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State Borrowing Calendar for Q2 FY26-27 Released

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📄 Source: Reserve Bank of India · Press Release prid 63029
Quick answerRBI released the indicative borrowing calendar for states/UTs for July-September 2026, with total expected borrowings of ₹3,18,816 crore. This helps banks plan liquidity and investment strategies around state government securities issuance.

What changed

RBI published the indicative calendar for state government market borrowings for the quarter July-September 2026, with total expected borrowings of ₹3,18,816 crore. The calendar provides scheduled auction dates and amounts for BIS and non-BIS states.

What it means for you

Banks can align their treasury operations with state borrowing schedules, anticipating liquidity pressures or opportunities. It aids in managing SLR portfolios and pricing state development loans.

The rule, in the simplest words
  • RBI (India's central bank) told states they can borrow a total of ₹3,18,816 crore (a huge amount of money) from July to September 2026.
  • Some states follow a 'Benchmark Issuance Strategy' (a plan to sell bonds in fixed amounts on set dates) so banks know exactly when to buy.
  • Nine new states and one Union Territory (like Delhi) joined this plan starting July 2026, making it easier for banks to plan.
  • Banks should check the calendar of auction dates to decide when to lend money to states and manage their own cash.
How it plays out — a real example

Priya, a treasury manager at a bank in Mumbai, opens the RBI calendar for July-September 2026. She sees that Maharashtra will issue bonds on a specific Tuesday, so she sets aside funds that week to buy those bonds, ensuring her bank meets its SLR (required holding of government securities) target without scrambling for cash.

What you must do

Who it affects

Treasury departments of banks, Primary dealers, State government finance departments, Institutional investors in state bonds

What is the purpose of this calendar?

It provides a schedule for state government borrowings to help market participants plan their liquidity and investment decisions.

Does the calendar include borrowing amounts?

Yes, the total expected borrowings for the quarter are ₹3,18,816 crore, though actual amounts per auction are announced later.

How does this affect banks?

Banks can anticipate state bond supply, manage SLR compliance, and adjust pricing for state development loans.

Test yourself

Quick self-check built only from the facts already on this page — tap a question to reveal the answer.

Q1. In one line, what does this circular do?

RBI released the indicative borrowing calendar for states/UTs for July-September 2026, with total expected borrowings of ₹3,18,816 crore. This helps banks plan liquidity and investment strategies around state government securities issuance.

Q2. Who does this circular apply to?

Treasury departments of banks, Primary dealers, State government finance departments, Institutional investors in state bonds

Q3. What is the first thing you should do about it?

Review the calendar to plan liquidity and investment in state government securities.

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Who does what — compliance checklist
📜 Compliance
  • Review the calendar to plan liquidity and investment in state government securities.
  • Adjust treasury strategies for expected state borrowing volumes in Q3.
  • Monitor auction dates to optimize bidding and portfolio yields.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (Treasury departments of banks, Primary dealers, State government finance departments, Institutional investors in state bonds), your first concrete step on “State Borrowing Calendar for Q2 FY26-27 Released” is: “Review the calendar to plan liquidity and investment in state government securities.”.

  1. Circular: https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=63029 -- State Borrowing Calendar for Q2 FY26-27 Released
  2. Issued: 25 Jun 2026, 22:54 IST
  3. Action required: Review the calendar to plan liquidity and investment in state government securities.
  4. Action required: Adjust treasury strategies for expected state borrowing volumes in Q3.
  5. Action required: Monitor auction dates to optimize bidding and portfolio yields.
  6. Owner: ____________ Target date: ____________
  7. Board/committee approval needed? Y / N
  8. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.
AI-drafted · AI fact-check pending · under the editorial review of our expert review panel · decoded & published by BankPulse · 25 Jun 2026, 22:54 IST
Official RBI source: https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=63029 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert review panel. Independent platform, not affiliated with the Reserve Bank of India; never reproduces RBI text verbatim.
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