States Set to Borrow ₹45,960 Crore via RBI SGS Auction on March 10

As per ANI reports, on March 10, 2026, the Reserve Bank of India (RBI) will conduct an auction to facilitate borrowing of ₹45,960 crore by various state governments through State Government Securities (SGS). The auction is part of the RBI’s initiative using its E-Kuber platform. 

Details of State Borrowing through SGS Auction 

Under this auction, Andhra Pradesh plans to secure ₹3,000 crore through 3 securities with maturities ranging from 13 to 17 years.  

Arunachal Pradesh will raise ₹190 crore with a 20-year tenor, while Assam is set to borrow ₹900 crore through a 15-year security. Delhi aims to procure ₹1,000 crore via a 10-year security. 

Gujarat intends to raise ₹2,000 crore through 2 securities with tenors of 7 years and 6 months, and 11 years, with an additional borrowing option of ₹500 crore per security. Haryana will issue securities worth ₹3,000 crore with tenors of 4, 12, and 18 years. 

Karnataka's Substantial Borrowing Initiatives 

Karnataka emerges as a significant participant, raising ₹10,000 crore through a mix of fresh securities and re-issues.  

This includes the re-issuance of the 7.31% Karnataka SGS 2033, 7.38% Karnataka SGS 2034, and 7.48% Karnataka SGS 2037. The state also plans to issue securities with tenors of 10 years and 6 months, and 14 years. 

Meanwhile, Kerala aims to raise ₹1,000 crore via a 23-year security, while Madhya Pradesh intends to borrow ₹5,800 crore through different securities with 10, 14, and 21-year tenors. 

Participation of Other States 

Smaller issuances include Rs 120 crore by Mizoram with a 15-year tenor and ₹250 crore by Sikkim with a 10-year tenor. Punjab will secure ₹2,000 crore through the re-issue of the 7.62% Punjab SGS 2032.  

Tamil Nadu plans to raise ₹8,000 crore through a combination of fresh issuances and re-issued securities, including the 7.23% Tamil Nadu SGS 2033 and the 7.63% Tamil Nadu SGS 2056. 

Read More: RBI Strengthens NBFC Lending Governance Regarding Defaulted Borrowers! 

RBI Auction Procedures and Participation 

Tripura will raise ₹800 crore through a 15-year security, while Uttar Pradesh will raise ₹3,500 crore via the re-issue of securities maturing in 2037, 2041, and 2046. West Bengal plans to borrow ₹3,500 crore through securities with tenors of 18 and 22 years. 

Bidding for competitive and non-competitive auctions via the E-Kuber system will start on March 10, with competitive bids accepted from 10:30 am to 11:30 am, and non-competitive bids from 10:30 am to 11:00 am.  

Up to 10% of the notified amount per stock will be reserved for eligible individuals and institutions under the non-competitive bidding facility. Payments will be required by March 11. 

Conclusion 

This RBI-facilitated auction reflects a coordinated effort by multiple states to manage their fiscal requirements effectively. The broad participation indicates diverse strategic approaches among state governments in managing their finances. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

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