Changeflow GovPing Banking & Finance Result of Yield/Price Based Auction of State Go...
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Result of Yield/Price Based Auction of State Government Securities - April 2026

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Published April 7th, 2026
Detected April 7th, 2026
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Summary

The Reserve Bank of India conducted an auction of state government securities on April 7, 2026, successfully raising the full target of ₹18,159 crore from seven participating states. All amounts offered were accepted, with yields ranging from 7.35% to 8.07% across tenors of 5 to 31 years. This represents standard monetary operations by the RBI for state government borrowing.

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What changed

The RBI announced the results of a yield/price-based auction of state government securities, with seven states (Andhra Pradesh, Himachal Pradesh, Maharashtra, Meghalaya, Punjab, Rajasthan, and Telangana) successfully raising a combined ₹18,159 crore at yields between 7.35% and 8.07%. All requested amounts were fully accepted across various tenors ranging from 5 to 31 years.

For state governments seeking market borrowing, this auction establishes current market reference rates for government securities. Primary dealers and investors can use these yield levels to assess debt market conditions and price future government securities issuances.

What to do next

  1. Monitor future RBI auction schedules for state government securities
  2. Review accepted yield levels for market benchmarking on government debt

Source document (simplified)

Press Releases

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| Date : Apr 07, 2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Result of Yield/Price Based Auction of State Government Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | \| Sr. No \| State \| Amount to be raised
(₹ Crore) \| Amount Accepted
(₹ Crore) \| Cut off Price (₹)/
Yield (%) \| Tenor
(Year) \|
\| 1. \| Andhra Pradesh \| 2200 \| 2200 \| 7.96 \| 12 \|
\| 2200 \| 2200 \| 8.07 \| 25 \| \| \|
\| 2. \| Himachal Pradesh \| 900 \| 900 \| 7.81 \| 10 \|
\| 3. \| Maharashtra \| 800 \| 800 \| 7.35 \| 05 \|
\| 1600 \| 1600 \| 7.91 \| 13 \| \| \|
\| 1200 \| 1200 \| 8.07 \| 23 \| \| \|
\| 4. \| Meghalaya \| 259 \| 259 \| 7.84 \| 10 \|
\| 5. \| Punjab \| 1500 \| 1500 \| 7.91 \| 10 \|
\| 6. \| Rajasthan \| 600 \| 600 \| 99.67/7.4096 \| Re-issue of 7.33% Rajasthan SGS 2031, issued on March 25, 2026 \|
\| 1200 \| 1200 \| 7.97 \| 17 \| \| \|
\| 1800 \| 1800 \| 8.06 \| 31 \| \| \|
\| 7. \| Telangana \| 2000 \| 2000 \| 7.97 \| 17 \|
\| 1900 \| 1900 \| 8.07 \| 30 \| \| \|
\| \| Total \| 18159 \| 18159 \| \| \|
Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2026-2027/33 | Sr. No | State | Amount to be raised
(₹ Crore) | Amount Accepted
(₹ Crore) | Cut off Price (₹)/
Yield (%) | Tenor
(Year) | 1. | Andhra Pradesh | 2200 | 2200 | 7.96 | 12 | 2200 | 2200 | 8.07 | 25 | 2. | Himachal Pradesh | 900 | 900 | 7.81 | 10 | 3. | Maharashtra | 800 | 800 | 7.35 | 05 | 1600 | 1600 | 7.91 | 13 | 1200 | 1200 | 8.07 | 23 | 4. | Meghalaya | 259 | 259 | 7.84 | 10 | 5. | Punjab | 1500 | 1500 | 7.91 | 10 | 6. | Rajasthan | 600 | 600 | 99.67/7.4096 | Re-issue of 7.33% Rajasthan SGS 2031, issued on March 25, 2026 | 1200 | 1200 | 7.97 | 17 | 1800 | 1800 | 8.06 | 31 | 7. | Telangana | 2000 | 2000 | 7.97 | 17 | 1900 | 1900 | 8.07 | 30 | | Total | 18159 | 18159 | | |
| Sr. No | State | Amount to be raised
(₹ Crore) | Amount Accepted
(₹ Crore) | Cut off Price (₹)/
Yield (%) | Tenor
(Year) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1. | Andhra Pradesh | 2200 | 2200 | 7.96 | 12 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2200 | 2200 | 8.07 | 25 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2. | Himachal Pradesh | 900 | 900 | 7.81 | 10 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3. | Maharashtra | 800 | 800 | 7.35 | 05 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1600 | 1600 | 7.91 | 13 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1200 | 1200 | 8.07 | 23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 4. | Meghalaya | 259 | 259 | 7.84 | 10 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 5. | Punjab | 1500 | 1500 | 7.91 | 10 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6. | Rajasthan | 600 | 600 | 99.67/7.4096 | Re-issue of 7.33% Rajasthan SGS 2031, issued on March 25, 2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1200 | 1200 | 7.97 | 17 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1800 | 1800 | 8.06 | 31 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 7. | Telangana | 2000 | 2000 | 7.97 | 17 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1900 | 1900 | 8.07 | 30 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total | 18159 | 18159 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Sr. No | State | Amount to be raised
(₹ Crore) | Amount Accepted
(₹ Crore) | Cut off Price (₹)/
Yield (%) | Tenor
(Year) |
| 1. | Andhra Pradesh | 2200 | 2200 | 7.96 | 12 |
| 2200 | 2200 | 8.07 | 25 | | |
| 2. | Himachal Pradesh | 900 | 900 | 7.81 | 10 |
| 3. | Maharashtra | 800 | 800 | 7.35 | 05 |
| 1600 | 1600 | 7.91 | 13 | | |
| 1200 | 1200 | 8.07 | 23 | | |
| 4. | Meghalaya | 259 | 259 | 7.84 | 10 |
| 5. | Punjab | 1500 | 1500 | 7.91 | 10 |
| 6. | Rajasthan | 600 | 600 | 99.67/7.4096 | Re-issue of 7.33% Rajasthan SGS 2031, issued on March 25, 2026 |
| 1200 | 1200 | 7.97 | 17 | | |
| 1800 | 1800 | 8.06 | 31 | | |
| 7. | Telangana | 2000 | 2000 | 7.97 | 17 |
| 1900 | 1900 | 8.07 | 30 | | |
| | Total | 18159 | 18159 | | |
Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2026-2027/33 | Sr. No | State | Amount to be raised
(₹ Crore) | Amount Accepted
(₹ Crore) | Cut off Price (₹)/
Yield (%) | Tenor
(Year) | 1. | Andhra Pradesh | 2200 | 2200 | 7.96 | 12 | 2200 | 2200 | 8.07 | 25 | 2. | Himachal Pradesh | 900 | 900 | 7.81 | 10 | 3. | Maharashtra | 800 | 800 | 7.35 | 05 | 1600 | 1600 | 7.91 | 13 | 1200 | 1200 | 8.07 | 23 | 4. | Meghalaya | 259 | 259 | 7.84 | 10 | 5. | Punjab | 1500 | 1500 | 7.91 | 10 | 6. | Rajasthan | 600 | 600 | 99.67/7.4096 | Re-issue of 7.33% Rajasthan SGS 2031, issued on March 25, 2026 | 1200 | 1200 | 7.97 | 17 | 1800 | 1800 | 8.06 | 31 | 7. | Telangana | 2000 | 2000 | 7.97 | 17 | 1900 | 1900 | 8.07 | 30 | | Total | 18159 | 18159 | | |
| | Sr. No | State | Amount to be raised
(₹ Crore) | Amount Accepted
(₹ Crore) | Cut off Price (₹)/
Yield (%) | Tenor
(Year) |
| 1. | Andhra Pradesh | 2200 | 2200 | 7.96 | 12 |
| 2200 | 2200 | 8.07 | 25 | | |
| 2. | Himachal Pradesh | 900 | 900 | 7.81 | 10 |
| 3. | Maharashtra | 800 | 800 | 7.35 | 05 |
| 1600 | 1600 | 7.91 | 13 | | |
| 1200 | 1200 | 8.07 | 23 | | |
| 4. | Meghalaya | 259 | 259 | 7.84 | 10 |
| 5. | Punjab | 1500 | 1500 | 7.91 | 10 |
| 6. | Rajasthan | 600 | 600 | 99.67/7.4096 | Re-issue of 7.33% Rajasthan SGS 2031, issued on March 25, 2026 |
| 1200 | 1200 | 7.97 | 17 | | |
| 1800 | 1800 | 8.06 | 31 | | |
| 7. | Telangana | 2000 | 2000 | 7.97 | 17 |
| 1900 | 1900 | 8.07 | 30 | | |
| | Total | 18159 | 18159 | | |
Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2026-2027/33 | Sr. No | State | Amount to be raised
(₹ Crore) | Amount Accepted
(₹ Crore) | Cut off Price (₹)/
Yield (%) | Tenor
(Year) | 1. | Andhra Pradesh | 2200 | 2200 | 7.96 | 12 | 2200 | 2200 | 8.07 | 25 | 2. | Himachal Pradesh | 900 | 900 | 7.81 | 10 | 3. | Maharashtra | 800 | 800 | 7.35 | 05 | 1600 | 1600 | 7.91 | 13 | 1200 | 1200 | 8.07 | 23 | 4. | Meghalaya | 259 | 259 | 7.84 | 10 | 5. | Punjab | 1500 | 1500 | 7.91 | 10 | 6. | Rajasthan | 600 | 600 | 99.67/7.4096 | Re-issue of 7.33% Rajasthan SGS 2031, issued on March 25, 2026 | 1200 | 1200 | 7.97 | 17 | 1800 | 1800 | 8.06 | 31 | 7. | Telangana | 2000 | 2000 | 7.97 | 17 | 1900 | 1900 | 8.07 | 30 | | Total | 18159 | 18159 | | | |
| Sr. No | State | Amount to be raised
(₹ Crore) | Amount Accepted
(₹ Crore) | Cut off Price (₹)/
Yield (%) | Tenor
(Year) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1. | Andhra Pradesh | 2200 | 2200 | 7.96 | 12 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2200 | 2200 | 8.07 | 25 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2. | Himachal Pradesh | 900 | 900 | 7.81 | 10 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3. | Maharashtra | 800 | 800 | 7.35 | 05 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1600 | 1600 | 7.91 | 13 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1200 | 1200 | 8.07 | 23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 4. | Meghalaya | 259 | 259 | 7.84 | 10 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 5. | Punjab | 1500 | 1500 | 7.91 | 10 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6. | Rajasthan | 600 | 600 | 99.67/7.4096 | Re-issue of 7.33% Rajasthan SGS 2031, issued on March 25, 2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1200 | 1200 | 7.97 | 17 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1800 | 1800 | 8.06 | 31 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 7. | Telangana | 2000 | 2000 | 7.97 | 17 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1900 | 1900 | 8.07 | 30 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total | 18159 | 18159 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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Source

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Classification

Agency
RBI
Published
April 7th, 2026
Instrument
Notice
Legal weight
Non-binding
Stage
Final
Change scope
Minor
Document ID
Press Release: 2026-2027/33

Who this affects

Applies to
Government agencies Investors Financial advisers
Industry sector
9211 Government & Public Administration
Activity scope
Government securities auction State borrowing operations
Geographic scope
IN IN

Taxonomy

Primary area
Banking
Operational domain
Finance
Topics
Securities Financial Services

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