State governments to offer securities worth ₹23,300 crore in November 17 auction

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State governments’ November 17 auction

Highlights

Andhra Pradesh, Goa, Karnataka, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Telangana, Tripura and West Bengal will auction State Development Loans worth a total of ₹23,300 crore on November 17.
Maharashtra will offer the largest borrowing, worth ₹8,000 crore, while Rajasthan, Madhya Pradesh, West Bengal and Karnataka will raise ₹3,000 crore, ₹3,000 crore, ₹3,000 crore and ₹2,000 crore, respectively.
The securities will be issued at a minimum nominal value of ₹10,000, will be eligible for SLR, and their interest rates will be finalized through the auction.

This article was translated from the original. Read the original version by our correspondent here.

Auction size and schedule

According to the RBI press release, Andhra Pradesh, Goa, Karnataka, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Telangana, Tripura and West Bengal are offering to raise a total of ₹23,300 crore through this auction. The offering includes new securities with maturities of 8, 18, 20 and 26 years, along with several re-issuances of existing State Development Loans.

Maharashtra has the largest borrowing offer, with securities worth a total of ₹8,000 crore. Rajasthan, Madhya Pradesh and West Bengal each plan to raise ₹3,000 crore, followed by Karnataka with ₹2,000 crore. The other participating states are Andhra Pradesh, Goa, Punjab, Telangana and Tripura.

Both competitive and non-competitive bids will be submitted electronically on November 17, 2026, through the RBI’s core banking solution, the e-Kuber system. Competitive bids will be accepted from 10:30 a.m. to 11:30 a.m., while non-competitive bids will be accepted from 10:30 a.m. to 11:00 a.m.

Investor participation and market impact

Up to 10% of the notified amount of each security will be allocated to eligible individuals and institutions under the scheme for non-competitive bidding facility, although the maximum limit for a single bid in any one security will be 1% of its notified amount. Retail investors can also bid in the non-competitive category through the RBI Retail Direct portal.

The RBI will set the maximum yield or minimum price at which bids will be accepted. The securities will be issued at a minimum nominal value of ₹10,000 and in multiples of ₹10,000 thereafter. Results of successful bids will be announced on November 17, 2026, and payment will be made on November 18, 2026.

The interest rate on new state government securities will be determined at the auction, while re-issued securities will carry the rate set on their original issue date. These securities will be treated as eligible government securities investments for banks’ Statutory Liquidity Ratio (SLR) requirements and will also be eligible for the ready-forward facility.

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