Reserve Bank holds the 36th Conference of State Finance Secretaries

27 October 2026

The Reserve Bank of India held the 36th Conference of State Finance Secretaries on the theme 'Role of Quality of Expenditure, Effective Cash and Prudent Debt Management in Enhancing States' Fiscal Sustainability'. Finance secretaries from 27 states and three Union Territories attended, along with senior officials of the Ministry of Finance, the Controller General of Accounts and the Comptroller and Auditor General of India. RBI Governor Sanjay Malhotra said states should improve the quality of their spending to support long-term fiscal health and adopt prudent borrowing strategies and efficient cash management. He asked states to onboard the Unified Lending Interface (ULI), to use programmable central bank digital currency for direct benefit transfers, and to make effective use of the State Level Bankers' Committee forum. The conference discussed market borrowings by states, short-term financial accommodation from the Reserve Bank, and states' adoption of the Benchmark Issuance Strategy. The Governor released a 'Compendium on Cash and Debt Management for State Governments'.