New Delhi, April 29 -- State government borrowings through securities declined sharply to Rs.53,870 crore in April from Rs.2.25 trillion in March, according to the latest data from the Reserve Bank of India (RBI), likely deferring costlier loans to suit spending.

On Tuesday, 10 states raised Rs.24,700 crore through auctions of State Development Loans (SDLs), the largest tranche during the month. Earlier in April, states had mobilized funds in four smaller tranches of Rs.11,800 crore, Rs.3,500 crore, Rs.3,000 crore and Rs.10,870 crore.

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SDLs are bonds issued by state governments to finance budgetary needs and fund development projects across infrastruc...