State governments and Jammu and Kashmir will offer securities through the RBI’s E-Kuber platform, with individual investors eligible to participate through the non-competitive bidding route. Auction results will be declared on October 19, with settlement scheduled for October 21.
BKK Bureau, New Delhi | 17 October 2026 | 10:04 PM IST
The Reserve Bank of India has announced an auction of State Government Securities with a combined notified amount of ₹24,400 crore. The auction will be conducted on October 19, 2026, through the RBI’s Core Banking Solution—E-Kuber platform.
The offering covers Andhra Pradesh, Goa, Gujarat, Jammu and Kashmir, Madhya Pradesh, Maharashtra, Meghalaya, Punjab, Rajasthan, Telangana and Tripura. The securities include both re-issues of existing stocks and new government stocks for which the yield will be determined through the auction process.
Maharashtra has the largest notified offering at ₹8,000 crore. Its securities include a ₹1,500 crore re-issue of 7.55% Maharashtra SGS 2034, a ₹2,000 crore 15-year stock, a ₹2,000 crore re-issue of 7.77% Maharashtra SGS 2044 and a ₹2,500 crore re-issue of 7.79% Maharashtra SGS 2054.
Madhya Pradesh will offer ₹4,500 crore across a ₹1,000 crore four-year stock, a ₹2,000 crore re-issue of 7.58% Madhya Pradesh SGS 2038 and a ₹1,500 crore re-issue of 7.66% Madhya Pradesh SGS 2048. Rajasthan will offer ₹3,500 crore, comprising new 10-year and 16-year stocks of ₹1,000 crore and ₹1,500 crore respectively, along with a ₹1,000 crore re-issue of 8.06% Rajasthan SGS 2057.
Andhra Pradesh and Telangana will each raise ₹1,000 crore through re-issued securities and ₹1,000 crore through additional offerings, taking their respective notified amounts to ₹2,000 crore. Gujarat will offer ₹2,000 crore, including a ₹1,000 crore re-issue of 7.96% Gujarat SGS 2035 and a ₹1,000 crore 12-year stock.
The remaining offerings comprise ₹1,500 crore from Punjab, ₹800 crore from Jammu and Kashmir, ₹800 crore from Tripura, ₹200 crore from Goa and ₹100 crore from Meghalaya. The notified amounts and the applicable price or yield auction method vary by security.
Competitive bids must be submitted between 10:30 a.m. and 11:30 a.m. on October 19. Non-competitive bids will be accepted between 10:30 a.m. and 11 a.m. The RBI said bids should be submitted electronically through E-Kuber, with physical bids permitted only if the system fails.
Individual investors can participate under the Scheme for Non-competitive Bidding Facility through the RBI Retail Direct portal. Up to 10% of the notified amount of each stock may be allotted to eligible individuals and institutions under the scheme, subject to a maximum of 1% of the notified amount for a single bid in each stock.
The RBI will determine the maximum accepted yield or minimum accepted price. Each stock will be issued for a minimum nominal amount of ₹10,000 and in multiples of ₹10,000 thereafter. Auction results will be announced on October 19, while successful bidders will make payment during banking hours on October 21 at Mumbai and the respective RBI regional offices.
Interest on new State Government Stocks will be paid at the rates determined in the auction and will be payable half-yearly on April 21 and October 21 until maturity. Re-issued stocks will carry the interest rate fixed at their original issue and will also pay interest half-yearly. The securities will be governed by the Government Securities Act, 2006 and the Government Securities Regulations, 2007.
Why it matters
The auction gives state governments access to ₹24,400 crore through the government securities market and provides banks and other eligible investors with securities that qualify as government securities for Statutory Liquidity Ratio purposes. Retail investors also have a defined route to participate through RBI Retail Direct under the non-competitive bidding facility.
Why it matters
The auction will mobilise ₹24,400 crore for state governments and offers eligible investors, including individuals through RBI Retail Direct, access to State Government Securities. The securities will also qualify as eligible investments for banks’ Statutory Liquidity Ratio requirements.
Source: Reserve Bank of India
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