NEW DELHI – The Reserve Bank of India (RBI) has released an indicative calendar for state market borrowings, with States and Union Territories set to raise ₹2,54,509 crore between April and June 2026.

In a major structural shift, the central bank is also launching the Benchmark Issuance Strategy (BIS) on a pilot basis this financial year to enhance market transparency and liquidity.

Key Highlights of the Q1 Plan:

• Borrowing Targets: Out of the total amount, ₹1,53,900 crore will be raised by nine states participating in the BIS pilot, while others will raise ₹1,00,609 crore via traditional methods.
• BIS Pilot States: The initial rollout includes Andhra Pradesh, Bihar, Chhattisgarh, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Telangana, and Uttar Pradesh.
• Strategic Goal: The BIS framework aims to stabilize the market for state-level securities by issuing debt within pre-announced "benchmark tenor buckets."
• Flexibility: The RBI retains the authority to modify auction dates and amounts in consultation with state governments to prevent financial market volatility.

Quarterly Outlook

The move toward a structured benchmark strategy marks a significant step in the evolution of India's sub-national debt market. Detailed participation and auction amounts will be confirmed 2–3 days prior to each scheduled sale throughout the quarter.