Q1 FY27 State Government Borrowing Calendar
Summary
The Reserve Bank of India published the indicative Q1 FY27 market borrowing calendar for State Governments and Union Territories totaling ₹2,54,509 crore. A Benchmark Issuance Strategy (BIS) pilot launches with nine States (Andhra Pradesh, Bihar, Chhattisgarh, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Telangana, and Uttar Pradesh) to enhance transparency in market borrowings.
What changed
RBI has released the indicative calendar of market borrowings by State Governments and Union Territories for Q1 FY27 (April-June 2026), totaling ₹2,54,509 crore. The RBI introduces the Benchmark Issuance Strategy (BIS) on a pilot basis, involving nine States that will issue securities in specific benchmark tenor buckets per a pre-announced calendar. The remaining States/UTs have separate calendars prepared in consultation with their respective governments and are expected to adopt BIS in future.
Participating pilot States should prepare to align their issuance activities with the benchmark tenor buckets and pre-announced calendar. Other States/UTs should monitor the pilot implementation as they are expected to adopt BIS going forward. The actual borrowing amounts and auction details will be communicated via press releases 2-3 days before each auction. No immediate compliance action is required as this is an informational borrowing calendar.
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Press Releases
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| Date : Apr 02, 2026 | |
| 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 | | 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 |
| 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 | |
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