**Summary of the Government’s Borrowing Plan for H1 FY 2026-27**
The Ministry of Finance, in consultation with the Reserve Bank of India (RBI), has finalized the borrowing programme for the first half (H1) of the fiscal year 2026-27. This plan outlines the strategy for managing the government's market borrowings and liquidity requirements.
**Market Borrowing Targets and Instruments**
* **Gross Market Borrowings:** While the Budget Estimate (BE) for 2026-27 was initially set at ₹17.20 lakh crore, subsequent G-Sec switches reduced this to ₹16.09 lakh crore.
* **H1 Allocation:** The government plans to borrow ₹8.20 lakh crore in the first half of the fiscal year, representing 51.0% of the total annual gross borrowing.
* **Dated Securities:** Borrowing will be conducted through 26 weekly auctions of dated securities, including ₹15,000 crore specifically in Sovereign Green Bonds (SGrBs).
* **Maturity Profile:** The borrowing will be spread across various tenors with the following distribution:
* **3-year:** 8.1%
* **5-year:** 15.4%
* **7-year:** 8.1%
* **10-year:** 29.0%
* **15-year:** 14.5%
* **30-year:** 7.3%
* **40-year:** 8.0%
* **50-year:** 9.6%
**Treasury Bills (T-Bills) and Liquidity Management**
* **Q1 T-Bills:** For the first quarter (Q1) of FY 2026-27, weekly borrowing via Treasury Bills is expected to be ₹24,000 crore for 12 weeks. The weekly issuance breakdown is:
* **91-day T-Bills:** ₹12,000 crore
* **182-day T-Bills:** ₹6,000 crore
* **364-day T-Bills:** ₹6,000 crore
* **Ways and Mean Advances (WMA):** To manage temporary mismatches in government accounts, the RBI has set the WMA limit for H1 FY 2026-27 at ₹2.50 lakh crore.
**Operational Provisions**
* **Greenshoe Option:** The government reserves the right to exercise a greenshoe option to retain an additional subscription of up to ₹2,000 crore for each security listed in auction notifications.
* **Redemption Management:** Switching and buyback operations will be utilized to smoothen the redemption profile of government securities.
**Additional Information**
Further details and press releases are available on the official websites of the Ministry of Finance and the RBI.
* **Release ID:** 2246257
* **Date of Issue:** 27 March 2026
Key Entities Referenced
Reserve Bank of India (RBI): The central bank responsible for consulting on the government's borrowing programme and setting liquidity limits.
Sovereign Green Bonds (SGrBs): Specialized debt instruments totaling ₹15,000 crore intended to fund environmentally sustainable projects.
Ways and Means Advances (WMA): A credit facility from the RBI to the government with a set limit of ₹2.50 lakh crore to manage temporary cash flow mismatches.
Treasury Bills (T-Bills): Short-term debt instruments (91, 182, and 364 days) used for weekly borrowing during the first quarter of the fiscal year.
Ministry of Finance: The primary government ministry responsible for the formulation and oversight of the market borrowing plan.
Ministry of Finance
Government’s Borrowing plan for the first half of
FY 2026-27
Posted On: 27 MAR 2026 7:29PM by PIB Delhi
The Government of India, in consultation with the Reserve Bank of India (RBI), has finalised its
borrowing programme for the first half (H1) of FY 2026-27.
Gross Market Borrowings in BE 2026-27 was ₹17.20 lakh crore. Since Budget presentation, switches of
G-Sec were conducted, reducing Gross Market borrowing to ₹16.09 lakh crore. Of ₹16.09 lakh crore,
₹8.20 lakh crore (51.0%) is planned to be borrowed in H1 through issuance of dated securities, including
₹15,000 crore of Sovereign Green Bonds (SGrBs).
The Gross Market Borrowings of ₹8.20 lakh crore shall be completed through 26 weekly auctions. The
market borrowing will be spread over 3, 5, 7, 10, 15, 30, 40 and 50 year securities. The share of borrowing
(including SGrBs) under different maturities will be: 3-year (8.1%), 5-year (15.4%), 7-year (8.1%), 10-
year (29.0%), 15-year (14.5%), 30-year (7.3%), 40-year (8.0%) and 50-year (9.6%).
The Government will carry out switching/buyback of securities to smoothen the redemption profile.
The Government will continue to reserve the right to exercise greenshoe option to retain an additional
subscription of up to ₹2,000 crore against each of the securities indicated in the auction notifications.
Weekly borrowing through issuance of Treasury Bills (T-Bills) in the first quarter (Q1) of FY 2026-27 is
expected to be ₹24,000 crore for 12 weeks with issuance of ₹12,000 crore under 91-day T-Bills, ₹6,000
crore under 182-day T-Bills and ₹6,000 crore under 364- day T-Bills.
To take care of temporary mismatches in Government accounts, the RBI has fixed the Ways and Mean
Advances (WMA) limit for H1 of FY 2026-27 at ₹2.50 lakh crore.
More details may be seen in the detailed Press Releases available on the websites of the Finance Ministry
and the RBI.
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NB/KMN
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