RBI Auction Sees Maharashtra, Andhra Pradesh, Telangana, Punjab, Rajasthan Raise 169 Billion Rupees At Targeted Yields

On April 21, 2026, the RBI confirmed that Maharashtra, Andhra Pradesh, Telangana, Punjab, and Rajasthan collectively raised funds via state government securities (SGS). The auction results highlight the balance between fiscal needs and market demand, with yields varying across short, medium, and long-term maturities.

Maharashtra, Andhra Pradesh, And Telangana

Maharashtra secured funds with cut-off yields of 7.55% for 8-year loans, 7.77% for 18-year loans, and 7.79% for 28-year loans. Andhra Pradesh recorded cut-offs at 7.63% for 8-year, 7.79% for 16-year, and 7.81% for 30-year loans. Telangana’s yields stood at 7.54% for 7-year, 7.70% for 11-year, and 7.82% for 21-year loans.

Punjab And Rajasthan

Punjab’s borrowing was cleared at a cut-off yield of 7.84%. Rajasthan raised funds with 10-year loans at 7.64% and 23-year loans at 7.81%. Additionally, the re-issue of Rajasthan’s 7.99% SGS maturing in 2041 was priced at 7.8205%, reflecting steady investor demand.

Strategic Significance

The auction results demonstrate strong investor participation and confidence in state government securities. Matching the targeted borrowing amount indicates effective fiscal planning and market alignment, while varied yields highlight the impact of maturity profiles and state-specific credit outlooks.

Key Highlights

• Five states raise 169 billion rupees via RBI auction
• Maharashtra cut-off yields range from 7.55% to 7.79%
• Andhra Pradesh yields between 7.63% and 7.81%
• Telangana yields from 7.54% to 7.82%
• Punjab cut-off at 7.84%, Rajasthan at 7.64% and 7.81%
• Re-issue of Rajasthan SGS 2041 priced at 7.8205%

Sources: RBI Release, Economic Times, Business Standard, Mint, Moneycontrol