SDL auction: 13 states raise ₹30,005 crore; ₹34,000 crore G-sec on 16 Oct
Why in the news
RBI announced on 13 October 2026 that 13 state governments raised ₹30,005 crore through State Development Loans (SDLs). A day earlier it notified a ₹34,000 crore auction of a central government dated security for 16 October.
Key facts
- Total: ₹30,005 crore accepted against ₹31,200 crore notified.
- Tamil Nadu was the largest borrower with ₹7,000 crore across 20-, 25- and 30-year papers.
- Assam accepted only ₹805 crore of its ₹1,000 crore 11-year issue; Gujarat accepted nil in its ₹1,000 crore 12-year issue.
- Lowest cut-off: 7.8520% (Odisha, re-issue maturing 2032). Highest: 8.21% (Tamil Nadu, 25-year).
- The RBI result table names Kerala as Keralam: ₹1,000 crore, 6 years, 7.92%.
| State | Accepted (₹ crore) |
|---|---|
| Tamil Nadu | 7,000 |
| West Bengal | 5,400 |
| Uttar Pradesh | 3,500 |
| Bihar | 3,000 |
| Haryana | 2,500 |
| Karnataka | 2,000 |
| Uttarakhand | 1,500 |
| Chhattisgarh | 1,200 |
| Gujarat, Keralam, Odisha | 1,000 each |
| Assam | 805 |
| Mizoram | 100 |
Upcoming central auction
- Security: re-issue of 6.94% GS 2036 (maturity 11 May 2036), notified at ₹34,000 crore.
- Greenshoe: extra subscription of up to ₹2,000 crore may be retained.
- Dates: auction 16 October 2026; settlement 19 October 2026; price-based, multiple price method.
- Up to 5% of the notified amount is kept for non-competitive bidding, including via RBI Retail Direct.
About SDLs
SDLs are dated bonds issued by state governments to fund their budgets. RBI manages these auctions as the debt manager for states.
Exam angle
- Greenshoe option: retaining subscription above the notified amount.
- Re-issue: more of an existing security is sold, so bids are price-based.
- Non-competitive bidding lets retail investors buy at the weighted average price.