Government to borrow ₹7,86,000 crore in the second half of the fiscal year
25 September 2026
The Government of India, in consultation with the RBI, decided to borrow ₹7,86,000 crore in the second half (H2) of FY 2026-27.
This includes Sovereign Green Bonds (SGrBs) of ₹15,000 crore.
Full-year market borrowing through dated securities is expected at ₹15,99,506 crore, against the Budget Estimate of ₹17,20,000 crore.
H2 borrowing will be done through 23 weekly auctions in tenors from 3 to 50 years; the 10-year paper has the largest share at 26.3%.
T-Bill borrowing in Q3 will be ₹23,000 crore per week for 13 weeks.
RBI fixed the Ways and Means Advances (WMA) limit for H2 at ₹50,000 crore.
In plain words
SGrB Sovereign Green Bond — A government bond whose proceeds fund green projects.
WMA Ways and Means Advances — Temporary loans from the RBI to the government to cover short mismatches in receipts and payments.
T-Bill Treasury Bill — A short-term government security of 91, 182 or 364 days.