Debt Management

The Reserve Bank of India (RBI) has, by an order dated November 11, 2025, imposed a monetary penalty of ₹1.50 lakh (Rupees One Lakh Fifty Thousand only) on The Mettupalayam Co-operative Urban Bank Limited, Tamil Nadu (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and advances to directors, their relatives, and firms /concerns in which they are interested’ and ‘Exposure Norms and Statutory / Other Restrictions – UCBs’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

Government of India announces the conversion/switch of its securities through auction for an aggregate amount of ₹25,000 crore (face value). The security-wise details of the conversion/switch are given as under:

In terms of GOI Notification F. No.4(25)-(W&M)/2017 dated October 06, 2017 (SGB 2017-18 Series-VII-Issue date November 13, 2017) on Sovereign Gold Bond Scheme, the Gold Bond shall be repayable on the expiration of eight years from the date of issue of the Gold Bonds. Accordingly, the final redemption date of the above tranche shall be November 13, 2025.

In terms of GOI notification F.No.4(22)-B(W&M)/2018 dated October 08, 2018 (SGB 2018-19 Series-III-Issue date November 13, 2018) on Sovereign Gold Bond Scheme, premature redemption of Gold Bond may be permitted after fifth year from the date of issue of such Gold Bond on the date on which interest is payable. Accordingly, the next due date of premature redemption of the above tranche shall be on November 13, 2025.

(Amount in ₹ crore) Auction Results 91-Day 182-Day 364-Day I. Notified Amount 7,000 6,000 6,000 II. Competitive Bids Received (i) Number 141 96 121 (ii) Amount 39,518.200 23,168.300 22,890.000 III. Cut-off price / Yield 98.6640 97.2969 94.7377

I. T-Bill 91-Day 182-Day 364-Day II. Total Face Value Notified ₹7,000 Crore ₹6,000 Crore ₹6,000 Crore III. Cut-off Price and Implicit Yield at Cut-Off Price 98.6640 (YTM:5.4312%) 97.2969 (YTM: 5.5717%) 94.7377 (YTM: 5.5699%)

The result of the auction of State Government Securities held on November 11, 2025, is as under: (Amount in ₹ Crore)

Sr. No. State/UT Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹)/ Yield (%) Tenor (Year) 1. Bihar 1500 1500 7.44 15 2. Chhattisgarh 500 500 100.52/6.3876 Re-issue of 6.59% Chhattisgarh SDL 2028, issued on October 06, 2021 1000 1000 99.98/7.1408 Re-issue of 7.14% Chhattisgarh SGS 2033, issued on February 12, 2025

Government of India (GoI) has announced the sale (re-issue) of two dated securities for a notified amount of ₹28,000 crore as per the following details: Sr No Security Date of Repayment Notified Amount (₹ Crore) GoI specific Notification Auction Date Settlement Date 1 6.68% GS 2040 Jul 07, 2040 16,000 F.No.4(1)-B(W&M)/2025 dated November 10, 2025 November 14, 2025 (Friday) November 17, 2025 (Monday) 2 6.90% GS 2065 Apr 15, 2065 12,000 Total 28,000

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹16,560 Crore (Face Value). Sr. No. State/UT Amount to be raised (₹ Crore) Tenor (Year) Type of Auction 1. Bihar 1500 15 Yield 2. Chhattisgarh 500 Re-issue of 6.59% Chhattisgarh SDL 2028, issued on October 06, 2021 Price 1000 Re-issue of 7.14% Chhattisgarh SGS 2033, issued on February 12, 2025 Price

Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details: Sr. No. Treasury Bill Notified Amount (₹ crore) Auction Date Settlement Date 1 91-Day 7,000 November 12, 2025 (Wednesday) November 13, 2025 (Thursday) 2 182-Day 6,000 3 364-Day 6,000 Total 19,000

(Amount in ₹ Crore) Auction Results 6.48% GS 2035 I. Notified Amount 32,000 II. Competitive Bids Received (i) Number 406 (ii) Amount 73,863.157

6.48% GS 2035 Notified Amount ₹32,000 crore Cut off Price (₹) / Implicit Yield at cut-off 99.98 /6.4817%

In the underwriting auction conducted on November 07, 2025, for Additional Competitive Underwriting (ACU) of the undernoted Government security, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below: Nomenclature of the Security Notified Amount (₹crore) Minimum Underwriting Commitment (MUC) Amount (₹crore) Additional Competitive Underwriting Amount Accepted (₹crore) Total Amount underwritten (₹crore) ACU Commission Cut-off rate (Paise per ₹100) 6.48% GS 2035 32,000 16,002 15,998 32,000 0.23

I. T-Bill 91-Day 182-Day 364-Day II. Total Face Value Notified ₹7,000 Crore ₹6,000 Crore ₹6,000 Crore III. Cut-off Price and Implicit Yield at Cut-Off

Government of India has announced the sale (re-issue) of Government Security, as detailed below, through auction to be held on November 07, 2025 (Friday). As per the extant scheme of underwriting commitment notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) auction, applicable to each Primary Dealer (PD), are as under:

In terms of GOI Notification F. No.4(25)-(W&M)/2017 dated October 06, 2017 (SGB 2017-18 Series-VI-Issue date November 06, 2017) on Sovereign Gold Bond Scheme, the Gold Bond shall be repayable on the expiration of eight years from the date of issue of the Gold Bonds. Accordingly, the final redemption date of the above tranche shall be November 06, 2025.

Sr. No. State Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹)/ Yield (%) Tenor (Year) 1. Andhra Pradesh 1000 1000 7.30 12 1000 1000 100.12/7.4873 Re-issue of 7.50% Andhra Pradesh SGS 2045, issued on October 01, 2025 1000 1000 100.10/7.4894 Re-issue of 7.50% Andhra Pradesh SGS 2046, issued on October 01, 2025 2. Goa 100 100 7.25 11 3. Kerala 2000 2000 7.48 20

Government of India (GoI) has announced the sale (re-issue) of one dated security for a notified amount of ₹32,000 crore as per the following details: Sr No Security Date of Repayment Notified Amount (₹ Crore) GoI specific Notification Auction Date Settlement Date 1 6.48% GS 2035 October 06, 2035 32,000 F.No.4(1)-B(W&M)/2025 dated November 03, 2025 November 07, 2025 (Friday) November 10, 2025 (Monday) Total 32,000

In terms of GOI notification F. No.4(8)-W&M/2018 dated April 13, 2018 (SGB 2018-19 Series-I-Issue date May 04, 2018) on Sovereign Gold Bond Scheme, premature redemption of Gold Bond may be permitted after fifth year from the date of issue of such Gold Bond on the date on which interest is payable. Accordingly, the next due date of premature redemption of the above tranche shall be on November 04, 2025.