Debt Management

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on October 17, 2025 (Friday). As per the extant scheme o

Government of India announces the conversion/switch of its securities through auction for an aggregate amount of ₹19,000 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-III - Issue date October 16, 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 October 16, 2025.

Auction Results 91-Day 182-Day 364-Day I. Notified Amount 7,000 6,000 6,000 II. Competitive Bids Received (i) Number 98 72 95 (ii) Amount 23,592.500 15,621.000 24,783.000 III. Cut-off price / Yield 98.6631 97.3084 94.7564 (YTM: 5.4350%) (YTM: 5.5473%) (YTM: 5.5490%) IV. Competitive Bids Accepted (i) Number 44 40 39 (ii) Amount 6,984.541 5,990.103 5,914.868 V. Partial Allotment Percentage of Competitive Bids 64.4082% 52.7353% 20.3736% (3 bids) (1 bid) (1 bid) VI. Weighted Average Price/Yield 98.6663 97.3124 94.7617

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    98.6631 (YTM: 5.4350%)    97.3084 (YTM: 5.5473%)    94.7564 (YTM: 5.5490%) IV.    Total Face Value Accepted    ₹7,000 Crore    ₹6,000 Crore    ₹6,000 Crore

In terms of GOI notification F.No.4(7)-B(W&M)/2019 dated September 30, 2019 (SGB 2019-20 Series-V-Issue date October 15, 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 next due date of premature redemption of the above tranche shall be on October 15, 2025.

The result of the auction of State Government Securities held on October 14, 2025, is as under: (Amount in ₹ Crore) BIHAR SGS 2045 GUJARAT SGS 2034 JAMMU AND KASHMIR SGS 2045 MAHARASHTRA SGS 2036 Notified Amount 1500 1000 300 1000 Tenor 20 -Years 9 -Years 20 -Years Re-issue of 7.27% MAHARASHTRA SGS 2036 issued on 24-SEP-2025

Sr. No. State/ UT Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹)/ Yield (%) Tenor (Year) 1. Bihar 1,500 1,500 7.31 20 2. Gujarat 1,000 1,000 7.07 09 3. Jammu and Kashmir 300 300 7.31 20 4. Maharashtra 1,000 1,000 100.74/7.1704 Re-issue of 7.27% SGS 2036, issued on September 24, 2025 1,500 1,500 100.09/7.2501 Re-issue of 7.26% SGS 2041, issued on October 08, 2025 1,500 1,500 98.31/7.3072 Re-issue of 7.16% SGS 2050, issued on July 16, 2025 1,000 1,000 98.32/7.2978 Re-issue of 7.16% SGS 2055, issued on August 06, 2025

Government of India (GoI) has announced the sale (re-issue) of two dated securities for a notif

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹12,800 Crore (Face Value).

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 October 15, 2025 (Wednesday) October 16, 2025 (Thursday) 2 182-Day 6,000 3 364-Day 6,000 Total 19,000 The sale will be subject to the terms and conditions specified in the General Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025, issued by Government of India, as amended from time to time. State Governments, Union

(Amount in ₹ Crore) Auction Results 6.68% GS 2040 6.90% GS 2065 I. Notified Amount 16,000 12,000 II. Competitive Bids Received (i) Number 276 241 (ii) Amount 46,597.600 39,166.110

6.68% GS 2040 6.90% GS 2065 I. Notified Amount ₹16,000 crore ₹12,000 crore II. Cut off Price (₹) / Implicit Yield at cut-off 98.68/6.8219% 96.53/7.1650% III. Amount accepted in the auction ₹16,000 crore ₹12,000 crore IV. Devolvement on Primary Dealers NIL NIL

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on October 10, 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:

(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 92 75 121 (ii) Amount 23,182.850 26,065.000 28,392.000 III. Cut-off price / Yield 98.6655 97.3090 94.7560 (YTM: 5.4251%) (YTM: 5.5460%) (YTM: 5.5494%)

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 98.6655 (YTM:5.4251%) 97.3090 (YTM: 5.5460%) 94.7560 (YTM: 5.5494%)

The result of the auction of State Government Securities held on October 07, 2025, is as under: (Amount in ₹ Crore) ANDHRA PRADESH SGS 2033 ANDHRA PRADESH SGS 2036 GUJARAT SGS 2033 JAMMU AND KASHMIR SGS 2037 Notified Amount 900 1000 2000 400 Tenor 8 -Years 11 -Years 8 -Years 12 -Years Competitive Bids Received (i) No. 58 129 136 68 (ii) Amount 4480 7510 12280 2505 Cut-off Yield (%) 7.14 7.27 7.06 7.39 Cut off Price (₹) 100 100 100 100

Sr. No. State/ UT Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹)/ Yield (%) Tenor (Year) 1. Andhra Pradesh 900 900 7.14 08 1000 1000 7.27 11 2. Gujarat 2000 2000 7.06 08 3. Jammu and Kashmir 400 400 7.39 12 4. Maharashtra 1000 1000 7.26 16 1000 1000 7.26 17 1500 1500 100.53/7.0900 Re-issue of 7.18% Maharashtra SGS 2033, issued on September 10, 2025 1500 1500 100.45/7.2093 Re-issue of 7.27% Maharashtra SGS 2036, issued on September 24, 2025

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹9,410 Crore (Face Value). Sr. No. State/UT Amount to be raised (₹ Crore) Tenor (Year) Type of Auction 1. Andhra Pradesh 900 08 Yield 1000 11 Yield 2. Gujarat 2000 08 Yield 3. Jammu and Kashmir 400 12 Yield 4. Maharashtra 1000 16 Yield 1000 17 Yield 1500 Re-issue of 7.18% Maharashtra SGS 2033, issued on September 10, 2025 Price 1500 Re-issue of 7.27% Maharashtra SGS 2036, issued on September 24, 2025 Price

The Reserve Bank of India, in consultation with the State Governments/Union Territories (UTs), announces that the quantum of total market borrowings by the State Governments/UTs for the quarter October – December 2025, is expected to be ₹2,81,865.00 Crore. The weekly schedule of auctions to be held during the quarter along with the name of States/UTs who have confirmed participation and tentative amounts indicated by them is as under: Month Proposed Date Expected quantum of borrowing (in ₹ Crore) States/UTs who have confirmed participation and the tentative amount of borrowing (in ₹ Crore)

The rate of interest on Government of India Floating Rate Bond 2028 (GOI FRB 2028) applicable for the half year October 04, 2025 to April 03, 2026 shall be 6.22 per cent per annum. It may be recalled that FRB 2028 carries a coupon, which has a base rate equivalent to the average of the Weighted Average Yield (WAY) of last three auctions (from the rate fixing day i.e., October 04, 2025) of 182 Day T-Bills, plus a fixed spread (0.64 per cent).

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 October 08, 2025 (Wednesday) October 09, 2025 (Thursday) 2 182-Day 6,000 3 364-Day 6,000 Total 19,000

(Amount in ₹ Crore) Auction Results New GS 2035 I. Notified Amount 32,000 II. Competitive Bids Received (i) Number 365 (ii) Amount 1,39,545.000 III. Cut-off price / Yield 100.00

New GS 2035 I. Notified Amount ₹32,000 crore II. Cut off Yield 6.48% III. Amount accepted in the auction ₹32,000 crore IV. Devolvement on Primary Dealers NIL

In the underwriting auction conducted on October 03, 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) New GS 2035 32,000 16,002 15,998 32,000 0.15

Auction Results 91-Day 182-Day 364-Day I. Notified Amount 7,000 6,000 6,000 II. Competitive Bids Received (i) Number 78 76 85 (ii) Amount 19,830.200 15,190.700 22,246.500 III. Cut-off price / Yield 98.6502 97.2883 94.7108 (YTM: 5.4881%) (YTM: 5.5899%) (YTM: 5.5999%) IV. Competitive Bids Accepted (i) Number 29 31 21

I. T-Bill 91-Day 182-Day 364-Day II. Total Face Value Notified ₹7,000 Crore ₹6,000 Crore ₹6,000 Crore

The result of the auction of State Government Securities held on September 30, 2025, is as under: (Amount in ₹ Crore) ANDHRA PRADESH SGS 2045 ANDHRA PRADESH SGS 2046 BIHAR SGS 2043 BIHAR SGS 2049 Notified Amount 1000 1000 2000 2000 Tenor 20 -Years 21 -Years 18 -Years 24 -Years Competitive Bids Received (i) No. 32 26 83 34 (ii) Amount 3575 3725 7092.100 5495.100 Cut-off Yield (%) 7.50 7.50 7.58 7.57

Sr. No. State Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹)/ Yield (%) Tenor (Year) 1. Andhra Pradesh 1000 1000 7.50 20 1000 1000 7.50 21 2. Bihar 2000 2000 7.58 18 2000 2000 7.57 24 3. Goa 100 100 7.37 11 4. Haryana 1000 1000 7.43 14 1000 1000 7.44 16 5. Kerala 2000 2000 7.49 15

Government of India (GoI) has announced the sale (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 New GS 2035 October 06, 2035 32,000 F.No.4(1)-B(W&M)/2025 dated September 29, 2025 October 03, 2025 (Friday) October 06, 2025 (Monday) Total 32,000

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

(For the Quarter ending December 2025) Reserve Bank of India, in consultation with the Government of India, hereby, releases the calendar for issuance of Treasury Bills for the quarter ending December

In order to enable institutional and retail investors to plan their investments efficiently and to provide transparency and stability to the Government Securities Market, the Reserve Bank of India, in consultation with the Government of India, hereby, releases the indicative calendar for issuance of Government dated securities, including Sovereign Green Bonds (SGrBs), for the second half of the fiscal year 2025-26 (October 01, 2025 to March 31, 2026). The

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹34,100 Crore (Face Value).

(Amount in ₹ Crore) Auction Results 6.68% GS 2040 6.90% GS 2065 I. Notified Amount 16,000 16,000 II. Competitive Bids Received (i) Number 245 259 (ii) Amount 40,050.000 43,834.352 III. Cut-off price / Yield 98.50 95.60 (YTM: 6.8414%) (YTM: 7.2385%)

6.68% GS 2040 6.90% GS 2065 I. Notified Amount ₹16,000 crore ₹16,000 crore II. Cut off Price (₹) / Implicit Yield at cut-off 98.50/6.8414% 95.60/7.2385% III. Amount accepted in the auction ₹16,000 crore ₹16,000 crore IV. Devolvement on Primary Dealers NIL NIL

In the underwriting auction conducted on September 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) 6.68% GS 2040 16,000 8,001 7,999 16,000 0.38 6.90% GS 2065 16,000 8,001 7,999 16,000 0.38

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on September 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

(Amount in ₹ crore) Auction Results 91-Day 182-Day 364-Day I. Notified Amount 10,000 6,000 5,000 II. Competitive Bids Received (i) Number 105 97 128 (ii) Amount 44,389.795 23,707.100 26,174.000 III. Cut-off price / Yield 98.6534 97.2941 94.7036 (YTM: 5.4749%) (YTM: 5.5776%) (YTM: 5.6080%) IV. Competitive Bids Accepted (i) Number 13 6 33

I. T-Bill 91-Day 182-Day 364-Day II. Total Face Value Notified ₹10,000 Crore ₹6,000 Crore ₹5,000 Crore III. Cut-off Price and Implicit Yield at Cut-Off Price 98.6534 (YTM:5.4749%) 97.2941 (YTM: 5.5776%) 94.7036 (YTM: 5.6080%)

The result of the auction of State Government Securities held on September 23, 2025, is as under: (Amount in ₹ Crore) BIHAR SGS 2045 BIHAR SGS 2050 CHHATTISGARH SGS 2029 GUJARAT SGS 2032 Notified Amount 2000 2000 500 1500 Tenor 20 -Years 25 -Years Re-issue of 7.0% CHHATTISGARH SGS 2029 issued on 19-SEP-2024 7 -Years

Sr. No. State Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹)/ Yield (%) Tenor (Year) 1. Bihar 2000 2000 7.45 20 2000 2000 7.45 25 2. Chhattisgarh 500 500 101.14/6.6691 Re-issue of 7.00% Chhattisgarh SGS 2029, issued on September 19, 2024 3. Gujarat 1500 1500 7.07 07 4. Kerala 1000 1000 7.44 25 5. Madhya Pradesh 1500 1500 7.43 18 1500 1500 7.44 21 6. Maharashtra* 1000 1000 7.27 11 1000 - - Re-issue of 7.14% Maharashtra SGS 2045, issued on July 09, 2025 1000 - - Re-issue of 7.15% Maharashtra SGS 2046, issued on July 02, 2025

Government of India (GoI) has announced the sale (re-issue) of two 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 6.68% GS 2040 Jul 07, 2040 16,000 F.No.4(1)-B(W&M)/2025 dated September 22, 2025 September 26, 2025 (Friday) September 29, 2025 (Monday) 2 6.90% GS 2065 Apr 15, 2065 16,000 Total 32,000

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹27,000 Crore (Face Value).

The rate of interest on Government of India Floating Rate Bond 2033 (GOI FRB 2033) applicable for the half year September 22, 2025 to March 21, 2026 shall be 6.82 percent per annum. It may be recalled that FRB 2033 carries a coupon, which has a base rate equivalent to the average of the Weighted Average Yield (WAY) of last three auctions (from the rate fixing day, i.e., September 22, 2025) of 182 Day T-Bills, plus a fixed spread (1.22 percent).

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

(Amount in ₹ Crore) Auction Results 5.91% GS 2028 6.33% GS 2035 I. Notified Amount 6,000 30,000 II. Competitive Bids Received (i) Number 91 440 (ii) Amount 21,741.000 76,262.750 III. Cut-off price / Yield 100.04 98.65 (YTM: 5.8899%) (YTM: 6.5198%) IV. Competitive Bids Accepted (i) Number 6 161 (ii) Amount 5,999.207 29,927.627

5.91% GS 2028 6.33% GS 2035 I. Notified Amount ₹6,000 crore ₹30,000 crore II. Cut off Price (₹) / Implicit Yield at cut-off 100.04/5.8899% 98.65/6.5198% III. Amount accepted in the auction ₹6,000 crore ₹30,000 crore IV. Devolvement on Primary Dealers NIL NIL

In the underwriting auction conducted on September 19, 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    6,000    3,003    2,997    6,000    0.18 6.33% GS 2035    30,000    15,015    14,985    30,000    0.40