The 35th Conference of the State Finance Secretaries was held in Mumbai on September 18, 2025. The theme of the Conference was ‘Journey towards Economic Prosperity through the Path of Fiscal Consolidation’ and was attended by Secretary, Department of Expenditure, Ministry of Finance, Government of India; the Finance Secretaries of 28 States and two Union Territories; and other officials from the Ministry of Finance, Government of India; Controller General of Accounts and the Comptroller and Auditor General of India. Governor, Reserve Bank of India inaugurated the Conference.

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on September 19, 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:

Auction Results 91-Day 182-Day 364-Day I. Notified Amount 10,000 6,000 5,000 II. Competitive Bids Received (i) Number 133 69 93 (ii) Amount 29,662.850 20,776.150 20,900.700

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 98.6479 (YTM:5.4976%) 97.2814 (YTM: 5.6045%) 94.6795 (YTM: 5.6349%) IV. Total Face Value Accepted ₹10,000 Crore ₹6,000 Crore ₹5,000 Crore

In terms of GOI notification F.No. 4(7)-B(W&M)/2019 dated May 30, 2019 (SGB 2019-20 Series-IV-Issue date September 17, 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 September 17, 2025.

The result of the auction of State Government Securities held on September 16, 2025, is as under: (Amount in ₹ Crore) ASSAM SGS 2045 GOA SGS 2035 HARYANA SGS 2039 HARYANA SGS 2042 Notified Amount 1500 100 1000 1000

Sr. No. State/UT Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹)/ Yield (%) Tenor (Year) 1. Assam 1500 1500 7.47 20 2. Goa 100 100 7.39 10 3. Haryana 1000 1000 7.43 14 1000 1000 7.45 17 4. Jammu and Kashmir 400 400 7.47 15 5. Jharkhand 1000 1000 7.33 09 1000 1000 7.44 16 6. Maharashtra 1000 1000 100.04/6.7278 Re-issue of 6.74% Maharashtra SGS 2029, issued on September 10, 2025

Government of India (GoI) has announced the sale (re-issue) of two dated securities for a notified amount of ₹36,000 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 6,000 F.No.4(1)-B(W&M)/2025 dated September 15, 2025 September 19, 2025 (Friday) September 22, 2025 (Monday) 2 6.33% GS 2035 May 05, 2035 30,000 Total 36,000

A. Source Security 7.33% GS 2026 5.74% GS 2026 8.15% GS 2026 7.17% GS 2028 B. Notified Amount (in ₹ crore) 3,000 2,000 4,000 4,000 Destination Security 6.19% GS 2034 6.57% GS 2033 6.57% GS 2033 8.33% GS 2036 C. i. No. of offers received 10 9 14 40 ii. Total amount of Source Security offered (Face value, in ₹ crore) 1,699.000 2,163.311 5,403.451 13,805.000

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹18,400 Crore (Face Value). Sr. No. State/ UT Amount to be raised (₹ Crore) Tenor (Year) Type of Auction 1. Assam 1500 20 Yield 2. Goa 100 10 Yield 3. Haryana 1000 14 Yield

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 10,000 September 17, 2025 (Wednesday) September 18, 2025 (Thursday) 2 182-Day 6,000 3 364-Day 5,000 Total 21,000

Auction Results 6.01% GS 2030 7.24% GS 2055 I. Notified Amount 15,000 13,000 II. Competitive Bids Received (i) Number 232 330 (ii) Amount 41,028.600 54,217.273

6.01% GS 2030 7.24% GS 2055 I. Notified Amount ₹15,000 crore ₹13,000 crore II. Cut off Price (₹) / Implicit Yield at cut-off 98.84/6.2889% 100.04/7.2360% III. Amount accepted in the auction ₹15,000 crore ₹13,000 crore IV. Devolvement on Primary Dealers NIL NIL

In the underwriting auction conducted on September 12, 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:

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on September 12, 2025 (Friday).

In terms of GOI notification F. No. 4(7)-B(W&M)/2019 dated September 30, 2019 (SGB 2019-20 Series-X -Issue date March 11, 2020) 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 September 11, 2025.

Government of India announces the conversion/switch of its securities through auction for an aggregate amount of ₹30,000 crore (face value). The security-wise details of the conversion/switch are given as under:

Auction Results 91-Day 182-Day 364-Day I. Notified Amount 10,000 6,000 5,000 II. Competitive Bids Received (i) Number 109 87 72 (ii) Amount 27,611.100 14,244.020 13,659.750 III. Cut-off price / Yield 98.6461 97.2753 94.6491 (YTM: 5.5050%) (YTM: 5.6174%) (YTM: 5.6689%)

The result of the auction of State Government Securities held on September 09, 2025, is as under: (Amount in ₹ Crore) BIHAR SGS 2030 BIHAR SGS 2034 BIHAR SGS 2036 GOA SGS 2036 Notified Amount 2000 2000 2000 100 Tenor 5 -Years 9 -Years 11 -Years 11 -Years Competitive Bids Received (i) No. 47 135 188 32 (ii) Amount 6400 10795.50 15038.10 1140 Cut-off Yield (%) 7.02 7.45 7.52 7.48 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. Bihar 2000 2000 7.02 05 2000 2000 7.45 09 2000 2000 7.52 11 2. Goa 100 100 7.48 11 3. Haryana 500 500 7.47 15 1000 1000 7.51 16