The Reserve Bank of India has outlined the indicative calendar for state government borrowings for April–June 2026, with total market borrowings estimated at Rs 2.55 lakh crore.

As part of efforts to enhance transparency and improve liquidity in state government securities, the RBI will introduce a Benchmark Issuance Strategy (BIS) on a pilot basis starting FY27. The initiative will involve select states issuing securities across predefined tenor buckets based on a pre-announced calendar.

Nine states—including Andhra Pradesh, Bihar, Kerala, Maharashtra, Rajasthan, Telangana, and Uttar Pradesh—have been included in the pilot phase, while other states are expected to adopt the framework gradually.

The RBI noted that final borrowing amounts and auction details will be announced closer to issuance dates and may be adjusted based on market conditions.