States and Union Territories to raise ₹3,60,820 crore from the market in the October-December quarter

1 October 2026

The Reserve Bank of India has released the indicative calendar of market borrowings by State Governments and Union Territories for October-December 2026.
The indicative total for the quarter is ₹3,60,820 crore.
The calendar was prepared in consultation with each State Government and Union Territory.
The Benchmark Issuance Strategy, piloted with nine states in the first quarter of 2026-27 and extended to nine more states and Delhi in the second quarter, has now been extended to Assam, Goa, Haryana, Mizoram, Nagaland, Tripura and the Union Territory of Jammu and Kashmir from the third quarter.
Twenty-five States and two Union Territories now take part in the strategy, and separate annexes give the calendar for participating and non-participating entities.
The Reserve Bank said actual borrowing will depend on each State's requirement, approval from the Government of India and market conditions.