Document title: Indicative Calendar of Market Borrowings by State Governments/Union Territories for the Quarter July – September 2026

Issuing authority: Reserve Bank of India

Reference number: Press Release 2026‑2027/551

Date: June 25, 2026

Policy Rates and Liquidity

The Reserve Bank of India (RBI) has introduced the Benchmark Issuance Strategy (BIS) on a pilot basis for nine states – Andhra Pradesh, Bihar, Chhattisgarh, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Telangana and Uttar Pradesh – in Q1 of FY 2026‑27. Based on the pilot experience and concurrence from an additional ten states and one Union Territory, the BIS framework is being extended to Delhi, Himachal Pradesh, Jharkhand, Manipur, Meghalaya, Odisha, Punjab, Sikkim, Uttarakhand and West Bengal starting from Q2 of FY 2026‑27. The strategy aims to enhance transparency by issuing securities in pre‑announced benchmark tenor buckets and to provide greater clarity to investors. RBI will conduct the auctions in a non‑disruptive manner, taking into account market conditions, and reserves the right to modify auction dates or amounts in consultation with the respective State Governments/UTs. All borrowings require approval from the Government of India under Article 293(3) of the Constitution.

Capital Markets and Flows

The indicative calendar prepared in consultation with the 18 adopting states/UTs (Annex 1) and the remaining states/UTs (Annex 2) shows that total market borrowings by State Governments/UTs for July‑September 2026 are expected to be ₹3,18,816 crore. Auctions are scheduled on the following dates with the gross amounts and key state allocations (amounts in ₹ crore):

  • June 30 (settlement July 1): Rajasthan – ₹750, Rajasthan >25 yr bucket – ₹750, Telangana – ₹2,000, Telangana 21‑25 yr – ₹2,000, Bihar – ₹800, Bihar 21‑25 yr – ₹1,200, etc.
  • July 7 (settlement July 8): Punjab – ₹1,000 (02‑05 yr), Kerala – ₹1,000 (11‑15 yr), Madhya Pradesh – ₹17,350 (16‑20 yr), Manipur – ₹250 (11‑15 yr), Sikkim – ₹200 (11‑15 yr), Uttar Pradesh – ₹1,000 (16‑20 yr) and ₹1,000 (21‑25 yr), Uttarakhand – ₹300 (16‑20 yr), West Bengal – ₹1,000 (02‑05 yr), ₹1,500 (16‑20 yr) and ₹2,200 (>25 yr).
  • July 15 (settlement July 16): Andhra Pradesh – ₹1,200 (16‑20 yr) and ₹1,600 (>25 yr), Maharashtra – ₹2,400 (06‑10 yr), ₹2,200 (16‑20 yr) and ₹1,000 (>25 yr).
  • July 21 (settlement July 22): Bihar – ₹1,000 (16‑20 yr).
  • August 4 (settlement August 5): Bihar – ₹800 (06‑10 yr), Chhattisgarh – ₹1,200 (21‑25 yr), Himachal Pradesh – ₹400 (16‑20 yr) and ₹300 (21‑25 yr), Jharkhand – ₹300 (06‑10 yr), Kerala – ₹800 (06‑10 yr) and ₹1,000 (11‑15 yr), Madhya Pradesh – ₹1,600 (16‑20 yr) and ₹2,000 (>25 yr), Manipur – ₹250 (11‑15 yr), Odisha – ₹1,000 (02‑05 yr) and ₹1,000 (11‑15 yr), Sikkim – ₹200 (11‑15 yr), Uttar Pradesh – ₹1,000 (06‑10 yr), ₹1,000 (16‑20 yr) and ₹1,000 (21‑25 yr), Uttarakhand – ₹300 (11‑15 yr), West Bengal – ₹1,000 (02‑05 yr), ₹1,500 (16‑20 yr) and ₹2,200 (>25 yr).
  • Subsequent auctions continue through August and September with gross amounts of ₹7,000 to ₹19,850 crore, covering states such as Gujarat, Jammu & Kashmir, Haryana, Mizoram, Goa, Assam, Tamil Nadu, Puducherry and others. The total gross amount scheduled across all dates sums to approximately ₹82,400 crore for the non‑adopting states/UTs segment, while the adopting segment totals ₹3,18,816 crore.

Regulatory and Policy Measures

The BIS framework standardises the issuance of state market securities into defined tenor buckets (02‑05 yr, 06‑10 yr, 11‑15 yr, 16‑20 yr, 21‑25 yr and >25 yr). RBI will announce the actual borrowing amounts and participating states/UTs two to three days prior to each auction. The central bank emphasises that auctions will be conducted in a non‑disruptive manner, with the right to adjust dates and amounts in consultation with the states/UTs, subject to market conditions and constitutional approvals.

Overall, the calendar provides a transparent roadmap for state‑level market borrowings in the July‑September 2026 quarter, reflecting RBI’s effort to streamline government financing and improve market predictability.