---
source: Reserve Bank of India (RBI)
url: https://bfsi.economictimes.indiatimes.com/news/policy/states-set-to-raise-rs-45960-crore-in-rbi-sgs-auction-on-march-10-2026/129212941
document_type: html
date_retrieved: 2026-03-10
period: March 10, 2026
parent_publication: RBI Market Borrowing Auctions - State Government Securities
indicators_covered: [State Borrowing, SGS Auction, Liquidity Management]
---

# RBI Market Borrowing Auctions - State Government Securities Auction, March 10, 2026

**New Delhi** [India], **March 7** (ANI): The Reserve Bank of India (RBI) has announced that multiple state governments will raise a total of **Rs 45,960 crore** through the auction of **State Government Securities (SGS)**, scheduled to be conducted on **March 10, 2026**.

## Auction Platform and Structure

According to the Central Bank release, the securities will be issued through an auction conducted on the RBI's Core Banking Solution platform, **E-Kuber**. The auction will include borrowings by several states and Union Territories, with varying tenors and structures, including both fresh issuances and re-issues of existing securities.

## Participating States and Borrowing Amounts

### Major Borrowers

| State | Amount (Rs Crore) | Tenor(s) |
|-------|-------------------|----------|
| **Karnataka** | **10,000** | Re-issues: 7.31% SGS 2033, 7.38% SGS 2034, 7.48% SGS 2037; plus 10.5 and 14 years |
| **Tamil Nadu** | **8,000** | Fresh issuances and re-issues: 7.23% SGS 2033, 7.63% SGS 2056 |
| **Madhya Pradesh** | **5,800** | 10, 14, and 21 years |
| **Uttar Pradesh** | **3,500** | Re-issues maturing 2037, 2041, 2046 |
| **West Bengal** | **3,500** | 18 and 22 years |
| **Haryana** | **3,000** | 4, 12, and 18 years |
| **Andhra Pradesh** | **3,000** | 13, 15, and 17 years |

### Medium and Smaller Borrowers

| State | Amount (Rs Crore) | Tenor(s) |
|-------|-------------------|----------|
| **Gujarat** | **2,000** | 7.5 years and 11 years (with Rs 500 crore green shoe option each) |
| **Punjab** | **2,000** | Re-issue of 7.62% SGS 2032 (originally issued November 2022) |
| **Delhi** | **1,000** | 10 years |
| **Kerala** | **1,000** | 23 years |
| **Assam** | **900** | 15 years |
| **Jammu & Kashmir** | **900** | 15 years |
| **Tripura** | **800** | 15 years |
| **Arunachal Pradesh** | **190** | 20 years |
| **Mizoram** | **120** | 15 years |
| **Sikkim** | **250** | 10 years |

## Bidding Procedures

Both competitive and non-competitive bids for the auction must be submitted electronically on the E-Kuber system on March 10.

### Competitive Bids
- **Time window:** 10:30 AM to 11:30 AM (IST)
- Submitted on E-Kuber platform

### Non-Competitive Bids
- **Time window:** 10:30 AM to 11:00 AM (IST)
- Reserved allocation: Up to 10% of the notified amount of each stock
- **Bid limit:** Maximum 1% per bid per stock for eligible individuals and institutions
- **Retail Access:** Available through RBI Retail Direct portal

## Auction Results and Settlement

- **Results announcement:** March 10, 2026
- **Settlement/Payment date:** Banking hours on March 11, 2026

## Key Characteristics of State Government Securities

State Government Securities are issued by state governments under Article 293(3) of the Indian Constitution. These auctions are part of the RBI's market borrowing calendar and represent regular mechanisms for state governments to raise funds from capital markets. The varying tenors (ranging from 4 to 23 years in this auction) provide investors with diverse maturity options aligned with their investment horizons.

The inclusion of both fresh issuances and re-issues reflects ongoing liquidity management by participating states, with re-issuances allowing for continuity of established securities and reducing refinancing risk.

---

**Source:** ANI (Asian News International) reporting of Reserve Bank of India official announcement, March 7, 2026