RBI expects ₹3,60,820 crore State borrowing in October-December quarter and extends benchmark issuance to six more States and one Union Territory
1 October 2026
The Reserve Bank of India released the indicative calendar for State Government and Union Territory market borrowings for October-December 2026.
Total borrowing in the quarter is expected to be ₹3,60,820 crore.
The Benchmark Issuance Strategy (BIS) is extended from Q3 FY 2026-27 to Assam, Goa, Haryana, Mizoram, Nagaland, Tripura and the Union Territory of Jammu and Kashmir.
Actual amounts depend on State requirements, Government of India approval under Article 293(3) of the Constitution and market conditions.
Expected State/UT borrowing, Oct-Dec 2026:
₹3,60,820 crore
New BIS entrants from Q3:
6 States + 1 UT
Approval required under:
Article 293(3)
Why it matters for exams: State borrowing, Article 293 and RBI's debt-management role are standard economy and polity topics.
Kerala PSCUPSCBank
In plain words
BIS Benchmark Issuance Strategy — An RBI framework in which participating States issue securities of benchmark sizes on an announced calendar.