Quarterly Report on Public Debt Management for the quarter April-June 2025

PUBLIC DEBT MANAGEMENT QUARTERLY REPORT April – June, 2025 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS BUDGET DIVISION www.dea.gov.inContents Section 1: Macroeconomic Developments ..................................................................... 1 Section 2: Debt Management - Primary Market Operations .......................................... 3 Section 3: Cash Management .......................................................................................... 7 Section 4: Trends in Outstanding Debt ........................................................................... 9 Section 5: Secondary Market ........................................................................................ 13Introduction The Public Debt Management Cell (PDMC), Budget Division, Department of Economic Affairs (DEA), Ministry of Finance (MoF) has been bringing out a quarterly report on public debt management on a regular basis (https://dea.gov.in/public-debt- management). Accordingly, this report pertains to the period April-June of the fiscal year (FY) 2025-26, viz., Q1: FY 2025-26. The report gives an account of the public debt management and cash management operations during the quarter and provides information on various aspects of debt management. While all attempts have been made to provide authentic and accurate information, it is possible that some errors might have crept in inadvertently. Readers may inform us of such errors, if any, and provide their valuable suggestions to improve the contents of this report at pdmc-dea@gov.in. ******* iLIST OF TABLES Table 1.1: Foreign Investment Inflows ................................................................................................................................. 2 Table 2.1: Fiscal Outcome Upto June FY 2025-26............................................................................................................... 3 Table 2.2: Issuance of Dated Securities ................................................................................................................................ 4 Table 2.3: Issuances of Dated Securities by Maturity Buckets / Maturities during FY 2022-23 to Q1 FY 2025-26............ 5 Table 2.4: Dated Securities Bid- Cover Ratio/Cut-off Yield Q1 FY 2025-26 ...................................................................... 5 Table 2.5: Issuance of Treasury Bills ................................................................................................................................... 6 Table 3.1: Issuance and Repayments of Treasury Bills during Q1 FY 2025-26 ................................................................... 8 Table 4.1: Total Liabilities of Central Government (in ₹ crores) (#) .................................................................................... 9 Table 4.2: Yield and Maturity of Dated Securities of Central Government ....................................................................... 10 Table 4.3: Maturity Profile of Outstanding Dated Securities of Central Government ....................................................... 11 Table 4.4: Ownership Pattern of Government of India Dated Securities ............................................................................ 12 Table 4.5: Ownership Pattern of Treasury Bills ................................................................................................................. 12 Table 5.1: Yield Spreads (bps) ........................................................................................................................................... 14 Table 5.2: Yields on T-Bills of different tenors .................................................................................................................. 16 Table 5.3: Comparative data during the quarter.................................................................................................................. 16 Table 5.4: Transactions in Government Securities (Volume in ₹ crore) ............................................................................. 18 Table 5.5: Top 10 Traded Securities (in ₹ Crores).............................................................................................................. 19 Table 5.6: Maturity Buckets-Wise Outright Trading Volume in G-Secs (in ₹ Crores) ...................................................... 19 Table 5.7: Category-wise Share (%) of Total Outright Trading Activity in G-Secs* ......................................................... 20 LIST OF CHARTS Chart 1.1: CPI and WPI Inflation (Per cent) ......................................................................................................................... 2 Chart 3.1:Net liquidity injected (outstanding) [injection (+)/absorption (-)] ........................................................................ 7 Chart 5.1: Trend in 10-Year Benchmark Yield in G-Sec Market ....................................................................................... 14 Chart 5.2: Comparative G-Sec Yield Curves ...................................................................................................................... 15 Chart 5.3: Comparative T-Bill Yield Curve ........................................................................................................................ 15 Chart 5.4 : Comparative Chart of US 10-Yr Yield, G -Sec 10-Yr Yield, CPI & Crude Oil price ...................................... 17 Chart 5.5:Outright Trading Volume in ₹ crore ................................................................................................................... 18 LIST OF STATEMENTS Statement 1: Amount Raised through Issuance/settlement of Dated Securities during Q1: FY 2025-26 ........................... 21 Statement 2: Treasury Bills Issued during Q1: FY 2025-26 ............................................................................................... 22 Statement 3: G-Secs outstanding balance as of June, 2025 ................................................................................................ 23 Statement 4: Maturity Profile of Government Securities as of end-June 2025 ................................................................... 26 Statement 5: Calendar for Auction of Treasury Bills – July-September 2025 .................................................................... 27 iiSection 1: Macroeconomic Developments 1.1 India's real GDP registered a strong growth of 7.8 per cent during Q1 FY 2025-26 compared to the growth rate of 6.5 per cent during Q1 FY 2024-25 and 7.4 per cent during Q4 FY 2024-25. Government Final Consumption Expenditure (GFCE) rose by 7.4 per cent on y-o-y basis during the quarter relative to a contraction of 0.3 per cent in Q1 FY 2024-25. Sector-wise contribution reflects that growth during Q1 FY2025-26 was primarily driven by a sharp acceleration in the services sector, which grew 9.3 per cent followed by manufacturing which expanded 7.7 per cent, while agriculture grew by 3.7 per cent. 1.2 India's industrial output, measured by the Index of Industrial Production (IIP), grew by 1.5 per cent (y-o-y) in June 2025 supported mainly by the manufacturing sector, which rose by 3.7 per cent. Use-based category data reflects that intermediate goods and construction goods registered expansion of 5.5 per cent and 6.7 per cent, respectively, in June 2025. During April–June 2025 quarter, industrial output showed a growth of 2 per cent. 1.3 Headline inflation, measured by the Consumer Price Index (CPI), eased during April– June 2025, with CPI inflation rate at 3.16 per cent in April to 2.1 per cent in June 2025. This trend was driven by a fall in food inflation, which was 0.99 per cent in May and turned negative in June, aided by moderation in prices of vegetables, pulses, cereals, and protein items. Along similar lines, Wholesale Price Index (WPI) inflation at 0.85 per cent in April 2025 turned negative at (-)0.13% in June 2025. 1.4 India’s merchandise exports at USD 111.8 billion grew by 2 per cent (y-o-y), while non- oil exports grew by 5.3 per cent in Q1 FY 2025-26. Sectoral exports of electronic goods, nuclear reactor, pharmaceuticals, vehicles led to an increase in merchandise exports whereas exports of petroleum products, gems and jewellery, aircraft and aluminium slowed down during Q1 FY2025-26. Merchandise imports on the other hand, rose to USD 180.3 billion during Q1 FY 2025-26, from USD 172.1 billion during Q1 FY 2024- 25, primarily driven by larger non-petroleum, non-gems & jewellery including electronic goods, chemical imports. With imports rising faster than exports, trade deficit widened to USD 68.5 billion in Q1 FY 2025-26 as compared to USD 58.1 billion in Q1 FY 2024- 25. 1Chart 1.1: CPI and WPI Inflation (Per cent) 20 15 10 t n e c 5 r e P 0 -5 -10 1 1 1 1 1 2 2 2 2 2 2 3 3 3 3 3 3 4 4 4 4 4 4 5 5 5 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 -rp A -n u J -g u A -tc O -c e D -b e F -rp A -n u J -g u A -tc O -c e D -b e F -rp A -n u J -g u A -tc O -c e D -b e F -rp A -n u J -g u A -tc O -c e D -b e F -rp A -n u J CPI CFPI WPI Source: Ministry of Statistics and Programme Implementation, for CPI and Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade, for WPI 1.5 Gross foreign direct investment (FDI) inflows reached a four-year high in June 2025. However, net FDI remained around USD 4.9 billion primarily due to surge in repatriation and higher outward investments during Q1 FY 2025-26. On the financing side, net foreign portfolio investment (FPI) flows have moderated at USD 0.85 billion during Q1 FY 2025-26, which was USD 0.95 billion in the corresponding period last year. Table 1. 1: Foreign Investment Inflows (In USD Billion) Year Net FDI Net FPI Q1 FY 2024-25 6.2 0.95 Q1 FY 2025-26(P) 4.9 0.85 Source: Various issues of Monthly Bulletin, Reserve Bank of India (RBI) Note: Figures are on a net basis 2Section 2: Debt Management - Primary Market Operations A. Government Finances 2.1 As per provisional estimates released by the Controller General of Accounts (CGA), Central Government fiscal deficit for the Quarter ended June 2025 stood at ₹2.81 lakh crore, amounting to 17.9 per cent of the full-year budgeted target of ₹15.69 lakh crore. 2.2 According to the CGA provisional estimates for the quarter ending June 2025, total non- debt receipts stood at ₹9.41 lakh crore. This included ₹5.4 lakh crore in net tax revenue, ₹3.73 lakh crore in non-tax revenue, and ₹0.28 lakh crore from non-debt capital receipts. Total government expenditure stood at ₹12.22 lakh crore during Q1 FY2025–26. Of this, revenue expenditure amounted to ₹9.47 lakh crore, while capital expenditure increased to ₹2.75 lakh crore, representing 24.50 per cent of the budget estimates, relative to 16.30 per cent in the corresponding period last year. More details are available in Table 2.1 below: Table 2.1: Fiscal Outcome upto June FY 2025-26 (Amount in ₹ crore) Budget Actual Percentage of Actual to Budget Items Estimate up to Estimate 2025-26 June 2025 Current 2024-25 (COPPY) Revenue Receipts 3420409 913377 26.70% 26.50% Tax Revenue (Net) 2837409 540316 19.00% 21.30% Non-Tax Revenue 583000 373061 64.00% 51.30% Non-Debt Capital Receipts 76000 28018 36.90% 5.80% Total Expenditure 5065345 1222127 24.10% 20.10% Revenue Expenditure 3944255 946995 24.00% 21.30% Capital Expenditure 1121090 275132 24.50% 16.30% Revenue Deficit 523846 33618 6.40% -7.00% Primary Deficit 292598 -105305 -36.00% -28.50% Fiscal Deficit 1568936 280732 17.90% 8.40% Note - COPPY: Corresponding Period of the Previous Year. Figures are provisional. B. Issuance Details 2.3 The Budget Estimates for gross and net market borrowings for FY 2025-26 stood at ₹14,82,000 crore and ₹11,53,834 crore, respectively. Overall, in the first half of FY 2025- 26, the Government planned to borrow ₹8.00 lakh crore (about 54% of the total budgeted gross market borrowing of ₹14.82 lakh crore for the full year) primarily through dated securities spanning maturities from 3 to 50 years, including ₹10,000 crore via Sovereign 3Green Bonds. The actual figures for gross and net market borrowings in Q1 FY 2025-26 and Q1 FY 2024-25 are presented in Table 2.2. Table 2.2: Issuance of Dated Securities (Amount in ₹ crore) 2025-26 2025-26 2024-25 2024-25 Q1 as % of Item BE Q1 RE Q1 2025-26 BE 2024-25 RE Gross Amount 1482000 401000 1400697 341000 27.06% 24.35% Repayments 328166 135086 237818 134601 3.66% 56.60% Switches: Borrowing 250000 84884 146794 46368 33.95% 31.59% Repayment 250000 89059 146995 46276 35.6 2% 31.4 8% Net 0 -4175 -201 91 Buyback 0 49600 88164 Net Issuance 1153834 212140 1074514 206490 29.05% 19.22% Note: (i) Repayment of 2024-25 RE included buyback of ₹ 30,248 crores for securities matured during FY 2024-25. (ii) Repayment is net of recovery from GST Compensation Fund for both FY 2024-25 RE and FY 2025-26 BE. 2.4 During Q1 FY 2025–26, 13 weekly auctions of dated securities were conducted, resulting in a gross borrowing of ₹4,01,000 crore. Net borrowings amounted to ₹2,12,140 crore, compared to ₹2,06,490 crore raised in Q1 of FY 2024–25. The government allocated issuances across different tenors, aligning with market demand and its own maturity preferences. G-Sec auctions in Q1 FY 2025-26 remained largely smooth. The 10-year benchmark security dominated issuance at 29.9 per cent of gross issuance, followed by 40-year and 15-year (12.0 per cent) G-Secs during Q1: FY 2025-26. 4Table 2.3: Issuances of Dated Securities by Maturity Buckets / Maturities during FY 2022-23 to Q1 FY 2025-26 (Amount in ₹ Crore) Tenor-wise 2-Year 5-Year 7-Year 10-Year 14-year 30-year 40-year FRB Total FY 2022-23 88000 195000 151000 297000 245000 202000 207000 36000 1421000 % of Total 6.2 13.7 10.6 20.9 17.2 14.2 14.6 2.5 100 Q1 FY 2022-23 24000 54000 42000 78000 60000 54000 54000 24000 390000 % of Total 6.2 13.9 10.8 20 15.4 13.9 13.9 6.2 100 Tenor-wise 3-Year 5-Year 7-Year 10-Year 14-year 30-year 40-year 50-Year Total FY 2023-24 96000 179000 151000 332000 256000 223000 276000 30000 1543000 % of Total 6.2 11.6 9.8 21.5 16.6 14.5 17.9 1.9 100 Q1 FY 2023-24 24000 48000 42000 84000 72000 66000 72000 408000 % of Total 5.9 11.8 10.3 20.6 17.6 16.2 17.6 100 Tenor-wise 3-Year 5-Year 7-Year 10-Year 15-year 30-year 40-year 50-Year Total FY 2024-25 71000 142000 116000 345697 191000 147000 251000 137000 1400697 % of Total 5.1 10.1 8.3 24.7 13.6 10.5 17.9 9.8 100 Q1 FY 2024-25 18000 36000 33000 80000 44000 27000 69000 34000 341000 % of Total 5.3 10.6 9.7 23.5 12.9 7.9 20.2 10.0 100.0 Q1 FY 2025-26 24000.0 45000.0 33000.0 120000.0 48000.0 41000.0 48000.0 42000.0 401000 % of Total 6.0 11.2 8.2 29.9 12.0 10.2 12.0 10.5 100.0 2.5 The G-Sec demand measured by the bid-to-cover ratio across tenors, including 30Yr SGrB, remained above two during Q1 FY 2025-26. Table 2.4 provides details of the range of Bid-Cover Ratio and Cut-off Yield during Q1 FY 2025-26. Table 2.4: Dated Securities Bid- Cover Ratio/Cut-off Yield Q1 FY 2025-26 Range of Bid-Cover Range of Tenor (Yr) Ratio Cutoff-Yield 3 5.0 - 5.9 5.69 - 6.25 5 2.6 - 3.5 5.87 - 6.16 7 2.5 - 4.4 6.07 - 6.25 10 2.3 - 4.3 6.20 - 6.49 15 2.1 - 2.7 6.50 - 6.57 30 2.7 - 4.0 6.81 - 7.05 40 2.3 - 3.2 6.90 - 6.96 50 2.2 - 3.0 6.85 - 7.14 30-SGrB 2.0 - 2.2 6.88 52.6 In FY 2025-26, the government projected net borrowing through Treasury Bills (T-Bills) to be zero. In Q1 of the current year, ₹3,83,461 crore was raised and ₹3,89,783 crore repaid, resulting in a net issuance of (-) ₹6,322 crore. Net issuance stood at (-) ₹13,469 crore in Q1 FY 2024-25. Detailed issuance figures are provided in Table 2.4. Table 2.5: Issuance of Treasury Bills (Amount in ₹ crore) Item 2025-26 2025-26 2024-25 2024-25 Q1 Q1 BE Q1 RE Q1 as % of as % of 2025-26 BE 2024-25 364 DTB Gross Amount 360810 80957 360810 86579 22.4 24.0 Repayment 360810 86579 457487 113875 24.0 24.9 Net Issuance 0 -5622 -96677 -27296 182 DTB Gross Amount 484082 89000 394007 90884 18.4 23.1 Repayment 484082 95389 446683 111366 19.7 24.9 Net Issuance 0 -6389 -52676 -20482 91 DTB Gross Amount 606191 213504 747645 169410 35.2 22.7 Repayment 606191 207815 687745 135101 34.3 19.6 Net Issuance 0 5689 59900 34309 All T-Bills Gross Amount 1451084 383461 1502462 346873 26.4 23.1 Repayment 1451084 389783 1591915 360342 26.9 22.6 Net Issuance 0 -6322 -89454 -13469 Note: Including amount raised through non-competitive bidding. 6Section 3: Cash Management 3.1 Government’s cash account is maintained with the Reserve Bank of India (RBI). The temporary cash flow mismatches, in case of deficit in the cash account of the Central Government during the quarter, were managed by issuance of Treasury Bills and utilisation of Ways and Means Advances (WMA). 3.2 During Q1 FY 2025-26, the Central Government's cash balance was in surplus mostly. Chart 3.1:Net liquidity injected (outstanding) [injection (+)/absorption (-)] 400000 300000 200000 100000 e r 0 o r c ₹-100000 -200000 -300000 -400000 -500000 4 4 4 4 4 4 4 4 5 5 5 5 5 5 2 2 2 2 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 /1 /1 /1 /0 /9 /9 /8 /8 /7 /6 /8 /7 /7 /6 0 0 3 3 2 2 2 2 2 2 2 2 2 2 /6 /7 /7 /8 /9 /0 /1 /2 /1 /2 /3 /4 /5 /6 0 0 0 0 0 1 1 1 0 0 0 0 0 0 Source: CEIC and Reserve Bank of India 3.3 After remaining in deficit since mid-December 2024, system liquidity moved into surplus at end-March 2025, supported by the Reserve Bank’s liquidity augmenting measures and the month-end drawdown of government cash balances. This shift was reflected in tepid take up at daily VRR auctions and elevated SDF balances (averaging ₹2.0 lakh crore in April-May). The surplus persisted through May, underpinned by proactive liquidity management, with average daily net Liquidity Adjustment Facility (LAF) absorption at ₹1.5 lakh crore and ₹1.8 lakh crore in April and May, respectively. Liquidity conditions remained in surplus and strengthened further in June 2025 as average daily net LAF absorption rose to ₹2.82 lakh crore. Correspondingly, on average, daily net absorption under LAF was around ₹2.03 lakh crore during Q1 FY2025-26. 3.4 In Q1 FY 2025–26, the Government of India mobilised (-) ₹64,752 crore through competitive bidding in T-Bills and ₹ 58,430 crore under non-competitive bidding. Details 7of issuances and redemptions of T-Bills (tenor-wise) in Q1 FY 2025-26 are given in Table 3.1. Table 3.1: Issuance and Repayments of Treasury Bills during Q1 FY 2025-26 (Amount in ₹ crore) Issued Repayment Auction Issuance Net Date Date Issuance 91 182 364 91 182 364 DTB DTB DTB DTB DTB DTB 02-04-2025 03-04-2025 9604 5000 5135 12000 7538 8213 -8012 09-04-2025 11-04-2025 11000 5000 12753 18200 6000 8004 -3451 16-04-2025 17-04-2025 10900 5000 5448 25401 8707 8075 -20836 23-04-2025 24-04-2025 35200 8800 5605 19400 8500 8159 13546 30-04-2025 02-05-2025 36100 6700 5165 14838 6244 11211 15672 07-05-2025 08-05-2025 10800 6000 8296 18500 7000 8528 -8932 14-05-2025 15-05-2025 10000 6000 5711 13389 7500 8048 -7226 21-05-2025 22-05-2025 12300 7500 5088 0 7400 4119 13369 28-05-2025 29-05-2025 11800 7000 5123 20100 7000 4011 -7188 04-06-2025 05-06-2025 13500 9000 5017 21600 7500 4082 -5665 11-06-2025 12-06-2025 16500 10200 5083 15700 7200 4270 4614 18-06-2025 19-06-2025 15300 7800 6020 14000 6800 5416 2904 25-06-2025 26-06-2025 20500 5000 6512 14687 8000 4443 4883 Total 213504 89000 80957 207815 95389 86579 -6322 Comp. Q1 116698 64812 64646 153535 77749 79624 -64752 Non-Comp. Q1 96806 24188 16311 54280 17640 6955 58430 8Section 4: Trends in Outstanding Debt 4.1 Total gross liabilities1 of the Government, as per provisional data, increased to ₹187.86 lakh crore at end June 2025 relative to ₹185.94 lakh crore at end March 2025 (Table 4.1). Public debt accounted for 90.1 per cent of total gross liabilities during the quarter. Table 4.1: Total Liabilities of Central Government (in ₹ crores) (#) End Jun 2025 End Mar. 2025 Variation (%) Components (Provisional) (Provisional) (Jun 2025 over Mar 2025) A. Public Debt (A1 + A2) 16925465 16530393 2.4 A1. Internal Debt (a + b) 16027954 15656093 2.4 a. Marketable Securities (i + ii) 12213051 12007233 1.7 (i) Dated Securities 11428991 11216852 1.9 (ii) Treasury Bills 784059 790381 -0 .8 (iii) Cash Management Bills 0 0 b. Non-marketable Securities (i to vii) 3814904 3648860 4.6 (i) 14 Day Intermediate T-Bills 145277 188644 -23.0 (ii) Compensation & Other Bonds$ 147642 146697 0.6 (iii) Securities issued to Intl. Fin. 108858 108830 0.0 Institutions (iv) Securities against small savings 3101285 2892847 7.2 (v) Special Sec. against POLIF 20894 20894 0.0 (vi) Special Securities issued to PSB/ 290948 290948 - EXIM Bank/ IDBI Bank/ IIFCL (vii) Ways & Means Advances 0 0 - A2. External Debt 897511 874300 2.7 (Current Rate of Exchange - CR) B. Public Account - Other Liabilities (a to 1947783 2009288 -3.1 d) (a) National Small Savings Fund 454763 593829 -23.4 (b) State Provident Fund 268242 272335 -1.5 (c) Other Accounts 359821 356032 1.1 (d)Reserve Funds and Deposit (i + ii) 864957 787091 9.9 (i) Bearing Interest 291891 292018 0.0 (ii) Not bearing interest 573066 495074 15.8 C. Pakistan pre-partition debt (approx.) 300 300 - D. Total (net) Liabilities as reported in the 18613907 18296813 1.7 Union Budget (A1 + B – C + E) E. External Debt - Historical Rate of 638469 631733 1.1 Exchange (HR) F. Extra-Budgetary Resources (EBRs) 137869 137869 0.0 G. Cash Balance 224558 83443 169.1 H. Gross Liabilities as per FRBM Act 18786258 18593806 1.0 (A + B – C + F - G) Memo Items I. Securities issued by States to NSSF 272378 278830 -2.3 II NSSF Loans to other Public Agencies 35000 35000 0.0 1 Includes total liabilities under the ‘Public Account’ and external debt valued at current exchange rates. 9End Jun 2025 End Mar. 2025 Variation (%) Components (Provisional) (Provisional) (Jun 2025 over Mar 2025) III. Post Office Insurance Funds with Fund 151368 146083 3.6 Managers I. Net Adjusted Liabilities (H-I-II-III) 18327512 18133893 1.1 Source: Ministry of Finance and RBI. #: The numbers are provisional. Net Adjusted Liabilities includes External Debt at Current Exchange Rate. $: Includes Gold Monetisation Scheme and Sovereign Gold Bond. Note: EBR - Liabilities on account of Govt. Fully Serviced Bonds. Yield on Primary Issuances of G-Secs and Maturity of Outstanding Stock of Market Loans 4.2 During Q1 FY 2025–26, Indian Government Securities (G-Sec) yields softened amid a 100-bps cumulative rate cut (February 2025-June 2025) by the RBI, liquidity measures including OMO purchases, reduction in CRR, supportive fiscal measures including buyback, robust GDP numbers, improved inflation outlook. However, global pressures - particularly from rising U.S. Treasury yields and RBI shift in stance kept yields range- bound by June 2025. The weighted average yield on issuance during Q1 FY 2025-26 softened to 6.48 per cent and the weighted average maturity of issuances remained at 18.85 years. Meanwhile, the weighted average maturity of outstanding dated securities rose to 13.46 years in Q1 FY 2025-26 and weighted average coupon stood at 7.23 per cent during the quarter. Table 4.2: Yield and Maturity of Dated Securities of Central Government Issues during the year/ Qtr. Outstanding Stock* Weighted Weighted Weighted Average Weighted Average Fiscal Year Average Average Coupon Maturity Yield (%) Maturity (years) (%) (years) 1 2 3 4 5 FY 2015-16 7.89 16.07 8.08 10.50 FY 2016-17 7.16 14.76 7.99 10.65 FY 2017-18 6.98 14.13 7.85 10.62 FY 2018-19 7.77 14.73 7.84 10.40 FY 2019-20 6.84 16.15 7.71 10.72 FY 2020-21 5.79 14.49 7.27 11.31 FY 2021-22 6.28 16.99 7.11 11.71 FY 2022-23 7.32 16.05 7.26 11.94 Q1 7.23 15.69 7.12 11.87 FY 2023-24 7.24 18.09 7.29 12.54 Q1 7.13 17.58 7.28 12.18 FY 2024-25 6.96 20.65 7.25 13.24 Q1 7.14 20.83 7.29 12.78 Q1 FY 2025-26 6.48 18.85 7.23 13.46 *: As at the end of period. 104.3 The maturity profile of outstanding Government debt (Dated Securities) as on end June 2025 may be seen at Table 4.3. The share of securities maturing in 20 years and beyond moderated to 24.2 per cent, while those maturing within the next 1–5 years stood at 23.0 per cent. Overall, 27.0 per cent of the total outstanding debt is scheduled to mature over the next five years, implying that, on average, 5.4 per cent of the stock will require repayment annually during this period. This indicates that roll-over risk remains low for the government’s dated securities portfolio (Table 4.3). Table 4.3: Maturity Profile of Outstanding Dated Securities of Central Government (Amount in ₹ crore) Maturity Buckets Quarter at Quarter at (Residual Maturity) end-June 2025 end-March 2025 Less than 1 year 453909 (4.0) 395666 (3.5) 1-5 years 2628716 (23.0) 2576096 (23.0) 5-10 years 3754422 (32.9) 3719382 (33.2) 10-20 years 1831326 (16.0) 1800249 (16.0) Above 20 years 2760603 (24.2) 2725444 (24.3) Total 11428 976 11216836 Note: Figures in parentheses represent per cent of total. Ownership Pattern 4.4 The pattern of ownership in Central Government securities as of June 2025 indicates a decline in Commercial Banks' share to 35.28 per cent compared to 37.52 per cent at end-June 2024. Insurance Companies’ portion also saw a slight drop to 25.95 per cent from 26.11 per cent over the same period. On the other hand, Pension Funds, Financial Institutions, FPIs, and the RBI increased their stakes, standing at 4.96 per cent, 2.80 per cent, and 14.21 per cent respectively by the end of June 2025 (Table 4.4). 4.5 As at the end of June 2025, Commercial Banks held the majority of T-Bills at 42.87 per cent, relative to 47.79 in June 2024. The ownership pattern further reflects a rise in ‘Others category’, which increased to 24.26 per cent from 15.59 per cent at end June 2024, driven chiefly by a higher share held by the State Government (Table 4.5). 11Table 4.4: Ownership Pattern of Government of India Dated Securities (Per cent of outstanding dated securities) 2024 2025 Category Jun Sep Dec Mar Jun 1. Commercial Banks 37.52 37.55 37.98 36.18 35.28 2. Co-operative Banks 1.42 1.35 1.36 1.29 1.29 3. Non-Bank PDs 0.7 0.77 0.65 0.76 0.59 4. Insurance Companies 26.11 25.95 26.14 25.81 25.95 5. Mutual Funds 2.87 3.14 3.11 2.68 2.46 6. Provident Funds 4.41 4.25 4.25 4.24 4.35 7. Pension Funds 4.74 4.86 5.05 4.91 4.96 8. Financial Institutions 0.57 0.63 0.64 0.71 0.74 9. Corporates 1.44 1.6 1.45 1.49 1.26 10. Foreign Portfolio Investors 2.34 2.8 2.81 3.12 2.80 11. RBI 11.92 11.16 10.55 12.78 14.21 12. Others 5.97 5.92 6.01 6.01 6.13 Table 4.5: Ownership Pattern of Treasury Bills 2024 2025 Category Jun Sep Dec Mar Jun 1. Commercial Banks 47.79 44.74 40.45 46.58 42.87 2. Co-operative Banks 1.49 1.58 1.22 2.17 1.80 3. Non-Bank PDs 2.69 2.28 1.41 2.09 1.10 4. Insurance Companies 5.78 5.26 4.73 4.23 4.07 5. Mutual Funds 14.50 15.06 15.41 16.15 15.72 6. Provident Funds 0.60 0.26 0.04 0.20 0.09 7. Pension Funds 0.00 0.00 0.00 0.02 0.00 8. Financial Institutions 6.56 6.36 6.77 7.73 6.31 9. Corporates 4.79 4.66 4.56 4.50 3.77 10. Foreign Portfolio Investors 0.20 0.15 0.12 0.09 0.02 11. RBI 0.00 0.00 0.00 0.00 0.00 12. Others 15.59 19.65 25.29 16.23 24.26 Note: ‘Others’ comprises of State Governments, DICGC, PSUs, Trusts, Foreign Central Banks, HUF/ Individuals, etc. 12Section 5: Secondary Market A. Government security yields 5.1 During Q1: FY 2025-26, the Indian government securities (G-Sec) market witnessed resilience, supported by RBI’s monetary policy easing, declining inflation, and enhanced liquidity measures. Positive market sentiment was further bolstered by a stable rupee, and lower oil prices, among other favourable factors, driving robust demand and keeping yields contained. The major factors which affected the secondary market during the quarter are as under: (i) The Reserve Bank of India (RBI) cut the repo rate twice: first on April 9, 2025, by 25 basis points from 6.25% to 6.00%, and then on June 6, 2025, by another 50 basis points to 5.50%. These cuts marked the third consecutive rate reduction in 2025, totalling a 100 basis points easing since February. However, the policy stance was shifted from accommodative to neutral at the June meeting. (ii) In Q1: FY 2025-26, the US fixed income market saw gains driven by strong credit markets and a steepening yield curve, as short-term yields fell and long-term yields rose slightly. Credit spreads narrowed, supporting market resilience despite geopolitical and inflation uncertainties. (iii) Brent crude prices were relatively higher in April due to supply concerns and geopolitical tensions. Prices started to decline in May as OPEC+ increased production and global demand outlook softened. Prices ended lower in June mainly on account of inventory. Crude oil prices closed at USD 66.56/bbl at the end of the quarter on June 30, 2025, against level of USD 74.67/bbl registered at the end of quarter on March 31, 2025. (iv) The Indian Rupee (INR) remained nearly unchanged against the US dollar at the end of the quarter ended June 2025. (v) The headline retail inflation (Consumer Price Index) for the month of April, May and June 2025 were 3.2 per cent, 2.8 per cent and 2.1 per cent, respectively, reflecting a downward trend, primarily due to fall in food prices. Wholesale Price Index (WPI) inflation was at 0.85 per cent in April, 0.39 per cent in May and (-)0.13 per cent in June 2025, reflecting a downward trend. This was primarily due to sharp declines in food and fuel prices, aided by favourable base effects, and benign commodity trend. 135.2 As of June 30, 2025, the yield spread between 10-year and 1-year G-sec stood at 82 bps, up from 18 bps on March 28, 2025. This indicates greater yield softening in shorter- term securities compared to 10-year bonds, driven by prevailing liquidity conditions. Similarly, the yield spread between 30-year, and 10-year securities widened to 67 bps from 31 bps at the end of March 28, 2025, reflecting steepening of the domestic yield curve during the quarter (Table 5.1 and Chart 5.2). Table 5.1: Yield Spreads (bps) Yield spread between 28-Jun-2024 28-Mar-2025 30-Jun-2025 10 - 1 year 11 18 82 30 - 10 year 1 31 67 30 - 1 year 12 49 149 10 - 5 year 1 13 21 Source: FBIL Chart 5.1: Trend in 10-Year Benchmark Yield in G-Sec Market 6.65 6.60 6.55 ) % 6.50 ( d 6.45 le iY 6.40 6.35 6.30 6.25 6.20 Source: Cogencis. 5.3 The yield curve at the end of Q1: FY 2025-26 steepened as compared to yield curve at the end of Q4: FY 2024-25. This reflected both local monetary easing where short end of the yield curve reacted to RBI’s liquidity boost, however long tenor yields moved higher amid global risk dynamics. 14Chart 5.2: Comparative G-Sec Yield Curves 8.0 7.5 7.0 ) % ( 6.5 d le iY 6.0 5.5 5.0 5555555555555555555555555555555555 2727272727272727272727272727272727 .0.1.3.4.6.7.9.0.2.3.5.6.8.9.1.2.4.5.7.8.0.1.3.4.6.7.9.0.2.3.5.6.8.9 111111122222233333334444444 Tenor (Yrs.) YTM March 28 , 2025 YTM June 30, 2025 YTM June 28, 2024 Source: FBIL. 5.4 T-Bill cut-offs fell over the quarter in line with RBI’s rate cuts, on account of the significant improvement in liquidity conditions. As of June 30, 2025, the yield on 91-day T- Bills stood at 5.37 per cent, down from 6.34 per cent on March 28, 2025. Similarly, yields on 182 days- and 364 days- T-Bills softened to 5.50 per cent and 5.52 per cent as of June 30, 2025, as compared to 6.49 per cent and 6.44 per cent, respectively, on March 28, 2025 (Chart 5.3). Chart 5.3: Comparative T-Bill Yield Curve 6.77 6.78 6.79 6.82 6.85 6.89 6.90 6.92 6.93 6.93 6.93 6.93 6.61 )% 6 6..5 353 6.36 6.38 6.37 6.34 6.39 6.44 6.49 6.47 6.44 6.42 6.42 6.43 6.44 ( d le iY 5.35 5.35 5.35 5.36 5.37 5.41 5.46 5.50 5.51 5.51 5.52 5.52 5.52 5.52 7 1 1 2 3 4 5 6 7 8 9 1 1 1 SYAD SYAD 4 HTNOM HTNOM HTNOM HTNOM HTNOM HTNOM HTNOM HTNOM HTNOM TNOM 0 TNOM 1 TNOM 2 S S S S S S S S H H H S S S 28-Jun-2024 28-Mar-2025 30-Jun-2025 Source: FBIL. 15Table 5.2: Yields on T-Bills of different tenors Date 3 Months 6 Months 9 Months 12 Months 28-Jun-2024 6.79 6.89 6.93 6.93 28-Mar-2025 6.34 6.49 6.42 6.44 30-Jun-2025 5.37 5.50 5.52 5.52 Source: FBIL. 5.5 The Indian G-Sec market showed relative resilience during Q1: FY 2025-26 despite global geopolitical tensions. It was supported by lower inflation, RBI policy rate cuts, eased monetary stance, and liquidity measures. Strong demand in G-Sec auctions and improved banking liquidity suggest smooth execution of the market borrowing plan of the Government. 5.6 The global disinflationary trend, marked by falling commodity prices, has supported domestic price stability, boosting real incomes and private consumption—especially among lower- and middle-income groups. This, along with rising investment, is leading demand- driven growth and strengthening economic momentum. Globally, growth remains cautious and uneven. Advanced economies are expected to grow modestly (1.6%–1.8%) amid trade uncertainty, inflation, and fiscal pressures. Emerging markets are set for faster growth (3.6%– 3.7%), driven by strong domestic demand and credible monetary policies, though risks from geopolitical tensions and trade fragmentation persist. Overall, global growth is projected at around 3.0% in 2025, with inflation easing but external risks remaining. Table 5.3: Comparative data during the quarter Parameter Open High Low Close 10-year US Yield (In percentage) 4.17 4.58 4.01 4.24 10-year GOI bond (In Percentage) 6.48 6.50 6.24 6.39 Brent Crude (In US Dollars per barrel) 74.45 78.69 60.30 66.56 Source: US Treasury; Cogencis. 16Chart 5.4 : Comparative Chart of US 10-Yr Yield, G -Sec 10-Yr Yield, CPI & Crude Oil price 9.00 90.00 ) 8.00 80.00 le r r a 70.00 b 7.00 r e 60.00 p ) % 6.00 D n 50.00 S U i e ta 5.00 40.00 ( e c R 4.00 ir ( 30.00 P 3.00 liO 20.00 e d 2.00 10.00 u r C 1.00 0.00 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 /ra M /rp A /rp A /rp A /r p A /r p A /r p A /r p A /r p A /y a M /y a M /y a M /y a M /y a M /y a M /y a M /y a M /n u J /n u J /n u J /n u J /n u J /n u J /n u J /8 2 /1 /5 /9 /3 1 /7 1 /1 2 /5 2 /9 2 /3 /7 /1 1 /5 1 /9 1 /3 2 /7 2 /1 3 /4 /8 /2 1 /6 1 /0 2 /4 2 /8 2 US 10 Yr Yield 10 year Gsec CPI data Brent Crude Oil (Right Scale) Source: US Treasury; Cogencis; MOSPI. B. Trading Pattern of Government Securities 5.7 The total outright volume of trading in G-Secs (including T-Bills and State Government Securities (SGSs) at ₹ 55.05 lakh crore during Q1: FY 2025-26, showed a y-o-y increase of 46.42 per cent compared to ₹ 37.59 lakh crore during Q1: FY 2024-25 (Table 5.4). Further, it is higher than ₹ 40.13 lakh crore registered during Q4: FY 2024-25. 5.8 The share of Central Government dated securities in the total outright volume of transactions in Q1: FY 2025-26 was 87 percent compared to 83 per cent during Q1: FY 2024- 25. The share of Central Government securities in repo transactions increased to 84 per cent during Q1: FY 2025-26 compared to 72 per cent registered in corresponding quarter of FY 2024-25. 5.9 The annualised outright turnover ratio for G-Secs (including T-Bills and SGSs) for Q1: FY 2025-26 was higher at 3.43 (3.13 during Q1: FY 2024-25). The annualised total turnover ratio (outright plus repo transactions) was 11.89 during Q1: FY 2025-26 vis-a-vis 11.94 during Q1: FY2024-25. 17Table 5.4: Transactions in Government Securities (Volume in ₹ crore) Period Outright Repo G-Sec T-Bills SGS Total G-Sec T-Bills SGS Total Apr-June 24 31,32,162 4,52,883 1,74,383 37,59,428 70,27,039 12,10,536 15,57,063 97,94,638 Share (%) 83% 12% 5% 100% 72% 12% 16% 100% July - Sept 24 38,01,225 4,08,401 2,51,060 44,60,685 76,05,870 6,14,060 15,67,019 97,86,949 Share (%) 85% 9% 6% 100% 78% 6% 16% 100% Oct-Dec 24 32,63,444 3,32,826 2,26,394 38,22,664 73,35,418 3,75,688 14,46,841 91,57,947 Share (%) 85% 9% 6% 100% 80% 4% 16% 100% Jan–Mar 25 33,14,878 3,93,138 3,05,225 40,13,241 85,18,134 3,63,951 10,20,739 99,02,824 Share (%) 83% 10% 8% 100% 86% 4% 10% 100% Apr-Jun 25 48,07,259 4,38,513 2,58,936 55,04,708 95,20,635 1,77,553 16,25,935 1,13,24,123 Share (%) 87% 8% 5% 100% 84% 2% 14% 100% Source: CCIL. Chart 5.5:Outright Trading Volume in ₹ crore 6000000 5000000 4000000 e r o r 3000000 c ₹ 2000000 1000000 0 Apr-Jun Jul - Sept Oct - Dec Jan -Mar Apr-Jun Jul - Sept Oct - Dec Jan-Mar Apr-Jun 23 23 23 24 24 24 24 25 25 G-Sec T-Bills SDL Source: CCIL. 5.10 The top 10 traded Central G-Sec accounted for 77.0 per cent of the total outright trading volume in secondary market during Q1: FY 2025-26 (71.4 per cent during Q4: FY 2024-25). The share of top 3 traded securities also increased and stood at 57.5 per cent of the total outright trading volume in the secondary market during Q1: FY 2025-26 (55.0 per cent during Q4: FY 2024-25) (Table 5.5). 18Table 5.5: Top 10 Traded Securities (in ₹ Crores) Apr-Jun 2025 Jan-Mar 2025 Apr-Jun 2024 % of % of % of Security Volume Total Security Volume Total Security Volume Total Outright Outright Outright 6.79% GS 2034 20,95,861.30 43.6 6.79% GS 2034 13,58,381 41.0 7.18% GS 2033 9,70,989 31.0 6.33% GS 2035 3,65,771.23 7.6 7.10% GS 2034 3,03,453 9.2 7.18% GS 2037 8,06,278 25.7 7.10% GS 2034 3,01,704.67 6.3 6.92% GS 2039 1,60,617 4.8 7.37% GS 2028 1,94,025 6.2 6.92% GS 2039 2,59,475.42 5.4 7.34% GS 2064 1,08,839 3.3 7.32% GS 2030 1,38,305 4.4 6.75% GS 2029 2,17,459.65 4.5 7.18% GS 2033 1,04,365 3.1 7.25% GS 2063 1,10,728 3.5 7.18% GS 2033 13,0,693.51 2.7 7.04% GS 2029 93,003 2.8 7.30% GS 2053 97,873 3.1 7.04% GS 2029 90,302.86 1.9 6.75% GS 2029 70,482 2.1 7.06% GS 2028 61,847 2.0 7.09% GS 2054 82,059.26 1.7 7.09% GS 2054 62,620 1.9 7.38% GS 2027 46,114 1.5 7.34% GS 2064 81,392.40 1.7 7.17% GS 2030 52,876 1.6 7.26% GS 2033 43,514 1.4 7.02% GS 2031 78,456.92 1.6 7.32% GS 2030 51,863 1.6 7.10% GS 2029 39,696 1.3 Total of top 10 23,66,499 77.0 23,66,499 71.4 25,09,371 80.1 Securities Source: CCIL. 5.11 The trend in outright trading volumes in Central G-Secs under different maturity buckets is given in Table 5.6. Table 5.6: Maturity Buckets-Wise Outright Trading Volume in G-Secs (in ₹ Crores) Maturity Apr-June % Jan- March % Apr-June % 2025 share 2025 share 2024 share Less than 3 years 3,32,281 6.91 3,13,100 9.45 1,75,693 5.61 3-7 years 7,11,064 14.79 4,91,129 14.82 4,24,515 13.55 7-10 years 30,37,527 63.19 18,46,030 55.69 19,34,241 61.75 Above 10 years 7,26,387 15.11 6,64,619 20.05 5,97,713 19.08 Total 48,07,259 100.00 33,14,878 100.00 31,32,162 100.00 Source: CCIL. 5.12 The maturity distribution of secondary market transactions in G-Secs, as presented above, shows that the trading activity was concentrated in 7-10-year maturity bucket during Q1: FY 2025-26. It is also observed that trading activity in shorter tenure securities (less than 3 years segment and 3-7 years segment) and longer tenor securities (above 10 years segment) have also increased during the quarter vis a vis previous quarter. 195.13 Private Sector Banks emerged as dominant trading segment in secondary market during Q1: FY 2025-26 with a share of 28.17 per cent in “Buy” deals and 29.10 per cent in “Sell” deals in the total outright trading activity (Table 5.7), followed by Public Sector Banks, Foreign Banks, Primary Dealers and Others. On a net basis, Foreign Banks, Primary Dealers and Private Sector Banks were net sellers while Co-operative Banks, Financial Institutions, Insurance companies, Mutual Funds, Others and Public Sector Banks were net buyers in the secondary market. Table 5.7: Category-wise Share (%) of Total Outright Trading Activity in G-Secs* Apr-Jun 2025 Jan - March 2025 Apr -June 2024 Category Buy Sell Buy Sell Buy Sell Co-operative Banks 2.72 2.44 1.84 1.80 1.94 1.78 Financial Institutions 0.71 0.22 0.71 0.03 0.82 0.01 Foreign Banks 16.73 18.18 19.71 20.81 18.58 18.10 Insurance Companies 2.79 1.94 2.96 2.23 3.15 2.11 Mutual Funds 6.39 5.18 8.14 7.35 9.27 7.20 Others 7.54 6.28 10.04 5.69 6.35 5.09 Primary Dealers 15.08 18.66 15.55 19.39 16.01 20.86 Private Sector Banks 28.17 29.10 23.32 24.38 28.44 28.77 Public Sector Banks 19.87 17.99 17.74 18.32 15.45 16.08 Total 100.00 100.00 100.00 100.00 100.00 100.00 Source: CCIL, *: Including T Bills and SGSs. 20Statement 1: Amount Raised through Issuance/settlement of Dated Securities during Q1: FY 2025-26 (Amount in ₹ Crore) Residual Date of Notified Amount Devolvement on Cut off Cut off Date of Name of Stock Date of Issue Maturity Auction Amount Raised PDs price yield (%) Maturity (Years) 6.64% GS 2027 04-Apr-25 07-Apr-25 6000 6000 0 100.94 6.25 09-Dec-27 2.7 6.79% GS 2034 04-Apr-25 07-Apr-25 30000 30000 0 102.10 6.49 07-Oct-34 9.5 6.90% GS 2065 11-Apr-25 15-Apr-25 16000 16000 0 100.00 6.90 15-Apr-65 40.0 6.92% GS 2039 11-Apr-25 15-Apr-25 16000 16000 0 103.36 6.56 18-Nov-39 14.6 6.79% GS 2031 17-Apr-25 21-Apr-25 11000 11000 0 103.14 6.21 30-Dec-31 6.7 6.98% GOI SGrB 2054 17-Apr-25 21-Apr-25 5000 5000 0 101.29 6.88 16-Dec-54 29.7 7.09% GS 2074 17-Apr-25 21-Apr-25 14000 14000 0 102.72 6.90 25-Nov-74 49.6 6.75% GS 2029 25-Apr-25 28-Apr-25 15000 15000 0 102.35 6.16 23-Dec-29 4.7 7.09% GS 2054 25-Apr-25 28-Apr-25 12000 12000 0 103.46 6.81 05-Aug-54 29.3 6.33% GS 2035 02-May-25 05-May-25 30000 30000 0 100.00 6.33 05-May-35 10.0 6.64% GS 2027 02-May-25 05-May-25 6000 6000 0 101.49 6.01 09-Dec-27 2.6 6.90% GS 2065 09-May-25 13-May-25 16000 16000 0 99.18 6.96 15-Apr-65 39.9 6.92% GS 2039 09-May-25 13-May-25 16000 16000 0 103.25 6.57 18-Nov-39 14.5 6.79% GS 2031 16-May-25 19-May-25 11000 11000 0 103.86 6.07 30-Dec-31 6.6 7.09% GS 2074 16-May-25 19-May-25 14000 14000 0 103.34 6.85 25-Nov-74 49.5 6.75% GS 2029 23-May-25 26-May-25 15000 15000 0 103.49 5.87 23-Dec-29 4.6 7.09% GS 2054 23-May-25 26-May-25 12000 12000 0 103.39 6.82 05-Aug-54 29.2 6.33% GS 2035 30-May-25 02-Jun-25 30000 30000 0 100.97 6.20 05-May-35 9.9 6.64% GS 2027 30-May-25 02-Jun-25 6000 6000 0 102.19 5.69 09-Dec-27 2.5 6.90% GS 2065 06-Jun-25 09-Jun-25 16000 16000 0 99.33 6.95 15-Apr-65 39.9 6.92% GS 2039 06-Jun-25 09-Jun-25 16000 16000 0 103.85 6.50 18-Nov-39 14.4 6.79% GS 2031 13-Jun-25 16-Jun-25 11000 11000 0 102.84 6.25 30-Dec-31 6.5 6.98% GOI SGrB 2054 13-Jun-25 16-Jun-25 5000 0 0 0.00 0.00 16-Dec-54 29.5 7.09% GS 2074 13-Jun-25 16-Jun-25 14000 14000 0 99.33 7.14 25-Nov-74 49.4 6.75% GS 2029 20-Jun-25 23-Jun-25 15000 15000 0 102.85 6.02 23-Dec-29 4.5 7.09% GS 2054 20-Jun-25 23-Jun-25 12000 12000 0 100.46 7.05 05-Aug-54 29.1 5.91% GS 2028 27-Jun-25 30-Jun-25 6000 6000 0 100.00 5.91 30-Jun-28 3.0 6.33% GS 2035 27-Jun-25 30-Jun-25 30000 30000 0 100.19 6.30 05-May-35 9.8 Total 406000 401000 21Statement 2: Treasury Bills Issued during Q1: FY 2025-26 Accepted Amount (₹ Crore) Cut off Date of Security Issue Date Non- Yield Auction Competitive Total Competitive (%) 364-Day 02-Apr-25 03-Apr-25 4994 141 5135 6.30 364-Day 09-Apr-25 11-Apr-25 4980 7773 12753 6.09 364-Day 16-Apr-25 17-Apr-25 4989 458 5448 6.02 364-Day 23-Apr-25 24-Apr-25 4968 638 5605 5.95 364-Day 30-Apr-25 02-May-25 4978 187 5165 5.91 364-Day 07-May-25 08-May-25 4964 3333 8296 5.88 364-Day 14-May-25 15-May-25 4984 727 5711 5.84 364-Day 21-May-25 22-May-25 4977 111 5088 5.73 364-Day 28-May-25 29-May-25 4948 175 5123 5.63 364-Day 04-Jun-25 05-Jun-25 4943 74 5017 5.60 364-Day 11-Jun-25 12-Jun-25 4957 127 5083 5.50 364-Day 18-Jun-25 19-Jun-25 4983 1037 6020 5.50 364-Day 25-Jun-25 26-Jun-25 4981 1531 6512 5.57 182-Day 02-Apr-25 03-Apr-25 4995 5 5000 6.29 182-Day 09-Apr-25 11-Apr-25 4981 19 5000 6.10 182-Day 16-Apr-25 17-Apr-25 4980 20 5000 6.02 182-Day 23-Apr-25 24-Apr-25 4986 3814 8800 5.95 182-Day 30-Apr-25 02-May-25 4977 1723 6700 5.93 182-Day 07-May-25 08-May-25 4980 1020 6000 5.88 182-Day 14-May-25 15-May-25 4981 1019 6000 5.84 182-Day 21-May-25 22-May-25 4988 2512 7500 5.71 182-Day 28-May-25 29-May-25 4982 2018 7000 5.63 182-Day 04-Jun-25 05-Jun-25 4993 4007 9000 5.60 182-Day 11-Jun-25 12-Jun-25 4985 5215 10200 5.43 182-Day 18-Jun-25 19-Jun-25 4990 2810 7800 5.46 182-Day 25-Jun-25 26-Jun-25 4994 6 5000 5.54 91-Day 02-Apr-25 03-Apr-25 8989 615 9604 6.30 91-Day 09-Apr-25 11-Apr-25 8958 2042 11000 6.03 91-Day 16-Apr-25 17-Apr-25 8985 1915 10900 5.94 91-Day 23-Apr-25 24-Apr-25 8973 26227 35200 5.90 91-Day 30-Apr-25 02-May-25 8977 27123 36100 5.90 91-Day 07-May-25 08-May-25 8973 1827 10800 5.88 91-Day 14-May-25 15-May-25 8976 1024 10000 5.84 91-Day 21-May-25 22-May-25 8967 3333 12300 5.71 91-Day 28-May-25 29-May-25 8981 2819 11800 5.62 91-Day 04-Jun-25 05-Jun-25 8976 4524 13500 5.58 91-Day 11-Jun-25 12-Jun-25 8980 7520 16500 5.37 91-Day 18-Jun-25 19-Jun-25 8980 6320 15300 5.36 91-Day 25-Jun-25 26-Jun-25 8984 11516 20500 5.41 Total 246156 137305 383461 22Statement 3: G-Secs outstanding balance as of June, 2025 Sl. No. Name of security Coupon Date of issue Maturity Amount in rate % date ₹ Crore 1 8.20% GS 2025 8.2 24-Sep-2012 24-Sep-2025 54928 2 5.97% GS 2025 (Conv) 5.97 25-Sep-2003 25-Sep-2025 16688 3 5.15% GS 2025 5.15 9-Nov-2020 9-Nov-2025 98178 4 7.59% GS 2026 7.59 11-Jan-2016 11-Jan-2026 90786 5 7.27% GS 2026 7.27 8-Apr-2019 8-Apr-2026 44883 6 5.63% GS 2026 5.63 12-Apr-2021 12-Apr-2026 103701 7 6.99% GS 2026 6.99 17-Apr-2023 17-Apr-2026 44744 8 8.33% GS 2026 8.33 9-Jul-2012 9-Jul-2026 66016 9 6.97% GS 2026 6.97 6-Sep-2016 6-Sep-2026 52783 10 10.18% GS 2026 10.1 11-Sep-2001 11-Sep-2026 15000 11 7.33% GS 2026 7.33 30-Oct-2023 30-Oct-2026 48894 12 5.74% GS 2026 5.74 15-Nov-2021 15-Nov-2026 57631 13 8.15% GS 2026 8.15 24-Nov-2014 24-Nov-2026 68148 14 8.24% GS 2027 8.24 15-Feb-2007 15-Feb-2027 94047 15 6.79% GS 2027 6.79 15-May-2017 15-May-2027 119500 16 7.02% GS 2027 7.02 27-May-2024 27-May-2027 38000 17 7.38% GS 2027 7.38 20-Jun-2022 20-Jun-2027 110100 18 8.26% GS 2027 8.26 2-Aug-2007 2-Aug-2027 88382 19 8.28% GS 2027 8.28 21-Sep-2007 21-Sep-2027 84680 20 6.64% GS 2027 6.64 9-Dec-2024 9-Dec-2027 39000 21 7.17% GS 2028 7.17 8-Jan-2018 8-Jan-2028 110633 22 7.10% GOI SGrB 2028 7.1 27-Jan-2023 27-Jan-2028 8000 23 6.01% GS 2028 (C Align) 6.01 8-Aug-2003 25-Mar-2028 15000 24 7.06% GS 2028 7.06 10-Apr-2023 10-Apr-2028 105783 25 8.60% GS 2028 8.6 2-Jun-2014 2-Jun-2028 99230 26 6.13% GS 2028 6.13 4-Jun-2003 4-Jun-2028 11000 27 5.91% GS 2028 5.91 30-Jun-2025 30-Jun-2028 6000 28 FRB 2028 7.11 4-Oct-2021 4-Oct-2028 52816 29 7.37% GS 2028 7.37 23-Oct-2023 23-Oct-2028 75000 30 7.25% GOI SGrB 2028 7.25 13-Nov-2023 13-Nov-2028 5000 31 7.26% GS 2029 7.26 14-Jan-2019 14-Jan-2029 125709 32 7.59% GS 2029 7.59 19-Oct-2015 20-Mar-2029 119775 33 7.10% GS 2029 7.1 18-Apr-2022 18-Apr-2029 158598 34 7.04% GS 2029 7.04 3-Jun-2024 3-Jun-2029 88000 35 6.45% GS 2029 6.45 7-Oct-2019 7-Oct-2029 114840 36 6.75% GS 2029 6.75 23-Dec-2024 23-Dec-2029 87000 37 6.79% GS 2029 6.79 26-Dec-2016 26-Dec-2029 119830 38 7.88% GS 2030 7.88 11-May-2015 19-Mar-2030 128714 39 7.17% GS 2030 7.17 17-Apr-2023 17-Apr-2030 103000 40 7.61% GS 2030 7.61 9-May-2016 9-May-2030 100989 41 5.79% GS 2030 5.79 11-May-2020 11-May-2030 111619 23Sl. No. Name of security Coupon Date of issue Maturity Amount in rate % date ₹ Crore 42 5.77% GS 2030 5.77 3-Aug-2020 3-Aug-2030 123000 43 9.20% GS 2030 9.2 30-Sep-2013 30-Sep-2030 65560 44 7.32% GS 2030 7.32 13-Nov-2023 13-Nov-2030 70000 45 5.85% GS 2030 5.85 1-Dec-2020 1-Dec-2030 120832 46 8.97% GS 2030 8.97 5-Dec-2011 5-Dec-2030 93710 47 7.02% GS 2031 7.02 18-Jun-2024 18-Jun-2031 64000 48 6.10% GS 2031 6.1 12-Jul-2021 12-Jul-2031 152366 49 6.68% GS 2031 6.68 4-Sep-2017 17-Sep-2031 118723 50 FRB 2031 6.63 7-May-2018 7-Dec-2031 139916 51 6.79% GS 2031 6.79 30-Dec-2024 30-Dec-2031 63000 52 6.54% GS 2032 6.54 17-Jan-2022 17-Jan-2032 156000 53 8.28% GS 2032 8.28 15-Feb-2007 15-Feb-2032 131247 54 8.32% GS 2032 8.32 2-Aug-2007 2-Aug-2032 111140 55 7.26% GS 2032 7.26 22-Aug-2022 22-Aug-2032 148000 56 7.95% GS 2032 7.95 28-Aug-2002 28-Aug-2032 149380 57 8.33% GS 2032 8.33 21-Sep-2007 21-Sep-2032 1522 58 7.29% GOI SGrB 2033 7.29 27-Jan-2023 27-Jan-2033 8000 59 7.26% GS 2033 7.26 6-Feb-2023 6-Feb-2033 150000 60 7.57% GS 2033 7.57 20-May-2019 17-Jun-2033 134444 61 7.18% GS 2033 7.18 14-Aug-2023 14-Aug-2033 201000 62 FRB 2033 7.81 22-Jun-2020 22-Sep-2033 149482 63 8.24% GS 2033 8.24 10-Nov-2014 10-Nov-2033 105389 64 6.57% GS 2033 6.57 5-Dec-2016 5-Dec-2033 119756 65 7.24% GOI SGrB 2033 7.24 11-Dec-2023 11-Dec-2033 5000 66 7.10% GS 2034 7.1 8-Apr-2024 8-Apr-2034 180000 67 6.90% GOI SGrB 2034 6.9 5-Aug-2024 5-Aug-2034 1697 68 7.50% GS 2034 7.5 10-Aug-2004 10-Aug-2034 115466 69 6.19% GS 2034 6.19 1-Jun-2020 16-Sep-2034 137955 70 6.79% GS 2034 6.79 7-Oct-2024 7-Oct-2034 184000 71 FRB 2034 6.99 30-Aug-2021 30-Oct-2034 54800 72 6.79% GOI SGrB 2034 6.79 2-Dec-2024 2-Dec-2034 10000 73 7.73% GS 2034 7.73 12-Oct-2015 19-Dec-2034 112547 74 FRB 2035 6.66 25-Jan-2005 25-Jan-2035 350 75 6.22% GS 2035 6.22 2-Nov-2020 16-Mar-2035 126601 76 6.33% GS 2035 6.33 5-May-2025 5-May-2035 90000 77 6.64% GS 2035 6.64 12-Apr-2021 16-Jun-2035 159537 78 7.40% GS 2035 7.4 9-Sep-2005 9-Sep-2035 153222 79 6.67% GS 2035 6.67 13-Sep-2021 15-Dec-2035 169955 80 7.54% GS 2036 7.54 23-May-2022 23-May-2036 153904 81 8.33% GS 2036 8.33 7-Jun-2006 7-Jun-2036 125531 82 7.41% GS 2036 7.41 19-Dec-2022 19-Dec-2036 155080 83 7.18% GS 2037 7.18 24-Jul-2023 24-Jul-2037 172000 84 6.83% GS 2039 6.83 19-Jan-2009 19-Jan-2039 18645 85 7.23% GS 2039 7.23 15-Apr-2024 15-Apr-2039 117000 86 7.62% GS 2039 7.62 8-Apr-2019 15-Sep-2039 38151 24Sl. No. Name of security Coupon Date of issue Maturity Amount in rate % date ₹ Crore 87 6.92% GS 2039 6.92 18-Nov-2024 18-Nov-2039 122000 88 8.30% GS 2040 8.3 2-Jul-2010 2-Jul-2040 93016 89 8.83% GS 2041 8.83 12-Dec-2011 12-Dec-2041 91771 90 8.30% GS 2042 8.3 31-Dec-2012 31-Dec-2042 105700 91 7.69% GS 2043 7.69 30-Apr-2019 17-Jun-2043 38920 92 9.23% GS 2043 9.23 23-Dec-2013 23-Dec-2043 79472 93 8.17% GS 2044 8.17 1-Dec-2014 1-Dec-2044 98959 94 8.13% GS 2045 8.13 22-Jun-2015 22-Jun-2045 98000 95 7.06% GS 2046 7.06 10-Oct-2016 10-Oct-2046 105500 96 7.72% GS 2049 7.72 15-Apr-2019 15-Jun-2049 84540 97 7.16% GS 2050 7.16 20-Apr-2020 20-Sep-2050 102696 98 6.67% GS 2050 6.67 2-Nov-2020 17-Dec-2050 149162 99 6.62% GS 2051 6.62 28-Nov-2016 28-Nov-2051 62697 100 6.99% GS 2051 6.99 15-Nov-2021 15-Dec-2051 148359 101 7.36% GS 2052 7.36 12-Sep-2022 12-Sep-2052 161967 102 7.30% GS 2053 7.3 19-Jun-2023 19-Jun-2053 195000 103 7.37% GOI SGrB 2054 7.37 23-Jan-2024 23-Jan-2054 10000 104 7.09% GS 2054 7.09 5-Aug-2024 5-Aug-2054 136000 105 6.98% GOI SGrB 2054 6.98 16-Dec-2024 16-Dec-2054 15000 106 7.72% GS 2055 7.72 26-Oct-2015 26-Oct-2055 100969 107 7.63% GS 2059 7.63 6-May-2019 17-Jun-2059 83462 108 7.19% GS 2060 7.19 13-Apr-2020 15-Sep-2060 98381 109 6.80% GS 2060 6.8 31-Aug-2020 15-Dec-2060 105856 110 6.76% GS 2061 6.76 22-Feb-2021 22-Feb-2061 149022 111 6.95% GS 2061 6.95 22-Nov-2021 16-Dec-2061 157283 112 7.40% GS 2062 7.4 19-Sep-2022 19-Sep-2062 158708 113 7.25% GS 2063 7.25 12-Jun-2023 12-Jun-2063 240000 114 7.34% GS 2064 7.34 22-Apr-2024 22-Apr-2064 239000 115 6.90% GS 2065 6.9 15-Apr-2025 15-Apr-2065 48000 116 7.46% GS 2073 7.46 6-Nov-2023 6-Nov-2073 117000 117 7.09% GS 2074 7.09 25-Nov-2024 25-Nov-2074 92000 Total 11428976 25Statement 4: Maturity Profile of Government Securities as of end-June 2025 Year of Maturity Amount in ₹ Crore 2025-2026 260580 2026-2027 595847 2027-2028 613295 2028-2029 600313 2029-2030 696982 2030-2031 788710 2031-2032 825252 2032-2033 568043 2033-2034 715071 2034-2035 923417 2035-2036 572715 2036-2037 434515 2037-2038 172000 2038-2039 18645 2039-2040 277151 2040-2041 93016 2041-2042 91771 2042-2043 105700 2043-2044 118393 2044-2045 98959 2045-2046 98000 2046-2047 105500 2049-2050 84540 2050-2051 251858 2051-2052 211055 2052-2053 161967 2053-2054 205000 2054-2055 151000 2055-2056 100969 2059-2060 83462 2060-2061 353259 2061-2062 157283 2062-2063 158708 2063-2064 240000 2064-2065 239000 2065-2066 48000 2073-2074 117000 2074-2075 92000 Grand Total 11428976 26Statement 5: Calendar for Auction of Treasury Bills – July-September 2025 (Amount in ₹ Crore) Notified Amount for Auction of Treasury Bills (July 01, 2025 to September 30, 2025) (₹ crore) Date of Auction Date of Issue 91 Days 182 Days 364 Days Total July 02, 2025 July 03, 2025 9,000 6,000 5,000 20,000 July 09, 2025 July 10, 2025 9,000 6,000 5,000 20,000 July 16, 2025 July 17, 2025 9,000 6,000 5,000 20,000 July 23, 2025 July 24, 2025 9,000 6,000 5,000 20,000 July 30, 2025 July 31, 2025 10,000 6,000 5,000 21,000 August 06, 2025 August 07, 2025 10,000 6,000 5,000 21,000 August 13, 2025 August 14, 2025 10,000 6,000 5,000 21,000 August 20, 2025 August 21, 2025 10,000 6,000 5,000 21,000 August 28, 2025 August 29, 2025 10,000 6,000 5,000 21,000 September 03, 2025 September 04, 2025 10,000 6,000 5,000 21,000 September 10, 2025 September 11, 2025 10,000 6,000 5,000 21,000 September 17, 2025 September 18, 2025 10,000 6,000 5,000 21,000 September 24, 2025 September 25, 2025 10,000 6,000 5,000 21,000 Total 1,26,000 78,000 65,000 2,69,000 ************************* 27