Borrowing Calendar
States to borrow INR 5 tln via bonds in Jan-Mar, highest single-qtr aim
This story was originally published at 20:59 IST on 2 January 2026
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--RBI: States to borrow INR 5.00 tln via bonds in Jan-Mar
MUMBAI – States will borrow a total of INR 5 trillion through dated securities during the March quarter, as per the indicative calendar of market borrowings by state governments and Union territories released by the Reserve Bank of India Friday. This is the highest borrowing by states announced for a single quarter. The figure is at the higher end of market expectations. Economists and bond market traders had expected a figure close to INR 4.50 trillion, in a band of INR 4.50 trillion to INR 5.00 trillion.
Heavy state bond supply is likely to be a burden on bond traders in the quarter, even as the central bank's open market bond purchases will help absorb bond supply in January, according to market participants.
The state bond auctions will take place on a weekly basis. The exact amount to be borrowed will be announced 2-3 days before the day of the auction, the RBI said. States will borrow around INR 1.52 trillion in January, INR 1.69 trillion in February, and INR 1.79 trillion in March, according to the release. End
Reported by Cassandra Carvalho
Edited by Rajeev Pai
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