Nine state governments and one UT raised Rs. 155 billion through SGS on December 9, 2025. This was 28.5% below the indicated Rs. 217 billion for this week. Together, actual borrowings in the first two of auctions December 2025 exceeded the indicated amount by ~6% compared to 29-34% shortfalls in October November 2025.

Nine states (Assam, Chhattisgarh, Goa, Karnataka, Nagaland, Odisha, Telangana, Tripura and West Bengal) did not participate in this auction, despite earlier indicating plans to raise Rs. 109 billion on December 9, 2025. Additionally, Gujarat and Uttar Pradesh (partial acceptance of bids; Rs. 5 billion against Rs. 10 billion) under-borrowed by Rs. 15 billion. In contrast, Maharashtra and Meghalaya raised Rs. 35 billion, despite not initially indicating their participation for this week’s auction. Haryana, Jammu & Kashmir and Tamil Nadu together borrowed Rs. 27 billion additional SGS beyond the indicated amount. The SGS issuance of Arunachal Pradesh, Bihar and Mizoram in this weekly auction was in line with the indicated amount.

EXHIBIT: Actual and indicated SGS issuances (Rs. trillion)

Source: Reserve Bank of India (RBI); ICRA Research