Indicative Calendar of Market borrowings by State Governments/ Union Territories for the Quarter October – December 2026
With an objective to enhancing transparency and providing greater clarity to the investors, Reserve Bank introduced the Benchmark Issuance Strategy (BIS) on a pilot basis commencing Q1: FY 2026-27 involving nine States, viz., Andhra Pradesh, Bihar, Chhattisgarh, Keralam, Madhya Pradesh, Maharashtra, Rajasthan, Telangana, and Uttar Pradesh. Subsequently, nine other States and one Union Territory…
The Reserve Bank of India has introduced the Benchmark Issuance Strategy (BIS) for market borrowings by state governments and union territories, aiming to enhance transparency for investors. As of Q3 FY 2026-27, the indicative calendar for market borrowings during the quarter of October-December 2026 has been prepared for 16 states and one union territory.
The total expected market borrowings by these entities for the quarter are projected at ₹3,60,820 crore. The Reserve Bank will conduct auctions in a non-disruptive manner, taking into account market conditions and other relevant factors, and may modify the dates and amounts in consultation with the respective entities.
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