**Executive Summary**
This press release from the Reserve Bank of India announces the auction of State Government Securities for an aggregate amount of ₹36,500 Crore. The auction will be conducted on February 03, 2026, with results announced the same day. Payment by successful bidders is due on February 04, 2026.
**Key Points / Main Content**
* **Auction Details:**
* Auction Date: February 03, 2026 (Tuesday)
* Auction System: Reserve Bank of India Core Banking Solution (E-Kuber)
* Aggregate Amount: ₹36,500 Crore (Face Value)
* Payment Date: February 04, 2026 (Wednesday)
* **Bidding Information:**
* Competitive bids: 10:30 A.M. to 11:30 A.M. on February 03, 2026
* Non-competitive bids: 10:30 A.M. to 11:00 A.M. on February 03, 2026
* Bids must be submitted electronically through the E-Kuber system.
* Physical bids are only accepted in the event of system failure.
* Yield/Price is to be expressed up to two decimal points.
* Minimum nominal amount for stock issuance: ₹10,000.00 and multiples thereof.
* **State Government Securities:**
* Offered by various State Governments.
* Includes re-issues of existing securities and new stock.
* Tenor varies by state and security type.
* Type of auction includes both price and yield-based auctions.
* **Allocation:**
* Up to 10% of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions.
* Subject to a maximum limit of 1% of its notified amount for a single bid per stock.
* **Interest Payments:**
* For new stock, interest is paid half-yearly on August 04 and February 04.
* For re-issued stock, interest will be paid at the rate determined on the original issue date, half-yearly.
* **Regulatory and Investment Information:**
* The stocks are governed by the Government Securities Act, 2006 and the Government Securities Regulations, 2007.
* Investment qualifies for Statutory Liquidity Ratio (SLR) for banks.
* Stocks qualify for the ready forward facility.
**Impact Analysis**
**Stakeholder:** State Governments
**Impact:** Able to raise funds through the sale of government securities.
**Action Required:** Offer securities for auction and manage the raised capital.
**Stakeholder:** Banks and Financial Institutions
**Impact:** Opportunity to invest in State Government Securities for SLR requirements and portfolio management.
**Action Required:** Participate in the auction process by submitting competitive bids through the E-Kuber system, and manage their investments in accordance with regulatory guidelines.
**Stakeholder:** Individual Investors
**Impact:** Opportunity to invest in State Government Securities through competitive and non-competitive bidding.
**Action Required:** Participate in the auction by submitting competitive and non-competitive bids through the E-Kuber system, or the Retail Direct portal.
**Stakeholder:** Reserve Bank of India (RBI)
**Impact:** Oversees the auction process and determines the interest rates for the securities.
**Action Required:** Conduct the auction, announce the results, and manage the payment process.
Key Entities Referenced
State Government Securities: Securities issued by state governments, sold via auction.
Reserve Bank of India (RBI): India's central bank, which conducts the auction for State Government Securities.
Banking Regulation Act, 1949, Section 24: Section of the act relevant to Statutory Liquidity Ratio (SLR).
Government Securities Act, 2006: Act governing the issuance and regulation of government securities.
E-Kuber: The Reserve Bank of India's Core Banking Solution system used for conducting 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
January 30, 2026
Auction of State Government Securities
The following State Governments have offered to sell stock by way of auction, for an
aggregate amount of ₹36,500 Crore (Face Value).
Additional
Amount
Borrowing
Sr. to Type of
State/UT (Greenshoe) Tenor (Year)
No . be raised Auction
Option
(₹ Crore)
(₹ Crore)
Re-issue of 7.48%
Andhra Pradesh
1000 - Price
SGS 2035, issued
1. Andhra Pradesh
on January 28, 2026
1200 - 13 Yield
1100 - 15 Yield
2. Assam 1000 - 15 Yield
Re-issue of 7.19%
Chhattisgarh SGS
1000 - Price
3. Chhattisgarh 2035, issued on
February 27, 2025
1000 - 16 Yield
4. Gujarat 1000 500 06 Yield
5. Haryana 1000 - 15 Yield
6. Jammu and Kashmir 500 - 17 Yield
Re-issue of 7.15%
Karnataka SGS
2000 - Price
2031, issued on
7. Karnataka
January 28, 2026
2000 - 07 Yield
2000 - 09 Yield
8. Kerala 1000 - 21 Yield
1200 - 07 Yield
9. Madhya Pradesh 2000 - 17 Yield
2000 - 22 Yield
1500 350 04 Yield
10. Maharashtra 1500 350 08 Yield
1500 350 11 Yield
11. Punjab 1000 - 12 Yield
12. Tamil Nadu 1000 - Re-issue of 7.50% Price2
Tamil Nadu SGS
2036, issued on
January 28, 2026
Re-issue of 7.53%
Tamil Nadu SGS
1000 - Price
2037, issued on
January 28, 2026
2000 - 30 Yield
1500 - 10 Yield
13. Uttar Pradesh
1500 - 11 Yield
1500 - 17 Yield
14. West Bengal
1500 - 20 Yield
Total 36500
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-
Kuber) system on February 03, 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 February 03, 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.3
The results of the auction will be announced on February 03, 2026 (Tuesday) and
payment by successful bidders will be made during banking hours on February 04, 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 August 04 and
February 04 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: 2025-2026/2026 Deputy General Manager
(Communications)