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

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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 from Q1: FY 2026-27 involving nine states, viz., Andhra Pradesh, Bihar, Chhattisgarh, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Telangana, and Uttar Pradesh. The strategy involves issuing securities in specific benchmark tenor buckets as per the pre-announced calendar.

Based on experience gained so far and concurrence received from another nine 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: FY 2026-27.

In consultation with 18 States and Union Territory of Delhi which have adopted BIS, the indicative calendar for their market borrowing during the quarter July – September 2026 has been prepared and is given at Annex 1.

The calendar for market borrowing for remaining states/UTs, prepared in consultation with the respective State Government/UTs, is given at Annex 2. Going forward, these states/UTs are also expected to adopt BIS.

The quantum of total market borrowings by the State Governments/UTs for the quarter July – September 2026, is expected to be ₹3,18,816 crore.

The actual amount of borrowings and the details of the States/UTs participating would be intimated by way of press releases two/ three days prior to the actual auction day and would depend on the requirement of the State Governments/UTs, approval from the Government of India under Article 293(3) of the Constitution of India and the prevailing market conditions. Reserve Bank would endeavour to conduct the auctions in a non-disruptive manner, taking into account the market conditions and other relevant factors and distribute the borrowings evenly throughout the quarter. Reserve Bank reserves the right to modify the dates and the amount of auction in consultation with the respective State Governments/UTs.

(Brij Raj)           
Chief General Manager

Press Release: 2026-2027/551

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