Reserve Bank of India Issues Indicative Market Borrowing Calendar of ₹3,60,820 Crore for States and UTs for October–December 2026 Quarter

Key facts

• The Reserve Bank of India (RBI) released the indicative calendar of market borrowings by State Governments and Union Territories for the quarter October–December 2026.
• Total market borrowings by State Governments and UTs for the quarter October–December 2026 are expected to be ₹3,60,820 crore.
• The Benchmark Issuance Strategy (BIS) was introduced on a pilot basis in Q1 FY 2026-27 involving nine States: Andhra Pradesh, Bihar, Chhattisgarh, Keralam, Madhya Pradesh, Maharashtra, Rajasthan, Telangana, and Uttar Pradesh.
• Nine more States and one Union Territory — Himachal Pradesh, Jharkhand, Manipur, Meghalaya, Odisha, Punjab, Sikkim, Uttarakhand, West Bengal and Delhi — were included under the BIS framework from Q2 FY 2026-27.
• From Q3 FY 2026-27, the BIS framework is extended to Assam, Goa, Haryana, Mizoram, Nagaland, Tripura and the Union Territory of Jammu and Kashmir.
• Actual borrowing amounts and participating States/UTs will be intimated via press releases two or three days prior to the auction day, subject to approval under Article 293(3) of the Constitution of India and prevailing market conditions.