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Date: 2026-01-02 Category: Not Applicable State: Union Government Country: India

Indicative Calendar of Market borrowings by State Governments/ Union Territories for the Quarter January – March 2026

Issued by Reserve Bank of India · Not Applicable

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Executive Summary & Key Takeaways

**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 (UTs) for the quarter of January – March 2026. The expected total borrowing is ₹4,99,821 Crore. Weekly auction schedules with participating states and tentative amounts are provided. **Key Points / Main Content** * **Total Borrowing:** The expected total market borrowing by State Governments/UTs for January - March 2026 is ₹4,99,821 Crore. * **Auction Schedule:** A weekly schedule of auctions will be held during the quarter. The press release lists the proposed auction dates along with the expected borrowing quantum for each date. * **State/UT Participation:** The document specifies the States/UTs that have confirmed participation in each auction, along with the tentative amount of borrowing (in ₹ Cr) for each. * **Auction Details:** The actual amount of borrowings and details of participating States/UTs will be announced two/three days before each auction. * **RBI Discretion:** RBI reserves the right to modify the dates and amounts of auctions in consultation with State Governments/UTs. * **Market Conditions:** RBI will endeavor to conduct auctions in a non-disruptive manner, taking into account market conditions and distribute borrowings evenly. **Impact Analysis** **State Governments/Union Territories (UTs)** * **Impact:** State Governments/UTs are directly impacted as the document outlines their borrowing schedule and tentative amounts for the specified quarter. * **Action Required:** State Governments/UTs need to be aware of the auction dates, proposed borrowing amounts, and be prepared for potential adjustments to the schedule. **Reserve Bank of India (RBI)** * **Impact:** The RBI is responsible for managing the auction process and ensuring it is conducted in a non-disruptive manner, considering market conditions and coordinating with the State Governments/UTs. * **Action Required:** The RBI must execute the auction schedule, monitor market conditions, and make adjustments as necessary in consultation with State Governments/UTs. **Financial Markets** * **Impact:** Financial markets are impacted as the document outlines the borrowing schedule of State Governments and Union Territories. * **Action Required:** Monitor announcements prior to auction to determine actual amounts of borrowings.

Key Entities Referenced

State Governments/Union Territories: The entities issuing market borrowings, and whose borrowings are detailed in the calendar. Reserve Bank of India: The central bank of India, responsible for conducting the market borrowings auctions in consultation with the State Governments/Union Territories.
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प्रेस प्रकाशनी PRESS RELEASE भारतीय ररज़र्व ब ैंक RESERVE BANK OF INDIA वेबसाइट : www.rbi.org.in/hindi संचार वर्भाग, केंद्रीय कायाालय, शहीद भगत ससिंह मागा, फोटा, म िंबई - 400 001 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 5

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