Indicative Calendar of Market Borrowings by State Governments/ Union Territories for the Quarter April – June 2026

Market borrowing by State Governments, including Union Territories with legislature (UTs), has become a major source of financing their fiscal deficit. Over the years, Reserve Bank has undertaken various measures to improve the issuance framework of State Government Securities and their secondary market liquidity.

As their cash and debt manager, Reserve Bank has been sensitizing States about adoption of Benchmark Issuance Strategy (BIS)  for their market borrowings. Adoption of this strategy is aimed at enhancing transparency and providing greater clarity to investors.

Based on concurrence of the respective State Governments, Reserve Bank has decided to introduce the BIS, on a pilot basis, involving select States, starting financial year 2026-27. The nine States included in the pilot are Andhra Pradesh, Bihar, Chhattisgarh, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Telangana and Uttar Pradesh. The strategy would involve issuing securities in specific benchmark tenor buckets as per the pre-announced calendar. The indicative calendar prepared in consultation with these nine States for their market borrowing for the quarter April-June 2026 is given at Annex 1.

The calendar for market borrowing for the remaining States/UTs, prepared in consultation with the respective State Government/UT, is given at Annex 2. Going forward, other States/UTs are expected to adopt the BIS.

The quantum of total market borrowings by the State Governments/UTs for the quarter April–June 2026, is expected to be ₹2,54,509 crore.

The actual amount of borrowings and the details of the States/UTs participating would be intimated by way of press releases two to three days prior to the actual auction. Reserve Bank would endeavour to conduct the auctions in a non-disruptive manner, taking into account market conditions and other relevant factors. Reserve Bank may modify the dates and the amount of auctions in consultation with the respective State Governments/UTs.

(Brij Raj)           
Chief General Manager

Press Release: 2026-2027/17