Document title: State Government Securities Full Auction Result

Issuing authority: Reserve Bank of India, Department of Communication

Reference number: Press Release 2026-2027/1067

Date: 08 September 2026

Capital Markets and Flows

On 8 September 2026 the RBI released the complete results of its State Government Securities (SGS) auction covering multiple states. The total notified amount across all issues was ₹16,900 Crore, matching the total allotment amount of the same magnitude. Competitive bids amounted to ₹30,000 Crore plus, with 1,018 competitive bids received and 178 accepted, representing an overall acceptance rate of approximately 17.5%. The aggregate cut‑off yield for competitive bids ranged from 7.54% to 7.76% and the weighted‑average yields across issues varied between 7.53% and 7.75%.

State‑wise details are as follows:

  • Andhra Pradesh issued three series (2035, 2043, 2056) with notified amounts of ₹1,000 Cr, ₹1,200 Cr and ₹1,600 Cr respectively; cut‑off yields were 7.62%, 7.76% and 7.76%; competitive bids received 61, 92 and 30 bids amounting to ₹2,905 Cr, ₹3,415.55 Cr and ₹4,030 Cr; accepted bids were 11, 7 and 4 with allocations of ₹961.38 Cr, ₹1,152.15 Cr and ₹1,578.82 Cr. Goa’s 10‑year issue (2036) had a notified amount of ₹100 Cr, cut‑off yield 7.63%, and 13 competitive bids totalling ₹490 Cr, of which one bid was accepted for ₹91.87 Cr.
  • Additional series for Goa (2036, 2041, 2038) issued on 27‑Aug‑2026 and 8‑Jul‑2026 saw competitive bids of 92, 79 and 74 with amounts ₹3,815 Cr, ₹3,950 Cr and ₹2,195 Cr; cut‑off yields were 7.5896%, 7.6803% and 7.7061%; accepted bids numbered 24, 23 and 1 with partial allotments of ₹929.32 Cr, ₹923.95 Cr and ₹479.98 Cr respectively.
  • Maharashtra issued three series (2034, 2044, 2054) with notified amounts of ₹1,000 Cr, ₹2,200 Cr and ₹2,400 Cr. Cut‑off yields were 7.5460%, 7.7570% and 7.7596% with competitive bids received 110, 131 and 42 amounting to ₹5,081 Cr, ₹8,015 Cr and ₹5,770 Cr. Accepted competitive bids were 16, 14 and 10, allocating ₹942.64 Cr, ₹2,035.76 Cr and ₹2,298.60 Cr respectively. Meghalaya’s 7‑year issue (2033) had a notified amount of ₹400 Cr, cut‑off yield 7.55%, 30 competitive bids totalling ₹1,155 Cr and 12 accepted bids allocating ₹395.83 Cr.
  • Punjab’s 9‑year (2035) and 7.65% re‑issue (2043) issues had notified amounts of ₹800 Cr and ₹1,200 Cr. Cut‑off yields were 7.75% and 7.7983% with competitive bids received 49 and 121 amounting to ₹1,351.5 Cr and ₹3,640 Cr; accepted bids were 23 and 15 allocating ₹761.89 Cr and ₹1,123.83 Cr. Rajasthan’s 7.57% re‑issue (2035) and 22‑year (2048) issues each had ₹1,000 Cr notified. Cut‑off yields were 7.6290% and 7.76% with competitive bids received 73 and 39 amounting to ₹3,933 Cr and ₹2,765 Cr; accepted bids were 13 and 3 allocating ₹926.79 Cr and ₹924.31 Cr.

Non‑competitive bids were accepted in full for every issue at prices ranging from ₹98.61 to ₹100.37, with total non‑competitive participation of ₹889.22 Cr across all issues. The weighted‑average yields for non‑competitive bids fell between 7.53% and 7.79% depending on the series.

Financial Stability and Inclusion

The auction results indicate robust demand for state‑level debt, reflected in competitive bid volumes that far exceed notified amounts. Cut‑off yields clustered around 7.5%‑7.8%, marginally above prevailing market rates, suggesting a modest premium for state issuances. The breadth of participation—spanning over 1,000 competitive bids and numerous non‑competitive bids—demonstrates diversified investor interest, supporting fiscal financing needs of the states without exerting undue pressure on market liquidity.

Overall, the RBI’s full auction of State Government Securities on 8 September 2026 successfully allocated ₹16,900 Crore of debt, with strong competitive demand, transparent pricing, and full acceptance of non‑competitive bids, reinforcing the depth of India’s sovereign and sub‑sovereign debt markets.