The Government of India, in consultation with the Reserve Bank of India, has finalized its borrowing program for the second half (H2) of FY 2025-26. The government plans to borrow ₹6.77 lakh crore in the second half of fiscal year 2025-26 through dated securities, including ₹10,000 crore through the issuance of Sovereign Green Bonds (SGrBs).
The ₹6.77 lakh crore gross market borrowing will be completed through 22 weekly auctions until March 6, 2026. The borrowing will be spread across 3, 5, 7, 10, 15, 30, 40, and 50-year securities. The share of borrowing (including SGrBs) under different maturities will be: 3-year (6.6%), 5-year (13.3%), 7-year (8.1%), 10-year (28.4%), 15-year (14.2%), 30-year (9.2%), 40-year (11.1%) and 50-year (9.2%).
The government will continue to carry out switching/buyback of securities to smoothen the redemption profile and reserves 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 the issuance of Treasury Bills in the third quarter (Q3) of FY 2025-26 is expected to be ₹19,000 crore for 13 weeks with the issuance of ₹7,000 crore under 91 DTBs, ₹6,000 crore under 182 DTBs, and ₹6,000 crore under 364 DTBs, respectively.
The Reserve Bank of India has fixed the Ways and Mean Advances (WMA) limit for H2 of FY 2025-26 at ₹50,000 crore to take care of temporary mismatches in Government payments and receipts.
The release ID is 2171787. The information was posted on 26 SEP 2025 at 5:30 PM by PIB Delhi. More details are available on the websites of the Finance Ministry and the Reserve Bank of India.
Key Entities Referenced
FY 2025-26: The fiscal year to which this government borrowing plan applies.
Ministry of Finance: The Indian ministry responsible for the Government's Borrowing plan.
Reserve Bank of India: Consulted for finalizing borrowing program and fixed the Ways and Mean Advances (WMA) limit.
Government's Borrowing plan: The borrowing plan for the second half (H2) of FY 2025-26.
Ways and Mean Advances (WMA): Limit fixed by Reserve Bank of India for H2 of FY 2025-26 to take care of temporary mismatches in Government payments and receipts.
Ministry of Finance
Government’s Borrowing plan for the second half of
FY 2025-26
Posted On: 26 SEP 2025 5:30PM by PIB Delhi
The Government of India, in consultation with the Reserve Bank of India, has finalized its borrowing
programme for the second half (H2) of FY 2025-26.
Government of India plans to borrow ₹₹6.77 lakh crore in the second half of the fiscal year 2025-26 (H2: FY
2025-26) through dated securities, including ₹10,000 crore through issuance of Sovereign Green Bonds
(SGrBs).
The Gross Market Borrowing of ₹6.77 lakh crore shall be completed through 22 weekly auctions till March 6,
2026. 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 (6.6%), 5-year (13.3%), 7-year (8.1%),
10-year (28.4%), 15-year (14.2%), 30-year (9.2%), 40-year (11.1%) and 50-year (9.2%).
The Government will continue to 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 in the third quarter (Q3) of FY 2025-26 is expected to
be ₹19,000 crore for 13 weeks with issuance of ₹7,000 crore under 91 DTBs, ₹6,000 crore under 182 DTBs
and ₹6,000 crore under 364 DTBs, respectively.
To take care of temporary mismatches in Government payments and receipts, , the Reserve Bank of India has
fixed the Ways and Mean Advances (WMA) limit for H2 of FY 2025-26 at ₹50,000 crore.
More details may be seen in the detailed Press Release available on the Websites of Finance Ministry and the
Reserve Bank of India.
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NB/KMN
(Release ID: 2171787)