States to raise INR 3.19 tln via bonds Q2 FY27; RBI pilot plan extended
This story was originally published at 11:08 IST on 27 June 2026
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NEW DELHI – The Reserve Bank of India said state governments and Union territories will borrow about INR 3.19 trillion through bonds in Jul-Sept, according to the indicative calendar released late Thursday.
The central bank had introduced a benchmark issuance strategy for market borrowings of nine states on a pilot basis in the June quarter. Under this strategy, these state governments issued securities in specific benchmark tenor buckets announced in the calendar. Based on the experience gained so far and concurrence received from nine more states and one Union territory, the benchmark issuance strategy framework is being extended to Delhi, Himachal Pradesh, Jharkhand, Manipur, Meghalaya, Odisha, Punjab, Sikkim, Uttarakhand, and West Bengal from the September quarter, the RBI said.
Andhra Pradesh, Bihar, Chhattisgarh, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Telangana, and Uttar Pradesh were the states that had participated in the strategy in the June quarter.
The states that have adopted the benchmark issuance strategy framework will borrow around INR 791.50 billion in July, INR 694.50 billion in August, and INR 878.16 billion in September, according to the RBI's release. The governments of the remaining states and Union territories will borrow INR 254 billion in July, INR 262.50 billion in August, and INR 307.50 billion in September.
The auctions will take place on a weekly basis. The exact amounts to be borrowed will be announced 2-3 days before the day of the auction, the RBI said.
The central bank had earlier announced that the Centre will borrow a gross amount of INR 8.20 trillion in Apr-Sept, accounting for 50.97% of the revised gross market borrowing target of INR 16.09 trillion for the financial year 2026–27 (Apr-Mar). End
Reported by Vaishali Tyagi
Edited by Rajeev Pai
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