PRESS RELEASE Reserve Bank of India Press

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

What happened
Based on Reserve Bank of India Press · Oct 01, 2026

The Reserve Bank of India has released an indicative calendar for state and union territory market borrowings for Q4 2026, detailing ₹3.61 lakh crore in expected issuances under the Benchmark Issuance Strategy framework.

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Indicative Calendar of Market borrowings by State Governments/ Union Territories for the Quarter October – December 2026
Reserve Bank of India Press — Reserve Bank of India
Key points
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RBI’s Benchmark Issuance Strategy now covers 19 states and 4 union territories starting Q3 FY 2026-27.
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Total expected market borrowings for Q4 FY 2026-27 are ₹3,60,820 crore across participating states and UTs.
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Actual borrowing details will be announced 2–3 days before each auction, subject to constitutional approvals and market conditions.
Key numbers
·
The calendar covers borrowings under the Benchmark Issuance Strategy (BIS), which was introduced on a pilot basis in Q1 FY 2026-27 for nine states and later expanded to include additional states and union territories in subsequent quarters.
·
The total expected borrowings for Q4 FY 2026-27 amount to ₹3,60,820 crore, reflecting the consolidated borrowing plans of eligible states and union territories.
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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.

The Reserve Bank of India (RBI) has published an indicative calendar for market borrowings by State Governments and Union Territories for the quarter ending December 2026. The calendar covers borrowings under the Benchmark Issuance Strategy (BIS), which was introduced on a pilot basis in Q1 FY 2026-27 for nine states and later expanded to include additional states and union territories in subsequent quarters.

The BIS framework now includes 19 states and four union territories, with the indicative calendar prepared in consultation with participating governments. The total expected borrowings for Q4 FY 2026-27 amount to ₹3,60,820 crore, reflecting the consolidated borrowing plans of eligible states and union territories.

Actual borrowing amounts and participating entities will be announced two to three days prior to each auction, subject to approvals under Article 293(3) of the Constitution of India and prevailing market conditions. The RBI will conduct auctions in a manner designed to minimize market disruption while distributing borrowings evenly across the quarter.

The RBI retains the flexibility to adjust auction dates and borrowing amounts in consultation with state governments and union territories, ensuring alignment with evolving fiscal requirements and market dynamics. The indicative calendar serves to enhance transparency and provide clarity to investors regarding borrowing plans.

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