Debt Management

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 14,000 March 04, 2026 (Wednesday) March 05, 2026 (Thursday) 2 182-Day 12,000 3 364-Day 8,000 Total 34,000

Auction Results 6.48% GS 2035 I. Notified Amount 32,000 II. Competitive Bids Received (i) Number 388 (ii) Amount 81,040.000 III. Cut-off price / Yield 98.36 (YTM: 6.7134%) IV. Competitive Bids Accepted (i) Number 156 (ii) Amount 31,981.478

6.48% GS 2035 I. Notified Amount ₹32,000 crore II. Cut off Price (₹) / Implicit Yield at cut-off 98.36 / 6.7134% III. Amount accepted in the auction ₹32,000 crore IV. Devolvement on Primary Dealers NIL

In the underwriting auction conducted on February 27, 2026, for Additional Competitive Underwriting (ACU) of the undernoted Government security, the Reserve Bank of India

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹43,130 Crore (Face Value). Sr. No. State/UT Amount to be raised (₹ Crore) Additional Borrowing (Greenshoe) Option (₹ Crore) Tenor (Year) Type of Auction 1. Assam 1000 - 09 Yield 2. Chhattisgarh 1000 - 12 Yield 1000 - 17 Yield 3. Gujarat 1000 500 06 year and 06 months Yield 1000 500 10 Yield

The Reserve Bank of India (RBI) has, by an order dated February 23, 2026, imposed a monetary penalty of ₹2 lakh (Rupees Two Lakh only) on The Belagavi District Central Co-operative Bank Limited, Karnataka (the bank) for contravention of provisions of Section 20 read with Section 56 of the Banking Regulation Act, 1949 (BR Act) and non-compliance with certain directions issued by RBI on ‘Gold Loan – Bullet Repayment’ and ‘Exposure to Commercial Real Estate’. 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 BR Act.

Government of India has announced the sale (re-issue) of Government Security, as detailed below, through auction to be held on February 27, 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:

Auction Results 91-Day 182-Day 364-Day I. Notified Amount 14,000 12,000 8,000 II. Competitive Bids Received (i) Number 141 146 144 (ii) Amount 46,398.905 52,283.100 31,215.100 III. Cut-off price / Yield 98.6959 97.3262 94.7230 (YTM: 5.2998 %) (YTM: 5.5096 %) (YTM: 5.5863 %) IV. Competitive Bids Accepted (i) Number 63 26 46 (ii) Amount 13,981.229 11,988.615 7,936.284

T-Bill 91-Day 182-Day 364-Day I. Total Face Value Notified ₹14,000 Crore ₹12,000 Crore ₹8,000 Crore II. Cut-off Price and Implicit Yield at Cut-Off Price 98.6959 (YTM:5.2998%) 97.3262 (YTM: 5.5096%) 94.7230 (YTM: 5.5863%) III. Total Face Value Accepted ₹14,000 Crore ₹12,000 Crore ₹8,000 Crore

The result of the auction of State Government Securities held on February 24, 2026, is as under: (Amount in ₹ Crore) ANDHRA PRADESH SGS 2042    ANDHRA PRADESH SGS 2047    BIHAR SGS 2041    BIHAR SGS 2054 Notified Amount    1500    1600    1500    1600 Tenor    16 -Years    21 -Years    15 -Years    28 -Years Competitive Bids Received    (i) No.    127    58    191    35 (ii) Amount    10494    5140    9338.50    4410 Cut-off Yield (%)    7.69    7.70    7.72    7.69 Cut off Price (₹)    100    100    100    100 Competitive Bids Accepted    (i) No.    12    1    53    2 (ii) Amount    1350    1507.161    1350    1582.678 Partial Allotment Percentage of Competitive Bids    

Sr. No. State/UT Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹)/ Yield (%) Tenor (Year) 1. Andhra Pradesh 1500 1500 7.69 16 1600 1600 7.70 21 2. Bihar 1500 1500 7.72 15 1600 1600 7.69 28 3. Chhattisgarh 1000 1000 7.64 14 1000 1000 98.78/7.7096 Re-issue of 7.59% Chhattisgarh SGS 2046, issued on January 07, 2026 4. Goa 100 100 7.50 10 5. Gujarat* 1000 1500 7.24 07 year and 06 months 1000 1000 7.40 10 6. Haryana 1000 1000 7.67 15

A. Source Security 6.97% GS 2026 6.97% GS 2026 5.74% GS 2026 8.15% GS 2026 8.24% GS 2027 8.24% GS 2027 B. Notified Amount (in ₹ crore) 3,000 2,000 4,000 6,000 7,000 3,000 Destination Security 8.32% GS 2032 7.50% GS 2034 7.62% GS 2039 6.57% GS 2033 6.57% GS 2033 7.40% GS 2062 C. i. No. of offers received 23 21 6 7 13 2 ii. Total amount of Source Security offered (Face value, in ₹ crore) 3,352.363 2,410.968 1,123.583 5,305.000 5,745.000 2,025.000 iii. No. of offers accepted 17 10 4 6 9 0

In terms of Para 13 of the Consolidated Procedural Guidelines on the Sovereign Gold Bond (SGB) Scheme issued by the Reserve Bank of India vide circular IDMD.CDD.1100/14.04.050/2021-22 dated October 22, 2021, premature redemption of the gold bonds is permitted after five years from the date of issue of such bonds. 2. Accordingly, the details of tranches falling due for premature redemption during the period April 01, 2026 – September 30, 2026, along with the window available for submission of request for premature redemption by the investors are as under:

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹44,550 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 14,000 February 25, 2026 (Wednesday) February 26, 2026 (Thursday) 2 182-Day 12,000 3 364-Day 8,000 Total 34,000 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 Territories with legislature, eligible Provident

Auction Results 6.03% GS 2029 6.68% GS 2033 7.24% GS 2055 I. Notified Amount 9,000 11,000 13,000 II. Competitive Bids Received (i) Number 59 163 239 (ii) Amount 19,913.100 31,664.000 31,070.000 III. Cut-off price / Yield 100.16 99.84 97.06 (YTM: 5.9676%) (YTM: 6.7080%) (YTM: 7.4885%)

6.03% GS 2029 6.68% GS 2033 7.24% GS 2055 I. Notified Amount ₹9,000 crore ₹11,000 crore ₹13,000 crore II. Cut off Price (₹) / Implicit Yield at cut-off 100.16 /5.9676% 99.84 /6.7080% 97.06 /7.4885% III. Amount accepted in the auction ₹9,000 crore ₹11,000 crore ₹13,000 crore IV. Devolvement on Primary Dealers NIL NIL NIL

In the underwriting auction conducted on February 20, 2026, 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) 6.03% GS 2029 9,000 4,515 4,485 9,000 0.30 6.68% GS 2033 11,000 5,502 5,498 11,000 0.60 7.24% GS 2055 13,000 6,510 6,490 13,000 1.88

(Amount in ₹ crore) Auction Results 91-Day 182-Day 364-Day I. Notified Amount 14,000 12,000 8,000 II. Competitive Bids Received (i) Number 143 163 138 (ii) Amount 44,579.610 51,326.750 29,355.000 III. Cut-off price / Yield 98.6916 97.3137 94.711 (YTM: 5.3176 %) (YTM: 5.5361 %) (YTM: 5.5997 %) IV. Competitive Bids Accepted

T-Bill 91-Day 182-Day 364-Day I. Total Face Value Notified ₹14,000 Crore ₹12,000 Crore ₹8,000 Crore II. Cut-off Price and Implicit Yield at Cut-Off Price 98.6916 (YTM:5.3176%) 97.3137 (YTM: 5.5361%) 94.7110 (YTM: 5.5997%) III. Total Face Value Accepted ₹14,000 Crore ₹12,000 Crore ₹8,000 Crore

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auction to be held on February 20, 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: (₹ crore) Securities Notified Amount MUC amount per PD Minimum bidding commitment per PD under ACU auction 6.03% GS 2029 9,000 215 215 6.68% GS 2033 11,000 262 262 7.24% GS 2055 13,000 310 310

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: Date of Auction Source Securities Amount (FV) of Source Securities (in ₹ crore) Destination Securities

The result of the auction of State Government Securities held on February 17, 2026, is as under: (Amount in ₹ Crore) ANDHRA PRADESH 2037 ASSAM 2036 ASSAM 2046 GUJARAT 2031* Notified Amount 500 1000 1000 1000 Tenor 11 -Years Re-issue of 7.57% ASSAM SGS 2036 issued on 07-JAN-2026 20 -Years 5 -Year and 6 -Months Competitive Bids Received (i) No. 52 45 82 64 (ii) Amount 3988 4810 4310.100 7645 Cut-off Yield (%) 7.53 7.4798 7.76 6.98 Cut off Price (₹) 100 100.61 100 100 Competitive Bids Accepted

Sr. No. State/UT Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹)/ Yield (%) Tenor (Year) 1. Andhra Pradesh 500 500 7.53 11 2. Assam 1000 1000 100.61/7.4798 Re-issue of 7.57% Assam SGS 2036, issued on January 07, 2026 1000 1000 7.76 20 3. Gujarat* 1000 1500 6.98 05 year and 06 months 4. Haryana 1000 1000 7.69 16 1000 1000 7.73 19 5. Jammu and Kashmir 500 500 7.74 20

Government of India (GoI) has announced the sale (re-issue) of three dated securities for a notified amount of ₹33,000 crore as per the following details:

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 14,000 February 18, 2026 (Wednesday) February 20, 2026 (Friday) 2 182-Day 12,000 3 364-Day 8,000 Total 34,000

Auction Results New GS 2031 7.43% GS 2076 I. Notified Amount 18,000 13,000 II. Competitive Bids Received (i) Number 216 157 (ii) Amount 58,534.000 33,130.000 III. Cut-off price / Yield 100.00 99.31 (YTM: 6.3600%) (YTM: 7.4823%)

New GS 2031 7.43% GS 2076 I. Notified Amount ₹18,000 crore ₹13,000 crore II. Cut off Price (₹) / Implicit Yield at cut-off 6.36% 99.31 / 7.4823% III. Amount accepted in the auction ₹18,000 crore ₹13,000 crore IV. Devolvement on Primary Dealers NIL NIL

In the underwriting auction conducted on February 13, 2026, 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 undertakes conversion/switch operations with market participants as well as with the Reserve Bank with the objective of smoothening its liability profile as well as for market development. As part of these operations, Government has undertaken conversion/switch transactions with the Reserve Bank on February 12, 2026 (settlement on February 13, 2026). The transactions involved Government buying back securities maturing in FY 2026-27 from the Reserve Bank and issuing a security for equivalent market value using Financial Benchmarks India Pvt Ltd. (FBIL) prices as on February 11, 2026, as per the details given below:

In terms of GOI notification F.No.4(7)-B(W&M)/2019 dated May 30, 2019 (SGB 2019-20 Series-III-Issue date August 14, 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 

Government of India has announced the sale (issue/re-issue) of Government Securities, as detailed below, through auction to be held on February 13, 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-VI-Issue date February 12, 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 February 12, 2026.

(Amount in ₹ crore) Auction Results 91-Day 182-Day 364-Day I. Notified Amount 14,000 12,000 8,000 II. Competitive Bids Received (i) Number 134 128 132 (ii) Amount 39,803.600 56,961.600 40,566.000 III. Cut-off price / Yield 98.6910 97.3033 94.7018 (YTM: 5.3200%) (YTM: 5.5581%) (YTM: 5.6100%) IV. Competitive Bids Accepted (i) Number 68 16 20

T-Bill 91-Day 182-Day 364-Day I. Total Face Value Notified ₹14,000 Crore ₹12,000 Crore ₹8,000 Crore II. Cut-off Price and Implicit Yield at Cut-Off Price 98.6910 (YTM:5.3200%) 97.3033 (YTM: 5.5581%) 94.7018 (YTM: 5.6100%) III. Total Face Value Accepted ₹14,000 Crore ₹12,000 Crore ₹8,000 Crore

In terms of GOI notification F.No.4(7)-B(W&M)/2019 dated September 30, 2019 (SGB 2019-20 Series-IX-Issue date February 11, 2020) and in terms of GOI notification F.No.4(4)-B(W&M)/2020 dated April 13, 2020 (SGB 2020-21 Series-V-Issue date August 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 due date of premature redemption of the above tranches shall be on February 11, 2026.

The result of the auction of State Government Securities held on February 10, 2026, is as under: (Amount in ₹ Crore) ASSAM SGS 2046 BIHAR SGS 2039 BIHAR SGS 2052 CHHATTISGARH SGS 2035 Notified Amount 1000 1500 1500 1000 Tenor 20 -Years 13 -Years 26 -Years Re-issue of 7.49% CHHATTISGARH SGS 2035 issued on 27-MAR-2024

Sr. No. State Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹)/ Yield (%) Tenor (Year) 1. Assam 1000 1000 7.87 20 2. Bihar 1500 1500 7.86 13 1500 1500 7.77 26 3. Chhattisgarh 1000 1000 99.52/7.5617 Re-issue of 7.49% Chhattisgarh SGS 2035, issued on March 27, 2024 1000 1000 7.59 10

Government of India (GoI) has announced the sale (issue / re-issue) of two dated securities for a notified amount of ₹31,000 crore as per the following details:

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹48,615 Crore (Face Value). Sr. No. State Amount to be raised (₹ Crore) Additional Borrowing (Greenshoe) Option (₹ Crore) Tenor (Year) Type of Auction 1. Assam 1000 - 20 Yield 2. Bihar 1500 - 13 Yield 1500 - 26 Yield

In terms of GOI notification F.No.4(4)-B(W&M)/2020 dated October 09, 2020 (SGB 2020-21 Series-XI-Issue date February 09, 2021) 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 February 09, 2026.

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

(Amount in ₹ Crore) Auction Results 6.68% GS 2040 6.90% GS 2065 I. Notified Amount 16,000 13,000 II. Competitive Bids Received (i) Number 264 156 (ii) Amount 40,282.000 24,335.000 III. Cut-off price / Yield 95.67 92.53 (YTM: 7.1658%) (YTM: 7.4917%) IV. Competitive Bids Accepted (i) Number 118 113 (ii) Amount 15,976.010 12,975.876

6.68% GS 2040 6.90% GS 2065 I. Notified Amount ₹16,000 crore ₹13,000 crore II. Cut off Price (₹) / Implicit Yield at cut-off 95.67/7.1658% 92.53/7.4917% III. Amount accepted in the auction ₹16,000 crore ₹13,000 crore IV. Devolvement on Primary Dealers NIL NIL

In the underwriting auction conducted on February 06, 2026, 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 0.80 6.90% GS 2065 13,000 6,510 6,490 13,000 0.92

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auction to be held on February 06, 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: (₹ crore) Securities Notified Amount MUC amount per PD Minimum bidding commitment per PD under ACU auction 6.68% GS 2040 16,000 381 381 6.90% GS 2065 13,000 310 310

(Amount in ₹ crore) Auction Results 91-Day 182-Day 364-Day I. Notified Amount 9,000 12,000 8,000 II. Competitive Bids Received (i) Number 119 110 140 (ii) Amount 30,827.905 51,285.000 36,735.000 III. Cut-off price / Yield 98.6850 97.2848 94.6683 (YTM: 5.3447%) (YTM: 5.5973%) (YTM: 5.6475%) IV. Competitive Bids Accepted

T-Bill 91-Day 182-Day 364-Day I. Total Face Value Notified ₹9,000 Crore ₹12,000 Crore ₹8,000 Crore II. Cut-off Price and Implicit Yield at Cut-Off Price 98.6850 (YTM:5.3447%) 97.2848 (YTM: 5.5973%) 94.6683 (YTM: 5.6475%) III. Total Face Value Accepted ₹9,000 Crore ₹12,000 Crore ₹8,000 Crore

Sr. No. State/UT Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹)/ Yield (%) Tenor (Year) 1. Andhra Pradesh 1000 1000 99.60/7.5418 Re-issue of 7.48% Andhra Pradesh SGS 2035, issued on January 28, 2026 1200 1200 7.68 13 1100 1100 7.71 15 2. Assam 1000 1000 7.68 15 3. Chhattisgarh 1000 1000 97.72/7.5406 Re-issue of 7.19% Chhattisgarh SGS 2035, issued on February 27, 2025 1000 1000 7.75 16 4. Gujarat* 1000 1500 7.17 06 5. Haryana 1000 1000 7.69 15

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹36,500 Crore (Face Value). Sr. No. State/UT Amount to be raised (₹ Crore) Additional Borrowing (Greenshoe) Option (₹ Crore) Tenor (Year) Type of Auction 1. Andhra Pradesh 1000 - Re-issue of 7.48% Andhra Pradesh SGS 2035, issued on January 28, 2026 Price 1200 - 13 Yield 1100 - 15 Yield 2. Assam 1000 - 15 Yield