**Executive Summary:**
This document is a press release from the Reserve Bank of India announcing the auction of State Government Securities for an aggregate amount of ₹27,000 Crore on September 23, 2025. The results will be announced on the same day, and payment by successful bidders is due on September 24, 2025. The auction will be conducted through the E-Kuber system.
**Key Points / Main Content:**
* **Auction Details:**
* State Governments are offering to sell stock by auction.
* The aggregate amount is ₹27,000 Crore (Face Value).
* The auction will be conducted on September 23, 2025 (Tuesday) via the Reserve Bank of India's E-Kuber system.
* Results will be announced on September 23, 2025 (Tuesday).
* Payments by successful bidders are due on September 24, 2025 (Wednesday).
* **Bidding Process:**
* Competitive bids should be submitted between 10:30 A.M. and 11:30 A.M. on September 23, 2025.
* Non-competitive bids should be submitted between 10:30 A.M. and 11:00 A.M. on September 23, 2025.
* Physical bids are accepted only in case of system failure and should be submitted before auction timing ends.
* The minimum amount for stock issuance is ₹10,000.00, in multiples of ₹10,000.00 thereafter.
* **Stock Allotment and Interest:**
* Up to 10% of the notified amount of each stock is allotted to eligible individuals and institutions, subject to a maximum limit of one per cent for a single bid per stock.
* Individual investors can also place bids via the Retail Direct portal.
* Interest for the new stock will be paid half-yearly on March 24 and September 24.
* Interest for re-issued stock will be paid at the rate determined on the date of the original issue, on a half-yearly basis.
* **State-Specific Offerings:**
* Nine states (Bihar, Chhattisgarh, Gujarat, Kerala, Madhya Pradesh, Maharashtra, Punjab, Rajasthan and Tamil Nadu) and the amount to be raised are detailed, including tenor and type of auction (Yield/Price). Telangana and West Bengal are also included in the list of States and the type of auction is detailed.
**Impact Analysis:**
**State Governments:**
* **Impact:** Can raise funds by selling stock through auction.
* **Action Required:** Offer stock for auction.
**Eligible Individuals and Institutions:**
* **Impact:** Have the opportunity to invest in State Government Securities.
* **Action Required:** Submit competitive or non-competitive bids through the E-Kuber system or Retail Direct portal by the deadlines specified.
**Banks:**
* **Impact:** Investment in State Government Stocks can be reckoned as an eligible investment in Government Securities for the purpose of Statutory Liquidity Ratio (SLR).
* **Action Required:** Evaluate the investment opportunity.
**Reserve Bank of India:**
* **Impact:** Conducts the auction and determines interest rates.
* **Action Required:** Conduct the auction on September 23, 2025, announce results, and facilitate payments.
Key Entities Referenced
Reserve Bank of India: Conducts auctions for State Government Securities.
State Government Securities: Stocks issued by State Governments and auctioned to raise funds.
Government Securities Act, 2006: Governing act for State Government stocks.
Government Securities Regulations, 2007: Regulations for State Government stocks.
Banking Regulation Act, 1949, Section 24: Section relating to Statutory Liquidity Ratio (SLR), where state government stocks are considered eligible.
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
September 19, 2025
Auction of State Government Securities
The following State Governments have offered to sell stock by way of auction, for an
aggregate amount of ₹27,000 Crore (Face Value).
Additional
Amount to Borrowing
Sr. Type of
State be raised (Greenshoe) Tenor (Year)
No. Auction
(₹ Crore) Option
(₹ Crore)
2000 - 20 Yield
1. Bihar
2000 - 25 Yield
Re-issue of 7.00%
Chhattisgarh SGS 2029,
2. Chhattisgarh 500 - Price
issued on September
19, 2024
3. Gujarat 1500 - 07 Yield
4. Kerala 1000 - 25 Yield
1500 - 18 Yield
5. Madhya Pradesh
1500 - 21 Yield
1000 - 11 Yield
Re-issue of 7.14%
1000 - Maharashtra SGS 2045, Price
6. Maharashtra issued on July 09, 2025
Re-issue of 7.15%
1000 - Maharashtra SGS 2046, Price
issued on July 02, 2025
Re-issue of 6.98%
Punjab SDL 2033,
7. Punjab 1000 - Price
issued on September
29, 2021
8. Rajasthan 1500 - 10 Yield
1000 - 10 Yield
Re-issue of 7.05% Tamil
1000 - Nadu SGS 2031, issued Price
on September 17, 2025
9. Tamil Nadu
Re-issue of 7.15% Tamil
1000 - Nadu SGS 2032, issued Price
on September 17, 2025
1000 - Re-issue of 7.19% Tamil Price2
Nadu SGS 2033, issued
on September 17, 2025
1500 - 22 Yield
1000 - 23 Yield
10. Telangana
1000 - 24 Yield
1500 - 26 Yield
1000 500 11 Yield
Re-issue of 7.47% West
11. West Bengal Bengal SGS 2044,
1500 - Price
issued on September
17, 2025
Total 27000
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-
Kuber) system on September 23, 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 September 23, 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.3
The results of the auction will be announced on September 23, 2025 (Tuesday) and
payment by successful bidders will be made during banking hours on September 24,
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 March 24 and
September 24 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: 2025-2026/1137 Deputy General Manager
(Communications)