**Executive Summary**
This press release from the Reserve Bank of India, dated January 02, 2026, announces the indicative calendar for market borrowings by State Governments/Union Territories for the quarter January - March 2026. The total expected borrowing is ₹4,99,821 Crore. The schedule outlines weekly auctions and participating States/UTs with tentative borrowing amounts.
**Key Points / Main Content**
* **Total Borrowing:**
* The expected total market borrowings for the quarter January-March 2026 by State Governments/UTs is ₹4,99,821 Crore.
* **Auction Schedule:**
* Weekly auctions will be held throughout the quarter.
* The schedule includes proposed dates, expected borrowing quantum (in ₹ Cr), and participating States/UTs with their tentative borrowing amounts (in ₹ Cr) for each auction.
* **Auction Dates and Amounts:**
* January 06, 2026: ₹30,100 Cr (Andhra Pradesh, Assam, Chhattisgarh, Jammu & Kashmir, Karnataka, Madhya Pradesh, Rajasthan, Tamil Nadu, West Bengal).
* January 13, 2026: ₹36,190 Cr (Assam, Bihar, Chhattisgarh, Gujarat, Haryana, Karnataka, Kerala, Maharashtra, Mizoram, Odisha, Punjab, Tamil Nadu, Telangana, Uttarakhand, West Bengal).
* January 20, 2026: ₹38,600 Cr (Assam, Chhattisgarh, Goa, Gujarat, Haryana, Jammu & Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Odisha, Punjab, Rajasthan, Sikkim, Tamil Nadu, Uttarakhand, West Bengal).
* January 27, 2026: ₹47,300 Cr (Assam, Bihar, Chhattisgarh, Goa, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Nagaland, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttarakhand, West Bengal).
* February 03, 2026: ₹42,800 Cr (Andhra Pradesh, Assam, Chhattisgarh, Goa, Gujarat, Haryana, Jammu & Kashmir, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Punjab, Rajasthan, Tamil Nadu, Uttar Pradesh, West Bengal).
* February 10, 2026: ₹42,750 Cr (Assam, Bihar, Chhattisgarh, Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Manipur, Mizoram, Odisha, Punjab, Tamil Nadu, Telangana, Tripura, Uttar Pradesh, Uttarakhand, West Bengal).
* February 17, 2026: ₹39,000 Cr (Assam, Chhattisgarh, Goa, Haryana, Jammu & Kashmir, Jharkhand, Karnataka, Maharashtra, Nagaland, Odisha, Puducherry, Punjab, Rajasthan, Sikkim, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand, West Bengal).
* February 24, 2026: ₹44,221 Cr (Bihar, Chhattisgarh, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttarakhand, West Bengal).
* March 02, 2026: ₹35,805 Cr (Andhra Pradesh, Assam, Chhattisgarh, Goa, Haryana, Jammu & Kashmir, Karnataka, Kerala, Maharashtra, Punjab, Rajasthan, Sikkim, Tamil Nadu, Uttar Pradesh, West Bengal).
* March 10, 2026: ₹39,270 Cr (Assam, Chhattisgarh, Haryana, Himachal Pradesh, Jammu & Kashmir, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Mizoram, Puducherry, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand, West Bengal).
* March 17, 2026: ₹43,800 Cr (Chhattisgarh, Goa, Gujarat, Haryana, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Manipur, Nagaland, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand, West Bengal).
* March 24, 2026: ₹47,985 Cr (Assam, Chhattisgarh, Goa, Gujarat, Haryana, Jammu & Kashmir, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Tamil Nadu, Uttar Pradesh, Uttarakhand, West Bengal).
* March 27, 2026: ₹12,000 Cr (Gujarat, Haryana, Maharashtra, Odisha, Tamil Nadu, Uttar Pradesh).
* **Disclaimer:**
* Actual borrowing amounts and participating States/UTs will be communicated 2-3 days before the auction.
* Borrowing is subject to State/UT requirements, Government of India approval, and market conditions.
* RBI reserves the right to modify dates and amounts in consultation with State Governments/UTs.
**Impact Analysis**
**State Governments/Union Territories (UTs)**
* **Impact:** Affected by the schedule of market borrowings, including auction dates and amounts.
* **Action Required:** Plan borrowing strategies according to the indicative calendar. Monitor for updates on actual borrowing amounts and participation communicated by RBI closer to the auction dates.
**Reserve Bank of India (RBI)**
* **Impact:** Responsible for conducting auctions and managing the borrowing process.
* **Action Required:** Conduct auctions in a non-disruptive manner, taking into account market conditions and other relevant factors. Communicate any modifications to the schedule in consultation with State Governments/UTs.
**Government of India**
* **Impact:** Must provide approval for the borrowings by State Governments/UTs.
* **Action Required:** Review and approve the borrowing plans of State Governments/UTs under Article 293(3) of the Constitution of India.
**Market Participants**
* **Impact:** Influenced by the borrowing calendar, potentially affecting investment decisions and market conditions.
* **Action Required:** Monitor the announcements from the RBI and State Governments/UTs regarding the planned auctions.
Key Entities Referenced
State Governments/Union Territories: Entities participating in market borrowings.
Reserve Bank of India: Announces the calendar for market borrowings by State Governments/Union Territories, responsible for auctioning government debt.
Constitution of India Article 293(3): Specifies the constitutional provision under which the Government of India's approval is required for State Government/UT borrowings.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व ब ैंक
RESERVE BANK OF INDIA
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Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort,
ई-मेल/email : helpdoc@rbi.org.in Mumbai - 400 001 फोन/Phone: 022 - 2266 0502
January 02, 2026
Indicative Calendar of Market borrowings by State Governments/ Union
Territories for the Quarter January – March 2026
The Reserve Bank of India, in consultation with the State Governments/Union
Territories (UTs), announces that the quantum of total market borrowings by the State
Governments/UTs for the quarter January – March 2026, is expected to be ₹4,99,821
Crore. The weekly schedule of auctions to be held during the quarter along with the name
of States/UTs who have confirmed participation and tentative amounts indicated by them
is as under:
Expected
States/UTs who have confirmed
Proposed quantum of
Month participation and the tentative
Date borrowing
amount of borrowing (in ₹ Cr)
(in ₹ Cr)
January January 06, 30,100 Andhra Pradesh 6,500.00
2026 2026 Assam 1,000.00
(Tuesday)
Chhattisgarh 2,000.00
Jammu & Kashmir 600.00
Karnataka 6,000.00
Madhya Pradesh 4,000.00
Rajasthan 1,000.00
Tamil Nadu 6,000.00
West Bengal 3,000.00
January 13, 36,190 Assam 1,000.00
2026
Bihar 3,000.00
(Tuesday)
Chhattisgarh 2,000.00
Gujarat 2,000.00
Haryana 1,000.00
Karnataka 10,000.00
Kerala 1,000.00
Maharashtra 4,500.00
Mizoram 90.00
Odisha 1,000.00
Punjab 1,000.00
Tamil Nadu 4,000.00
Telangana 1,600.00
Uttarakhand 1,000.00
West Bengal 3,000.00January 20, 38,600 Assam 1,000.00
2026 Chhattisgarh 2,000.00
(Tuesday)
Goa 100.00
Gujarat 2,000.00
Haryana 1,000.00
Jammu & Kashmir 500.00
Karnataka 9,000.00
Madhya Pradesh 5,000.00
Maharashtra 4,500.00
Odisha 1,000.00
Punjab 500.00
Rajasthan 2,500.00
Sikkim 500.00
Tamil Nadu 4,000.00
Uttarakhand 500.00
West Bengal 4,500.00
January 27, 47,300 Assam 1,000.00
2026 Bihar 3,000.00
(Tuesday)
Chhattisgarh 2,000.00
Goa 100.00
Gujarat 2,000.00
Haryana 2,000.00
Himachal Pradesh 500.00
Jharkhand 2,000.00
Karnataka 7,000.00
Kerala 2,000.00
Madhya Pradesh 6,000.00
Maharashtra 4,500.00
Nagaland 200.00
Odisha 1,000.00
Punjab 1,500.00
Rajasthan 3,000.00
Tamil Nadu 4,000.00
Telangana 1,000.00
Uttarakhand 500.00
West Bengal 4,000.00
February February 03, 42,800 Andhra Pradesh 5,500.00
2026 2026 Assam 1,000.00
(Tuesday)
Chhattisgarh 2,000.00
Goa 100.00
Gujarat 2,000.00
Haryana 1,000.00
Jammu & Kashmir 500.00
Karnataka 8,000.00
Kerala 1,000.00
Madhya Pradesh 5,200.00
Maharashtra 4,500.00
Odisha 1,000.00
Punjab 1,000.00
2Rajasthan 1,000.00
Tamil Nadu 4,000.00
Uttar Pradesh 2,000.00
West Bengal 3,000.00
February 10, 42,750 Assam 1,000.00
2026 Bihar 3,000.00
(Tuesday)
Chhattisgarh 2,000.00
Gujarat 2,000.00
Haryana 3,000.00
Karnataka 7,000.00
Madhya Pradesh 5,000.00
Maharashtra 4,500.00
Manipur 150.00
Mizoram 100.00
Odisha 1,000.00
Punjab 1,000.00
Tamil Nadu 4,000.00
Telangana 2,000.00
Tripura 500.00
Uttar Pradesh 2,000.00
Uttarakhand 500.00
West Bengal 4,000.00
February 17, 39,000 Assam 2,000.00
2026 Chhattisgarh 2,000.00
(Tuesday)
Goa 100.00
Haryana 2,000.00
Jammu & Kashmir 500.00
Jharkhand 3,000.00
Karnataka 8,000.00
Maharashtra 4,500.00
Nagaland 500.00
Odisha 1,000.00
Puducherry 400.00
Punjab 1,000.00
Rajasthan 2,500.00
Sikkim 500.00
Tamil Nadu 4,000.00
Telangana 1,000.00
Uttar Pradesh 2,000.00
Uttarakhand 500.00
West Bengal 3,500.00
February 24, 44,221 Bihar 3,121.00
2026 Chhattisgarh 2,000.00
(Tuesday)
Goa 100.00
Gujarat 2,000.00
Haryana 2,000.00
Himachal Pradesh 800.00
Karnataka 8,000.00
Kerala 2,000.00
3Madhya Pradesh 6,200.00
Maharashtra 4,000.00
Odisha 1,000.00
Punjab 1,000.00
Rajasthan 3,000.00
Tamil Nadu 4,000.00
Telangana 1,000.00
Uttarakhand 500.00
West Bengal 3,500.00
March March 02, 35,805 Andhra Pradesh 5,500.00
2026 2026 (Monday) Assam 1,000.00
Chhattisgarh 2,000.00
Goa 100.00
Haryana 1,000.00
Jammu & Kashmir 417.00
Karnataka 8,000.00
Kerala 1,000.00
Maharashtra 4,000.00
Punjab 1,500.00
Rajasthan 2,000.00
Sikkim 288.00
Tamil Nadu 3,000.00
Uttar Pradesh 2,000.00
West Bengal 4,000.00
March 10, 39,270 Assam 900.00
2026 Chhattisgarh 2,000.00
(Tuesday)
Haryana 1,000.00
Himachal Pradesh 1,000.00
Jammu & Kashmir 500.00
Karnataka 8,000.00
Kerala 1,000.00
Madhya Pradesh 5,000.00
Maharashtra 4,000.00
Mizoram 100.00
Puducherry 270.00
Punjab 1,000.00
Rajasthan 2,000.00
Tamil Nadu 4,000.00
Telangana 2,000.00
Uttar Pradesh 2,000.00
Uttarakhand 1,000.00
West Bengal 3,500.00
March 17, 43,800 Chhattisgarh 2,000.00
2026 Goa 100.00
(Tuesday)
Gujarat 1,000.00
Haryana 2,000.00
Jharkhand 1,000.00
Karnataka 7,000.00
Kerala 2,000.00
4Madhya Pradesh 6,000.00
Maharashtra 4,000.00
Manipur 200.00
Nagaland 500.00
Punjab 1,500.00
Rajasthan 3,000.00
Tamil Nadu 4,000.00
Telangana 2,000.00
Uttar Pradesh 2,000.00
Uttarakhand 1,000.00
West Bengal 4,500.00
March 24, 47,985 Assam 900.00
2026 Chhattisgarh 2,000.00
(Tuesday)
Goa 100.00
Gujarat 2,000.00
Haryana 3,000.00
Jammu & Kashmir 900.00
Jharkhand 2,000.00
Karnataka 7,000.00
Kerala 1,910.00
Madhya Pradesh 6,200.00
Maharashtra 4,000.00
Punjab 1,006.00
Rajasthan 4,469.00
Tamil Nadu 4,000.00
Uttar Pradesh 2,000.00
Uttarakhand 1,000.00
West Bengal 5,500.00
March 27, 12,000 Gujarat 1,000.00
2026 (Friday) Haryana 2,000.00
Maharashtra 4,000.00
Odisha 1,000.00
Tamil Nadu 2,000.00
Uttar Pradesh 2,000.00
Total 4,99,821 4,99,821
The actual amount of borrowings and the details of the States/UTs participating would
be intimated by way of press releases two/ three days prior to the actual auction day and
would depend on the requirement of the State Governments/UTs, approval from the
Government of India under Article 293(3) of the Constitution of India and market
conditions. RBI would endeavour to conduct the auctions in a non-disruptive manner,
taking into account the market conditions and other relevant factors and distribute the
borrowings evenly throughout the quarter. RBI reserves the right to modify the dates and
the amount of auction in consultation with State Governments/UTs.
(Brij Raj)
Press Release: 2025-2026/1839 Chief General Manager
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