Debt Management

(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 260 170 (ii) Amount 36,063.000 32,398.000 III. Cut-off price / Yield 96.88 93.21 (YTM: 7.0250%) (YTM: 7.4340%) IV. Competitive Bids Accepted (i) Number 116 9 (ii) Amount 15,985.191 11,954.740

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 96.88/7.0250% 93.21/7.4340% III. Amount accepted in the auction ₹16,000 crore ₹12,000 crore IV. Devolvement on Primary Dealers NIL NIL

In the underwriting auction conducted on December 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: 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 1.80 6.90% GS 2065 12,000 6,006 5,994 12,000 1.34

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auction to be held on December 12, 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:

Government of India announces the conversion/switch of its securities through auction for an aggregate amount of ₹15,000 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 December 15, 2025 (Monday) 8.24% GS 2027 (Maturing on Feb 15, 2027) 2,000 7.50% GS 2034 (Maturing on Aug 10, 2034) 7.38% GS 2027 (Maturing on Jun 20, 2027) 2,000 6.67% GS 2035 (Maturing on Dec 15, 2035) 6.64% GS 2027 (Maturing on Dec 09, 2027) 2,000 6.57% GS 2033 (Maturing on Dec 05, 2033) 7.17% GS 2028 (Maturing on Jan 08, 2028) 3,000 7.57% GS 2033 (Maturing on Jun 17, 2033) 8.60% GS 2028 (Maturing on Jun 02, 2028) 3,000 6.57% GS 2033 (Maturing on Dec 05, 2033) 7.59% GS 2029 (Maturing on Mar 20, 2029) 3,000 6.19% GS 2034 (Maturing on Sep 16, 2034) Total 15,000

In terms of GOI notification F.No.4(25)-(W&M)/2017 dated October 06, 2017 (SGB 2017-18 Series-XI-Issue date December 11, 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 December 11, 2025.

In terms of GOI notification F.No. 4(7)-B(W&M)/2019 dated May 30, 2019 (SGB 2019-20 Series I Issue date June 11, 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 December 11, 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 127 70 95 (ii) Amount 26,089.010 15,185.000 16,425.000 III. Cut-off price / Yield 98.7031 97.3409 94.8048 (YTM: 5.2702%) (YTM: 5.4785%) (YTM: 5.4949%) IV. Competitive Bids Accepted (i) Number 43 39 42 (ii) Amount 6,983.897 5,989.002 5,971.290

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 98.7031 (YTM:5.2702%) 97.3409 (YTM: 5.4785%) 94.8048 (YTM: 5.4949%)

In terms of GOI notification F.No.4(7)-B(W&M)/2019 dated September 30, 2019 (SGB 2019-20 Series VII Issue date December 10, 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

Sr. No. State/UT Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹)/ Yield (%) Tenor (Year) 1. Arunachal Pradesh 375 375 7.55 20 2. Bihar 1500 1500 7.60 12 3. Gujarat 1000 1000 7.19 08 4. Haryana 1000 1000 7.52 16 1000 1000 7.52 17 5. Jammu and Kashmir 500 500 7.65 12

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹15,964 Crore (Face Value) Sr. No. State/ UT Amount to be raised (₹ Crore) Tenor (Year) Type of Auction 1. Arunachal Pradesh 375 20 Yield 2. Bihar 1500 12 Yield 3. Gujarat 1000 08 Yield 4. Haryana 1000 16 Yield 1000 17 Yield 5. Jammu and Kashmir 500 12 Yield 6. Maharashtra 1000 10 Yield 1000 20 Yield 1000 Re-issue of 7.20% Maharashtra SGS 2034, issued on December 03, 2025 Price

The rate of interest on Government of India Floating Rate Bond 2031 (FRB 2031) applicable for the half year December 07, 2025 to June 06, 2026 shall be 6.52 per cent per annum. It may be recalled that FRB 2031 carries a coupon, which has a base rate equivalent to the average of the Weighted Average Yield of last three auctions (from the rate fixing day i.e. December 07, 2025) of 182 Day T-Bills, plus a fixed spread of One per cent.

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

(Amount in ₹ Crore) Auction Results 6.48% GS 2035 I. Notified Amount 32,000 II. Competitive Bids Received (i) Number 334 (ii) Amount 65,371.890 III. Cut-off price / Yield 99.93 (YTM: 6.4881%)

6.48% GS 2035 I. Notified Amount ₹32,000 crore II. Cut off Price (₹) / Implicit Yield at cut-off 99.93 /6.4881% III. Amount accepted in the auction ₹32,000 crore IV. Devolvement on Primary Dealers NIL

In the underwriting auction conducted on December 05, 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:

Government of India has announced the sale (re-issue) of Government Security, as detailed below, through auction to be held on December 05, 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) Security Notified Amount MUC amount per PD Minimum bidding commitment per PD under ACU auction 6.48% GS 2035 32,000 762 762

 In terms of GOI notification F.No.4(25)-(W&M)/2017 dated October 06, 2017 (SGB 2017-18 Series-X-Issue date December 04, 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.