**Executive Summary**
This document is a press release from the Reserve Bank of India, dated October 14, 2025, reporting the full auction results for State Government Securities. It details the notified amount, tenor, bids received and accepted, cut-off yields and prices, and allotment percentages for various states. The press release number is 2025-2026/1307.
**Key Points / Main Content**
* **Auction Overview**
* The auction was held on October 14, 2025.
* The total notified amount across all states and tenors was ₹12,800 Crore.
* Securities auctioned were for multiple states (Bihar, Gujarat, Jammu and Kashmir, Maharashtra, Odisha, Tamil Nadu, Telangana, and Uttar Pradesh) with varying tenors.
* **Competitive Bids**
* A total of 960 competitive bids amounting to ₹65146.839 Crore were received.
* 149 competitive bids were accepted amounting to ₹12008.548 Crore.
* Cut-off yields and prices varied depending on the state and security tenor.
* Partial allotment percentages for competitive bids are specified for each state.
* **Non-Competitive Bids**
* 94 non-competitive bids amounting to ₹906.628 Crore were received.
* 94 non-competitive bids were accepted amounting to ₹791.452 Crore.
* Non-competitive prices are specified for each state.
* Partial allotment percentages for non-competitive bids are specified for each state.
**Impact Analysis**
**State Governments**
* **Impact**: The auction results determine the cost of borrowing and the amounts raised through the issuance of State Government Securities.
* **Action Required**: State governments need to evaluate the outcome of the auction in relation to their funding requirements and adjust their fiscal strategies accordingly.
**Investors (Banks, Financial Institutions, etc.)**
* **Impact**: Investors receive the securities they bid for, subject to allotment percentages and cut-off yields/prices.
* **Action Required**: Investors need to settle the transactions as per the terms of the auction and manage their portfolios based on the acquired securities.
**Reserve Bank of India (RBI)**
* **Impact**: The RBI manages the auction process and ensures the orderly functioning of the government securities market.
* **Action Required**: The RBI is responsible for disseminating auction results and overseeing the settlement of transactions.
Key Entities Referenced
State Government Securities: Securities issued by various state governments, being auctioned in the reported result.
Reserve Bank of India: The regulatory body conducting the auction.
BIHAR SGS 2045: State Government Security of Bihar, maturing in 2045
GUJARAT SGS 2034: State Government Security of Gujarat, maturing in 2034
MAHARASHTRA SGS 2036: State Government Security of Maharashtra, maturing in 2036