Indicative Calendar of Market borrowings by State Governments/ Union Territories for the Quarter October – December 2026

The Reserve Bank of India introduced the Benchmark Issuance Strategy (BIS) on a pilot basis in Q1 FY 2026-27 to enhance transparency and provide greater clarity to investors. Initially, nine states and one union territory participated in the BIS framework. Following successful experience and approval from six more states and one union territory, the BIS framework was expanded in Q2 FY 2026-27 to include Assam, Goa, Haryana, Meghalaya, Mizoram, Nagaland, Punjab, Sikkim, Tripura, Uttarakhand, and Jammu and Kashmir.

In consultation with the states and union territories that have adopted the BIS, the Reserve Bank has prepared an indicative calendar for their market borrowings during the quarter of October - December 2026. The calendar for the remaining states and union territories has also been prepared in consultation with them and is provided in Annex 2. The total market borrowings by the state governments and union territories for the said quarter are expected to be ₹3,60,820 crore.

The Reserve Bank intends to conduct the auctions in a non-disruptive manner, considering market conditions and other relevant factors. The borrowings will be distributed evenly throughout the quarter. The Reserve Bank reserves the right to modify the dates and amounts of auctions in consultation with the respective state governments and union territories.

Press releases will be issued two to three days prior to the actual auction day, detailing the actual amount of borrowings and the participation of states and union territories, depending on their requirements, approval from the Government of India under Article 293(3) of the Constitution of India, and prevailing market conditions.