Government Securities Regulations, 2007.
* **Eligibility and Investment:**
* Investment in State Government Stocks qualifies as an eligible investment in Government Securities for banks' Statutory Liquidity Ratio (SLR).
**Impact Analysis**
**State Governments:**
* **Impact:** Can raise funds by selling government stocks through auction.
* **Action Required:** No action indicated.
**Banks:**
* **Impact:** Can invest in State Government Stocks for SLR compliance and participate in the ready forward facility.
* **Action Required:** Take part in the auction by submitting bids.
**Individuals and Institutions:**
* **Impact:** Can invest in State Government Stocks through competitive and non-competitive bidding processes.
* **Action Required:** Take part in the auction by submitting bids.
Key Entities Referenced
Reserve Bank of India Core Banking Solution (E-Kuber): Electronic system used for auctioning State Government Securities.
Scheme for Non-competitive Bidding Facility: Scheme allowing eligible individuals and institutions to participate in the auction with a limited amount.
State Government Securities: The subject of the auction; debt instruments issued by state governments.
Reserve Bank of India: The central bank conducting the auction and determining interest rates.
Banking Regulation Act, 1949: Act that defines statutory liquidity ratio, which these securities can fulfill.
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 16, 2025
Auction of State Government Securities
The following State Governments have offered to sell stock by way of auction, for an
aggregate amount of ₹17,000 Crore (Face Value).
Sr. State Amount to Tenor (Year) Type of
No. be raised Auction
(₹ Crore)
1. Chhattisgarh 1000 15 Yield
Re-issue of 7.14% Price
1000 Chhattisgarh SGS 2032, issued
on March 19, 2025
2. Maharashtra 1500 11 Yield
1000 25 Yield
Re-issue of 7.24% Maharashtra Price
1000 SGS 2034, issued on
September 10, 2025
Re-issue of 7.26% Maharashtra Price
1500 SGS 2041, issued on October
08, 2025
3. Rajasthan 2000 10 Yield
1500 26 Yield
Re-issue of 7.57% Rajasthan Price
1500 SGS 2043, issued on August
28, 2025
4. Tamil Nadu 1000 07 Yield
1000 10 Yield
Re-issue 7.44% Tamil Nadu Price
1000 SGS 2055, issued on October
01, 2025.
5. Uttar Pradesh 2000 10 Yield
Total 17000
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-
Kuber) system on October 20, 2025 (Monday). 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 20, 2025 (Monday). 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 20, 2025 (Monday) and
payment by successful bidders will be made during banking hours on October 23, 2025
(Thursday) 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 23 and October
23 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: 2025-2026/1331 Deputy General Manager
(Communications)