Document title: Indicative Calendar of Market Borrowings by State Governments/Union Territories for October‑December 2026
Issuing authority: Reserve Bank of India (RBI)
Reference number: Press Release 2026-2027/1237
Date: 01 October 2026
Policy Rates and Liquidity
The Reserve Bank of India has introduced the Benchmark Issuance Strategy (BIS) on a pilot basis starting Q1 of FY 2026‑27 with nine states – Andhra Pradesh, Bihar, Chhattisgarh, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Telangana and Uttar Pradesh. In Q2 FY 2026‑27 the framework was extended to nine additional states and one Union Territory (Delhi) – Himachal Pradesh, Jharkhand, Manipur, Meghalaya, Odisha, Punjab, Sikkim, Uttarakhand, West Bengal and Delhi. Based on experience and concurrence from six more states and one UT, BIS is further extended to Assam, Goa, Haryana, Mizoram, Nagaland, Tripura and the Union Territory of Jammu and Kashmir from Q3 FY 2026‑27. For the quarter October‑December 2026, the indicative calendar of market borrowings prepared in consultation with the participating states/UTs projects a total borrowing quantum of ₹3,60,820 crore.
Capital Markets and Flows
The calendar for market borrowing for the BIS‑participating states is presented in Annex 1, while the schedule for the remaining states and UTs is in Annex 2. The actual borrowing amounts and the specific states/UTs participating will be announced two to three days before each auction. Auctions will be conducted in a non‑disruptive manner, taking into account prevailing market conditions, and the RBI will distribute the borrowings evenly throughout the quarter. The RBI reserves the right to modify auction dates and amounts in consultation with the respective state governments/UTs.
Regulatory and Policy Measures
All borrowings are subject to the requirement of approval from the Government of India under Article 293(3) of the Constitution of India. The RBI’s objective in publishing the indicative calendar is to enhance transparency and provide greater clarity to investors regarding state and UT market borrowings.
The press release is signed by Brij Raj, Chief General Manager, confirming the RBI’s commitment to a transparent and orderly borrowing process for state and Union Territory financing.