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Date: 2025-10-03 Category: Not Applicable State: Union Government Country: India

Indicative Calendar of Market borrowings by State Governments/ Union Territories for the Quarter October – December 2025

Issued by Reserve Bank of India · Not Applicable

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Executive Summary & Key Takeaways

**Executive Summary** This press release by the Reserve Bank of India (RBI) announces the indicative calendar for market borrowings by State Governments/Union Territories (UTs) for the quarter October - December 2025. The total expected borrowing is ₹2,81,865.00 Crore. The release provides a weekly schedule of auctions and includes participating States/UTs with their tentative borrowing amounts. **Key Points / Main Content** * **Total Borrowing Amount:** * The expected quantum of total market borrowings by State Governments/UTs for the quarter October - December 2025 is ₹2,81,865.00 Crore. * **Auction Schedule:** * The weekly schedule includes proposed dates for auctions throughout October, November, and December 2025. * Participating States/UTs and their tentative borrowing amounts are listed for each auction date. * **Auction Details:** * Details of States/UTs participating and actual borrowing amounts will be released 2-3 days prior to each auction. * Borrowing is contingent on the requirements of the state governments/UTs, approval from the Government of India under Article 293(3) of the Constitution of India, and market conditions. * **RBI Discretion:** * RBI will attempt to conduct auctions in a non-disruptive manner, taking market conditions into account. * RBI reserves the right to modify the dates and amounts of auctions in consultation with State Governments/UTs. **Impact Analysis** **State Governments/Union Territories (UTs)** * **Impact:** State Governments/UTs are provided with an indicative calendar of market borrowings for the specified quarter to plan their finances. * **Action Required:** State Governments/UTs need to review the schedule, confirm their participation, and seek necessary approvals from the Government of India, considering their financial requirements and market conditions. **Reserve Bank of India (RBI)** * **Impact:** The RBI manages the market borrowings of State Governments/UTs in consultation with them. * **Action Required:** The RBI needs to monitor market conditions, coordinate with State Governments/UTs, and conduct auctions in a non-disruptive manner while maintaining the flexibility to modify dates and amounts as needed. **Financial Markets** * **Impact:** Financial markets need to be informed of the indicative calendar of borrowings to adjust the financial planning. * **Action Required:** The financial markets must stay informed through the information released by RBI.

Key Entities Referenced

Reserve Bank of India: Central bank responsible for conducting market borrowings for States/Union Territories. State Governments/Union Territories (UTs): Entities borrowing through market mechanisms facilitated by the RBI.
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प्रेस प्रकाशनी PRESS RELEASE भारतीय ररज़र्व बैंक 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 October 03, 2025 Indicative Calendar of Market borrowings by State Governments/ Union Territories for the Quarter October – December 2025 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 October – December 2025, is expected to be ₹2,81,865.00 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: Month Proposed Expected States/UTs who have confirmed Date quantum of participation and the tentative borrowing amount of borrowing (in ₹ Crore) (in ₹ Crore) Andhra Pradesh 1,900.00 October 07, Gujarat 2,000.00 2025 9,410 Jammu and Kashmir 400.00 (Tuesday) Maharashtra 5,000.00 Mizoram 110.00 Assam 900.00 Bihar 1,500.00 Gujarat 3,000.00 Jammu and Kashmir 300.00 Karnataka 2,000.00 Madhya Pradesh 5,200.00 Maharashtra 5,000.00 October 2025 October 14, Nagaland 400.00 2025 29,100 Odisha 1,000.00 (Tuesday) Punjab 1,000.00 Rajasthan 2,000.00 Sikkim 500.00 Tamil Nadu 2,000.00 Telangana 1,000.00 Tripura 300.00 Uttar Pradesh 3,000.00 Chhattisgarh 1,000.00 October 20, 16,750 Goa 100.00 2025 (Monday) Gujarat 3,000.002 Maharashtra 5,000.00 Meghalaya 150.00 Odisha 1,000.00 Tamil Nadu 3,000.00 Uttar Pradesh 3,000.00 Uttarakhand 500.00 Bihar 1,500.00 Chhattisgarh 500.00 Goa 100.00 Gujarat 2,000.00 Haryana 1,000.00 Himachal Pradesh 500.00 Jammu and Kashmir 300.00 October 28, Kerala 2,000.00 2025 30,900 Maharashtra 5,000.00 (Tuesday) Odisha 1,000.00 Punjab 500.00 Rajasthan 4,500.00 Tamil Nadu 4,000.00 Telangana 1,000.00 Uttar Pradesh 3,000.00 Uttarakhand 1,000.00 West Bengal 3,000.00 Andhra Pradesh 5,000.00 Arunachal Pradesh 200.00 Chhattisgarh 1,000.00 Goa 100.00 November 04, Jammu and Kashmir 150.00 2025 19,450 Kerala 1,000.00 (Tuesday) Maharashtra 2,500.00 Punjab 500.00 Tamil Nadu 3,000.00 Uttar Pradesh 3,000.00 West Bengal 3,000.00 Assam 900.00 November Bihar 1,500.00 2025 Goa 100.00 Gujarat 2,000.00 Haryana 1,500.00 Jammu and Kashmir 300.00 November 11, Madhya Pradesh 6,200.00 2025 25,960 Maharashtra 2,500.00 (Tuesday) Meghalaya 250.00 Mizoram 110.00 Odisha 1,000.00 Punjab 500.00 Tamil Nadu 2,000.00 Telangana 1,600.003 Tripura 500.00 Uttar Pradesh 3,000.00 West Bengal 2,000.00 Assam 900.00 Chhattisgarh 1,000.00 Goa 100.00 Jammu and Kashmir 400.00 Jharkhand 2,000.00 Maharashtra 2,500.00 November 18, Odisha 1,000.00 2025 21,400 Rajasthan 1,000.00 (Tuesday) Sikkim 500.00 Tamil Nadu 4,000.00 Telangana 1,000.00 Uttar Pradesh 3,000.00 Uttarakhand 1,000.00 West Bengal 3,000.00 Bihar 1,500.00 Chhattisgarh 1,000.00 Goa 100.00 Gujarat 2,000.00 Haryana 1,000.00 Himachal Pradesh 500.00 Jammu and Kashmir 300.00 November 25, Kerala 1,000.00 2025 26,349 Maharashtra 1,699.00 (Tuesday) Odisha 1,000.00 Puducherry 250.00 Punjab 500.00 Rajasthan 4,500.00 Tamil Nadu 4,000.00 Telangana 1,000.00 Uttar Pradesh 3,000.00 West Bengal 3,000.00 Andhra Pradesh 5,000.00 Chhattisgarh 500.00 Goa 100.00 Karnataka 3,000.00 December 02, Kerala 400.00 2025 21,000 Punjab 1,000.00 December (Tuesday) Rajasthan 1,000.00 2025 Tamil Nadu 4,000.00 Uttar Pradesh 3,000.00 Uttarakhand 500.00 West Bengal 2,500.00 December 09, Arunachal Pradesh 375.00 2025 21,680 Assam 900.00 (Tuesday) Bihar 1,500.004 Chhattisgarh 1,000.00 Goa 100.00 Gujarat 2,000.00 Haryana 1,500.00 Jammu and Kashmir 300.00 Karnataka 2,000.00 Mizoram 105.00 Nagaland 400.00 Odisha 1,000.00 Tamil Nadu 2,000.00 Telangana 2,000.00 Tripura 500.00 Uttar Pradesh 3,000.00 West Bengal 3,000.00 Chhattisgarh 500.00 Goa 100.00 Haryana 1,000.00 Madhya Pradesh 4,240.00 Manipur 150.00 December 16, Meghalaya 350.00 2025 17,690 Odisha 1,000.00 (Tuesday) Puducherry 250.00 Punjab 600.00 Tamil Nadu 3,000.00 Uttar Pradesh 3,000.00 Uttarakhand 500.00 West Bengal 3,000.00 Assam 900.00 Bihar 1,500.00 Chhattisgarh 1,000.00 Goa 100.00 Gujarat 2,000.00 Haryana 1,500.00 December 23, Jammu and Kashmir 400.00 2025 26855 Jharkhand 2,000.00 (Tuesday) Karnataka 3,000.00 Odisha 1,000.00 Rajasthan 1,455.00 Tamil Nadu 4,000.00 Telangana 2,000.00 Uttar Pradesh 3,000.00 West Bengal 3,000.00 Bihar 852.00 Goa 100.00 December 30, Gujarat 2,000.00 2025 15,321 Haryana 1,000.00 (Tuesday) Himachal Pradesh 500.00 Jammu and Kashmir 376.005 Karnataka 2,000.00 Punjab 493.00 Tamil Nadu 4,000.00 Uttarakhand 500.00 West Bengal 3,500.00 Total 2,81,865.00 2,81,865.00 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: 2025-2026/1247 Chief General Manager

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