RBI Announces ₹22,200 Cr State Securities Auction

Document title: Auction of State Government Securities

Issuing authority: Reserve Bank of India

Reference number: Press Release: 2026-2027/1194

Date: September 25, 2026

Capital Markets and Flows

The Reserve Bank of India (RBI) announced an auction of State Government Securities (SGS) with a total face‑value of ₹22,200 crore. The auction will be conducted on the RBI Core Banking Solution (E‑Kuber) system on September 29, 2026 (Tuesday). The following states are offering securities:

• Assam: ₹800 crore, re‑issue of 7.83% SGS 2046, issued 29‑Apr‑2026.
• Bihar: ₹800 crore, re‑issue of 7.42% SGS 2035, issued 08‑Jul‑2026; and ₹1,200 crore, re‑issue of 7.92% SGS 2051, issued 15‑Apr‑2026.
• Chhattisgarh: ₹250 crore, re‑issue of 7.40% SGS 2035, issued 08‑Jul‑2026; and ₹250 crore, re‑issue of 7.64% SGS 2042, issued 08‑Jul‑2026.
• Haryana: ₹1,000 crore, re‑issue of 7.90% SGS 2040, issued 16‑Sep‑2026; and ₹1,500 crore, re‑issue of 7.69% SGS 2048, issued 27‑Aug‑2026.
• Jharkhand: ₹100 crore, re‑issue of 7.72% SGS 2038, issued 02‑Sep‑2026; and ₹100 crore, re‑issue of 7.72% SGS 2042, issued 02‑Sep‑2026.
• Kerala: ₹800 crore, re‑issue of 7.30% SGS 2033, issued 08‑Jul‑2026; and ₹1,000 crore, re‑issue of 7.56% SGS 2039, issued 08‑Jul‑2026.
• Madhya Pradesh: ₹800 crore, re‑issue of 7.61% SGS 2044, issued 08‑Jul‑2026; and ₹700 crore, re‑issue of 7.75% SGS 2056, issued 02‑Sep‑2026.
• Sikkim: ₹200 crore (4‑year tenor) and ₹200 crore (16‑year tenor) – yield basis.
• Tamil Nadu: ₹1,000 crore (10‑year tenor) – yield basis; ₹2,000 crore, re‑issue of 7.62% SGS 2041, issued 05‑Aug‑2026; and ₹2,000 crore, re‑issue of 7.70% SGS 2051, issued 05‑Aug‑2026.
• Uttar Pradesh: ₹500 crore, re‑issue of 7.14% SGS 2032, issued 08‑Jul‑2026; ₹1,000 crore, re‑issue of 7.59% SGS 2042, issued 08‑Jul‑2026; and an additional ₹1,000 crore on a 25‑year yield basis.
• Uttarakhand: ₹300 crore, re‑issue of 7.70% SGS 2048, issued 22‑Jul‑2026.
• West Bengal: ₹1,000 crore, re‑issue of 7.07% SGS 2031, issued 08‑Jul‑2026; ₹1,500 crore, re‑issue of 7.64% SGS 2044, issued 08‑Jul‑2026; and ₹2,200 crore, re‑issue of 7.65% SGS 2052, issued 08‑Jul‑2026.

The total of all issues equals the announced ₹22,200 crore. Bids may be submitted in electronic format on the E‑Kuber system. Competitive bids are to be entered between 10:30 A.M. and 11:30 A.M., while non‑competitive bids must be entered between 10:30 A.M. and 11:00 A.M.. In the event of technical failure, physical bids can be submitted to the Public Debt Office using the prescribed form available on the RBI website. The RBI will determine the maximum yield/minimum price at which bids are accepted. Securities will be issued in multiples of ₹10,000. Auction results will be announced on September 29, 2026, and payment to successful bidders will be made on September 30, 2026 during banking hours at RBI’s Mumbai office and regional offices.

Regulatory and Policy Measures

The securities offered in this auction will be treated as eligible investments for banks under the Statutory Liquidity Ratio (SLR) provision of Section 24 of the Banking Regulation Act, 1949. Consequently, banks can include these holdings in their SLR calculations. The securities will also qualify for the ready‑forward facility, allowing banks to sell them in the secondary market under the facility’s terms.

Retail investors are permitted to participate under the non‑competitive bidding facility (up to ten percent of the notified amount of each issue) via the Retail Direct portal (https://rbiretaildirect.org.in), subject to a maximum of one percent of the notified amount for a single bid per stock. Individual investors must express the expected yield or price up to two decimal places. The aggregate amount of bids from any single bidder must not exceed the notified amount for each state issue.

For auction‑related queries, the Core Banking Operations Team can be contacted at cbot@rbi.org.in or phone 022‑69870466 / 022‑69870415. Issues specific to the auction can be directed to the IDMD Auction Team at auctionidmd@rbi.org.in or phone 022‑22702431 / 022‑22705125. Physical‑bid submissions, if required, should be sent to the Public Debt Office (email bids@rbi.org.in, phones 022‑22603456 / 022‑22603457 / 022‑22603190) before the auction deadline.