RBI publishes ₹3,60,820 crore State borrowing calendar for October–December 2026 and extends benchmark issuance to six more States and a Union Territory

National Economy Economy & Banking

RBI publishes ₹3,60,820 crore State borrowing calendar for October–December 2026 and extends benchmark issuance to six more States and a Union Territory

1 October 2026

The Reserve Bank of India released the indicative calendar of market borrowings by State Governments and Union Territories for the quarter October–December 2026.
Total borrowing for the quarter is expected to be ₹3,60,820 crore.
The Benchmark Issuance Strategy began as a pilot in Q1 of FY 2026-27 with nine States, including Keralam, and widened to nine more States and one Union Territory from Q2.
From Q3 it extends to Assam, Goa, Haryana, Mizoram, Nagaland, Tripura and the Union Territory of Jammu and Kashmir.
Actual amounts depend on State requirements, approval of the Government of India under Article 293(3) of the Constitution and market conditions.

Expected State/UT borrowing, Oct–Dec 2026: ₹3,60,820 crore Pilot start: Q1 FY 2026-27, nine States New entrants from Q3: Six States and one UT

Why it matters for exams: State borrowing rules and the RBI's role as debt manager for States are staple economy and Kerala fiscal topics.

Kerala PSCUPSC

1 October 2026 Source: Reserve Bank of India

In plain words

BIS Benchmark Issuance Strategy — An RBI framework in which participating States borrow on a pre-announced calendar in benchmark securities.