**Executive Summary**
This press release, dated February 20, 2026, announces the auction of State Government Securities for an aggregate amount of ₹44,550 Crore (Face Value). The auction will be conducted on February 24, 2026, via the Reserve Bank of India's E-Kuber system. The payment by successful bidders is due on February 25, 2026.
**Key Points / Main Content**
* **Auction Details**
* Auction Date: February 24, 2026 (Tuesday)
* Auction Platform: Reserve Bank of India Core Banking Solution (E-Kuber) system
* Bidding Window:
* Competitive bids: 10:30 A.M. - 11:30 A.M.
* Non-competitive bids: 10:30 A.M. - 11:00 A.M.
* Payment Date: February 25, 2026 (Wednesday)
* Minimum Investment: ₹10,000.00 and in multiples of ₹10,000.00 thereafter.
* **State Government Securities Offered**
* A table lists the states, the amount to be raised, additional borrowing (Greenshoe) option, tenor (Year), and type of auction. The states include: Andhra Pradesh, Bihar, Chhattisgarh, Goa, Gujarat, Haryana, Karnataka, Kerala, Maharashtra, Nagaland, Punjab, Rajasthan, Sikkim, Tamil Nadu, Uttar Pradesh, and West Bengal.
* **Bidding Process**
* Bids must be submitted electronically through the E-Kuber system.
* In the event of system failure, physical bids are accepted.
* Government Stock is allotted to eligible individuals and institutions, subject to certain limits as per the 'Scheme for Non-competitive Bidding Facility'.
* **Interest and Yield**
* The yield or price expected by the bidder should be expressed up to two decimal points.
* RBI determines the maximum yield/minimum price at which bids will be accepted.
* Interest for the new stock is paid half-yearly on August 25 and February 25.
* **Regulatory Information**
* Stocks are governed by the Government Securities Act, 2006, and the Government Securities Regulations, 2007.
* 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:** States have the opportunity to raise funds by selling stock through auction.
* **Action Required:** States need to coordinate with RBI for the auction of their securities.
**Stakeholder: Banks and Financial Institutions**
* **Impact:** Eligible investment in Government Securities for the purpose of Statutory Liquidity Ratio (SLR).
* **Action Required:** Participate in the auction to acquire State Government Stocks and ensure compliance with SLR requirements.
**Stakeholder: Individual Investors**
* **Impact:** Opportunity to invest in State Government Securities through competitive and non-competitive bidding.
* **Action Required:** Submit bids through the E-Kuber system or the Retail Direct portal within the specified timeframes.
**Stakeholder: Reserve Bank of India (RBI)**
* **Impact:** Managing the auction process, determining interest rates, and ensuring regulatory compliance.
* **Action Required:** Conduct the auction, determine maximum yield/minimum price, and announce the results.
Key Entities Referenced
Reserve Bank of India (RBI): The central bank conducting the auction of State Government Securities.
State Government Securities (SGS): The financial instruments being auctioned by the State Governments.
E-Kuber: The Reserve Bank of India Core Banking Solution system used for conducting the auction.
Scheme for Non-competitive Bidding Facility: A scheme allowing eligible individuals and institutions to participate in the auction of State Government Securities non-competitively.
Banking Regulation Act, 1949, Section 24: Specifies that 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 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
February 20, 2026
Auction of State Government Securities
The following State Governments have offered to sell stock by way of auction, for an
aggregate amount of ₹44,550 Crore (Face Value).
Sr. State Amount Additional Tenor Type of
No. to Borrowing (Year) Auction
(Greenshoe)
be raised
Option
(₹ Crore)
(₹ Crore)
1. Andhra 1500 - 16 Yield
Pradesh
1600 - 21 Yield
2. Bihar 1500 - 15 Yield
1600 - 28 Yield
3. Chhattisgarh 1000 - 14 Yield
1000 - Re-issue of 7.59% Price
Chhattisgarh SGS 2046,
issued on January 07, 2026
4. Goa 100 - 10 Yield
5. Gujarat 1000 500 07 year and 06 months Yield
1000 500 10 Yield
6. Haryana 1000 - 15 Yield
1000 - Re-issue of 7.73% Haryana Price
SGS 2045, issued on
February 18, 2026
7. Karnataka 1000 - Re-issue of 7.25% Karnataka Price
SGS 2033, issued on
February 18, 2026
2000 - 08 Yield
2000 - 08 year and 06 months Yield
2000 - 10 Yield
2000 - 10 year and 06 months Yield
8. Kerala 1000 - 19 Yield
9. Maharashtra 1500 350 04 Yield2
1500 350 08 Yield
1500 350 11 Yield
10. Nagaland 500 - 04 Yield
11. Punjab 2000 - 08 Yield
12. Rajasthan 2000 07 Yield
2000 - 10 Yield
13. Sikkim 250 - 10 Yield
14. Tamil Nadu 1000 - 03 Yield
1000 - Re-issue of 7.12% Tamil Price
Nadu SGS 2032, issued on
February 18, 2026
2000 - 10 Yield
1000 - Re-issue of 7.44% Tamil Price
Nadu SGS 2055, issued on
November 26, 2025
15. Uttar 500 - Re-issue of 7.24% Uttar Price
Pradesh Pradesh SGS 2033, issued
on December 10, 2025
1000 - Re-issue of 7.59% Uttar Price
Pradesh SGS 2041, issued
on December 24, 2025
1500 - 20 Yield
16. West Bengal 1000 - 15 Yield
2000 - Re-issue of 7.74% West Price
Bengal SGS 2048, issued on
February 18, 2026
Total 44550
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber)
system on February 24, 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 24, 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).3
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 February 24, 2026 (Tuesday) and payment by
successful bidders will be made during banking hours on February 25, 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 25 and February 25 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
Deputy General Manager
Press Release: 2025-2026/2149 (Communications)