Debt Management

Government of India has announced the sale (re-issue) of Government Security, as detailed below, through auction to be held on January 02, 2026 (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(22)-B(W&M)/2018 dated October 08, 2018 (SGB 2018-19 Series-IV-Issue date January 01, 2019) 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 due date of premature redemption of the above tranche shall be on January 01, 2026.

In terms of GOI notification F.No.4(25)-(W&M)/2017 dated October 06, 2017 (SGB 2017-18 Series-XIV-Issue date January 01, 2018) 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 January 01, 2026.

The result of the auction of State Government Securities held on December 30, 2025, is as under: (Amount in ₹ Crore) ANDHRA PRADESH SGS 2034 ANDHRA PRADESH SGS 2035 ANDHRA PRADESH SGS 2037 ANDHRA PRADESH SGS 2042 Notified Amount 1000 1000 1000 1000 Tenor 9 -Years 10 -Years 12 -Years 17 -Years Competitive Bids Received

Sr. No. State Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹)/ Yield (%) Tenor (Year) 1. Andhra Pradesh 1000 1000 7.37 09 1000 1000 7.44 10 1000 1000 7.52 12 1000 1000 7.54 17 2. Assam 1000 1000 7.56 20 3. Bihar 1400 1400 7.42 06 4. Haryana 1000 1000 7.54 15

Reserve Bank of India, in consultation with the Government of India, hereby, releases the calendar for issuance of Treasury Bills for the quarter ending March 2026 as under: Notified Amount for Auction of Treasury Bills (January-March 2026) (₹ crore) Date of Auction Date of Issue 91 Days 182 Days 364 Days Total January 07, 2026 January 08, 2026 9,000 12,000 8,000 29,000 January 14, 2026 January 15, 2026 9,000 12,000 8,000 29,000 January 21, 2026 January 22, 2026 9,000 12,000 8,000 29,000

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 December 29, 2025 January 02, 2026 (Friday) January 05, 2026 (Monday) Total 32,000

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹35,450 Crore (Face Value) Sr. No. State Amount to be raised (₹ Crore) Tenor (Year) Type of Auction 1. Andhra Pradesh 1000 09 Yield 1000 10 Yield 1000 12 Yield 1000 17 Yield

(Amount in ₹ Crore) Auction Results 5.91% GS 2028 6.28% GS 2032 7.24% GS 2055 I. Notified Amount 9,000 11,000 12,000 II. Competitive Bids Received (i) Number 75 141 183 (ii) Amount 22,375.000 22,607.691 27,243.000 III. Cut-off price / Yield 100.18 98.40 99.16

5.91% GS 2028 6.28% GS 2032 7.24% GS 2055 I. Notified Amount ₹9,000 crore ₹11,000 crore ₹12,000 crore II. Cut off Price (₹) / Implicit Yield at cut-off 100.18/5.8316% 98.40/6.5842% 99.16/7.3086% III. Amount accepted in the auction ₹9,000 crore ₹11,000 crore ₹12,000 crore IV. Devolvement on Primary Dealers NIL NIL NIL

In the underwriting auction conducted on December 26, 2025, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, 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) 5.91% GS 2028 9,000 4,515 4,485 9,000 0.19 6.28% GS 2032 11,000 5,502 5,498 11,000 0.34

(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 116 65 64 (ii) Amount 27,134.700 17,759.250 14,695.200 III. Cut-off price / Yield 98.7061 97.3423 94.7656 (YTM: 5.2579%) (YTM: 5.4755%) (YTM: 5.5387%) IV. Competitive Bids Accepted (i) Number 20 12

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 98.7061 (YTM:5.2579%) 97.3423 (YTM: 5.4755%) 94.7656 (YTM: 5.5387%) IV. Total Face Value Accepted ₹7,000 Crore ₹6,000 Crore ₹6,000 Crore

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auction to be held on December 26, 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: (₹ crore) Securities Notified Amount MUC amount per PD Minimum bidding commitment per PD under ACU auction 5.91% GS 2028 9,000 215 215 6.28% GS 2032 11,000 262 262 7.24% GS 2055 12,000 286 286 The underwriting auction will be conducted through multiple price-based method on December 26, 2025 (Friday). PDs may submit their bids for ACU auction electronically

Sr. No. State/UT Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹)/ Yield (%) Tenor (Year) 1. Bihar 1500 1500 7.65 08 2. Gujarat* 1500 1500 7.07 05 1000 1500 7.16 06 3. Haryana 1000 1000 105.21/6.4731 Re-issue of 8.62% Haryana SDL 2028, issued on September 03, 2018 4. Jammu and Kashmir 570 570 7.60 20

Government of India (GoI) has announced the sale (re-issue) of three dated securities 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 5.91% GS 2028 Jun 30, 2028 9,000 F.No.4(1)-B(W&M)/2025 dated December 22, 2025 December 26, 2025 (Friday) December 29, 2025 (Monday) 2 6.28% GS 2032 Jul 14, 2032 11,000 3 7.24% GS 2055 Aug 18, 2055 12,000 Total 32,000

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹33,220 Crore (Face Value)

Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details:

Auction Results 6.01% GS 2030 7.09% GS 2074 I. Notified Amount 18,000 12,000 II. Competitive Bids Received (i) Number 165 139 (ii) Amount 31,314.000 44,858.000 III. Cut-off price / Yield 98.65 96.30 (YTM: 6.3527%) (YTM: 7.3702%)