The State Development loans were issued by the Reserve Bank of India on tap in the second week of February 1999. As announced in the Press Release date February 4, 1999, loans of Andhra Pradesh, Goa and Uttar Pradesh were sold on tap.

The sale of 12.50 per cent Andhra Pradesh State Development Loan, 2009 opened for subscription on February 10, 1999 on tap at Reserve Bank of India offices at Hyderabad and Mumbai and was closed at 12.30 Hrs. on February 12, 1999 after subscriptions for an aggregate amount of Rs. 400 crore were received.

The sale of 12.50 per cent Goa State Development Loan, 2009 opened for subscription on tap at Mumbai office of Reserve Bank of India on 10^th February 1999. The tap was closed at 12.00 hrs on February 10, 1999 when subscriptions received amounted to Rs.50 crore.

12.50 per cent Uttar Pradesh State Development Loan, 2009 opened for sale on tap at the Kanpur, Mumbai and New Delhi offices of the Reserve Bank of India on February 10, 1999. The tap was closed at 12.30 hrs. on February 12, 1999 when the subscriptions received amounted to Rs. 400 crore.