The Reserve Bank of India released the results of the State Government Securities auction held on July 21, 2026. According to the RBI press release, the total notified amount across the auction was ₹21,700 crore, while the total allotment stood at ₹21,491.030 crore.
The auction covered securities from Assam, Bihar, Chhattisgarh, Jammu and Kashmir, Kerala, Madhya Pradesh, Delhi, Odisha, Tamil Nadu, Uttar Pradesh, Uttarakhand and West Bengal. The securities had different tenors, including 7-year, 8-year, 9-year, 10-year, 12-year, 15-year, 18-year, 21-year and 22-year papers, along with several re-issues of earlier state loans.
Overall bidding and allotment
The RBI said competitive bids received in the auction totalled 1,279, with an amount of ₹76,251.250 crore. Out of this, 284 competitive bids were accepted for ₹20,286.012 crore.
Under the non-competitive segment, 176 bids were received for ₹1,279.691 crore. The RBI accepted 171 non-competitive bids amounting to ₹1,205.018 crore.
The final allotment was below the total notified amount mainly because Assam accepted a partial amount in its 10-year security and Jammu and Kashmir did not accept any amount in one of its re-issued securities.
Key results from the auction
Assam had notified ₹1,000 crore for its 10-year Assam SGS 2036. It accepted a total of ₹991.030 crore. The cut-off yield was 7.56 percent, and the weighted average yield was 7.5415 percent.
Bihar raised ₹1,000 crore each through Bihar SGS 2041 and Bihar SGS 2044. The cut-off yields were 7.66 percent for the 2041 security and 7.71 percent for the 2044 security. The weighted average yields were 7.6506 percent and 7.7010 percent, respectively.
Chhattisgarh allotted ₹500 crore in the re-issue of 7.83 percent Chhattisgarh SGS 2040 and ₹500 crore in the re-issue of 7.82 percent Chhattisgarh SGS 2048. The weighted average yield for the 2040 security was 7.6506 percent, while the 2048 security had a weighted average yield of 7.6961 percent.
Jammu and Kashmir did not accept any amount in the re-issue of 7.60 percent Jammu and Kashmir SGS 2038, which had a notified amount of ₹200 crore. In the re-issue of 7.81 percent Jammu and Kashmir SGS 2051, it allotted ₹500 crore with a weighted average yield of 7.6971 percent.
Large allotments by Madhya Pradesh, Uttar Pradesh and West Bengal
Madhya Pradesh raised ₹1,000 crore through Madhya Pradesh SGS 2034, ₹1,400 crore through Madhya Pradesh SGS 2038 and ₹2,000 crore through the re-issue of 7.83 percent Madhya Pradesh SGS 2048. The cut-off yields for these three securities were 7.39 percent, 7.58 percent and 7.7098 percent.
Uttar Pradesh raised ₹1,000 crore through the re-issue of 7.74 percent Uttar Pradesh SGS 2038 and ₹1,600 crore through the re-issue of 7.82 percent Uttar Pradesh SGS 2046. Their weighted average yields were 7.5680 percent and 7.6989 percent, respectively.
West Bengal raised ₹1,600 crore through West Bengal SGS 2035 and ₹2,200 crore through West Bengal SGS 2047. The cut-off yields were 7.58 percent for the 2035 security and 7.71 percent for the 2047 security.
Other state securities
- Kerala allotted ₹1,000 crore in the re-issue of 7.86 percent Kerala SGS 2042 and ₹1,200 crore in the re-issue of 7.83 percent Kerala SGS 2049.
- Delhi allotted ₹300 crore each through Delhi SGS 2033 and the re-issue of 7.75 percent Delhi SGS 2041.
- Odisha allotted ₹1,000 crore through Odisha SGS 2044, with a cut-off yield of 7.70 percent.
- Tamil Nadu allotted ₹1,000 crore through the re-issue of 7.39 percent Tamil Nadu SGS 2034 and ₹1,000 crore through the re-issue of 7.59 percent Tamil Nadu SGS 2041.
- Uttarakhand allotted ₹400 crore through Uttarakhand SGS 2048, a 22-year security, with a cut-off yield of 7.70 percent.
The RBI press release was issued under Press Release number 2026-2027/727 and carried the name of Ajit Prasad, Deputy General Manager, Communications.
Source: Reserve Bank of India Press Releases.