States to raise INR 2.55 tln via bonds Q1 FY27; some tenors in RBI pilot plan
This story was originally published at 15:36 IST on 3 April 2026
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MUMBAI – The Reserve Bank of India said state governments and Union territories will borrow around INR 2.55 trillion through bonds in Apr-Jun, according to the indicative calendar released late Thursday. The central bank has also introduced a benchmark issuance strategy for market borrowing of nine states on a pilot basis.
These state governments will issue securities in specific benchmark tenor buckets, as per the pre-announced calendar. The RBI had nudged states to enlist in the plan, making the calendar more in line with the central government. Andhra Pradesh, Bihar, Chhattisgarh, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Telangana, and Uttar Pradesh are the states that are participating in the strategy in the June quarter.
Going forward, other state and Union territory governments are also expected to adopt the benchmark issuance strategy.
The nine states will borrow around INR 563 billion in April and INR 488 billion each in May and June, the release showed. Other state and Union territory governments will borrow INR 248.09 billion in April, INR 395 billion in May, and INR 363 billion in June.
The auctions will take place on a weekly basis and the exact amount to be borrowed will be announced two to three days before the day of the auction, the RBI said. Last week, the RBI 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 2026–27 (Apr-Mar). End
Reported by J. Navya Sruthi
Edited by Avishek Dutta
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