**Executive Summary**
This press release from the Reserve Bank of India announces an auction of State Government Securities for an aggregate amount of ₹16,560 Crore. The auction will be conducted on November 11, 2025, via the E-Kuber system. Results will be announced on the same day, with payment due on November 12, 2025.
**Key Points / Main Content**
* **Auction Details:**
* The auction is for State Government Securities.
* The aggregate amount is ₹16,560 Crore (Face Value).
* The auction will be conducted on the E-Kuber system.
* The auction date is November 11, 2025 (Tuesday).
* **Bidding Process:**
* Both competitive and non-competitive bids are accepted in electronic format.
* Competitive bids: 10:30 A.M. to 11:30 A.M. on November 11, 2025.
* Non-competitive bids: 10:30 A.M. to 11:00 A.M. on November 11, 2025.
* Individual investors can bid through the Retail Direct portal (https://rbiretaildirect.org.in) as per the 'Scheme for Non-competitive Bidding Facility'.
* In the event of system failure, physical bids can be submitted to the Public Debt Office.
* **Allocation and Limits:**
* Up to 10% of the notified amount of each stock is reserved for eligible individuals and institutions.
* The maximum bid limit for a single bid per stock is 1% of its notified amount.
* Stock will be issued for a minimum nominal amount of ₹10,000.00 and in multiples of ₹10,000.00 thereafter.
* Aggregate bids by a bidder should not exceed the notified amount for each State.
* **Yield and Interest:**
* The yield percent or price should be expressed up to two decimal points.
* RBI will determine the maximum yield / minimum price.
* Interest for new stock is paid half-yearly on May 12 and November 12.
* Interest for re-issued Government Stock 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.
* **Other Information:**
* The results will be announced on November 11, 2025 (Tuesday).
* Payment by successful bidders is due on November 12, 2025 (Wednesday).
* The Stocks are governed by the Government Securities Act, 2006 and the Government Securities Regulations, 2007.
* The investment in State Government Stocks is reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR).
**Impact Analysis**
**Stakeholder: State Governments**
*Impact:* Raises funds through the sale of securities.
*Action Required:* Participate in the auction as outlined in the press release.
**Stakeholder: Banks and Financial Institutions**
*Impact:* Opportunity to invest in State Government Securities, contributing to SLR requirements.
*Action Required:* Evaluate and submit bids in the auction, ensuring compliance with the stipulated guidelines and deadlines.
**Stakeholder: Individual Investors**
*Impact:* Investment opportunity in government securities with options for competitive and non-competitive bidding.
*Action Required:* If interested, submit bids through the E-Kuber system or Retail Direct portal, adhering to the timelines and bid limits.
Key Entities Referenced
Reserve Bank of India Core Banking Solution (E-Kuber): The electronic platform used for submitting bids in the auction of State Government Securities.
State Government Securities: Debt instruments issued by state governments offered for auction, as specified in the press release.
Scheme for Non-competitive Bidding Facility: A facility allowing individual investors to participate in the auction of State Government Securities through non-competitive bids.
Government Securities Act, 2006: Legislation governing government securities, including the State Government Stocks mentioned in the document.
Section 24 of the Banking Regulation Act, 1949: Specifies how 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).
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 07, 2025
Auction of State Government Securities
The following State Governments have offered to sell stock by way of auction, for an
aggregate amount of ₹16,560 Crore (Face Value).
Sr. State/UT Amount to Tenor (Year) Type of
No. be raised Auction
(₹ Crore)
1. Bihar 1500 15 Yield
2. Chhattisgarh 500 Re-issue of 6.59% Price
Chhattisgarh SDL 2028,
issued on October 06, 2021
1000 Re-issue of 7.14% Price
Chhattisgarh SGS 2033,
issued on February 12, 2025
3. Jammu and 450 20 Yield
Kashmir
4. Madhya 1500 16 Yield
Pradesh
1500 18 Yield
1000 19 Yield
5. Maharashtra 1000 08 Yield
1000 12 Yield
6. Mizoram 110 08 Yield
7. Tamil Nadu 1000 07 Yield
1000 15 Yield
1000 Re-issue of 7.14% Tamil Price
Nadu SGS 2035, issued on
November 06, 2025
8. Telangana 1000 31 Yield
9. Uttar Pradesh 1500 07 Yield
1500 11 Yield
Total 16560
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber)
system on November 11, 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 per2
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 11, 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.
The results of the auction will be announced on November 11, 2025 (Tuesday) and payment
by successful bidders will be made during banking hours on November 12, 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 12 and November 12 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: 2025-2026/1473 Deputy General Manager
(Communications)