The Reserve Bank of India released the results of the auction of State Government Securities held on July 14, 2026. The notified amount for the auction was ₹24,800 crore, while the total allotment stood at ₹24,570.053 crore.
The auction received 1,369 competitive bids worth ₹74,067.650 crore. Of these, 328 competitive bids were accepted for ₹23,257.788 crore. The RBI also received 180 non-competitive bids worth ₹1,384.854 crore, and accepted 180 non-competitive bids for ₹1,312.265 crore.
Punjab issue allotted below notified amount
The overall allotment was lower than the total notified amount because Punjab accepted a partial amount in one issue. The RBI said Punjab accepted ₹770.053 crore in the re-issue of 7.55% Punjab SGS 2033, which was originally issued on June 17, 2026. The notified amount for this security was ₹1,000 crore.
The Punjab SGS 2033 issue received 27 competitive bids for ₹930 crore. It had a cut-off yield of 7.5370% and a cut-off price of ₹100.06. Competitive bids accepted amounted to ₹725 crore, while non-competitive bids accepted stood at ₹45.053 crore.
Major allotments by state
The auction covered securities from several states, with maturities ranging from 2031 to 2056. Maharashtra accounted for the largest share in this auction, with ₹10,600 crore allotted across six securities.
- Maharashtra: ₹10,600 crore across SGS 2031, 2034, 2039, 2044, 2049 and 2054.
- Andhra Pradesh: ₹3,800 crore across SGS 2036, 2043 and 2056.
- Telangana: ₹2,500 crore across SGS 2037 and 2055.
- Gujarat: ₹2,000 crore across SGS 2035 and 2038.
- Tamil Nadu: ₹2,000 crore across SGS 2034 and 2041.
- Punjab: ₹1,770.053 crore across SGS 2033 and 2044.
- Rajasthan: ₹1,500 crore across SGS 2035 and 2049.
- Meghalaya: ₹300 crore in SGS 2038.
- Mizoram: ₹100 crore in SGS 2041.
Cut-off yields in the auction
The cut-off yields in the auction varied by state and maturity. The lowest cut-off yield reported was 7.0383% for the re-issue of 7.35% Maharashtra SGS 2031. The highest cut-off yield was 7.7204% for the re-issue of 8.07% Maharashtra SGS 2049.
Among the Andhra Pradesh securities, the 10-year Andhra Pradesh SGS 2036 had a cut-off yield of 7.51%, while the re-issue of 7.65% Andhra SGS 2043 had a cut-off yield of 7.7183%. The re-issue of 7.81% Andhra SGS 2056 had a cut-off yield of 7.7085%.
Gujarat SGS 2035 had a cut-off yield of 7.38%, and Gujarat SGS 2038 had a cut-off yield of 7.51%. Rajasthan SGS 2035 had a cut-off yield of 7.5094%, while Rajasthan SGS 2049 had a cut-off yield of 7.7097%.
For Tamil Nadu, SGS 2034 had a cut-off yield of 7.39%, and SGS 2041 had a cut-off yield of 7.59%. Telangana SGS 2037 had a cut-off yield of 7.6067%, while the re-issue of 7.65% Telangana SGS 2055 had a cut-off yield of 7.7086%.
Weighted average yields
The weighted average yield for Maharashtra SGS 2031 was 7.0358%, the lowest among the securities listed in the release. Maharashtra SGS 2054 recorded a weighted average yield of 7.7128%.
Other weighted average yields included 7.5018% for Andhra Pradesh SGS 2036, 7.5080% for Gujarat SGS 2038, 7.6700% for Meghalaya SGS 2038, 7.6900% for Mizoram SGS 2041, 7.7071% for Punjab SGS 2044, 7.3738% for Tamil Nadu SGS 2034, and 7.7033% for Telangana SGS 2055.
The RBI release was issued by Ajit Prasad, Deputy General Manager, Communications, under Press Release number 2026-2027/666.
Source: Reserve Bank of India Press Releases.