Quarterly Report on Public Debt Management for the quarter April-June 2026

PUBLIC DEBT MANAGEMENT QUARTERLY REPORT April-June 2026 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS BUDGET DIVISION www.dea.gov.inContent

Section 1: Macroeconomic Developments .................................................... 1

Section 2: Debt Management - Primary Market Operations ......................... 4

Section 3: Cash Management ........................................................................ 7

Section 4: Trends in Outstanding Debt .......................................................... 9

Section 5: Secondary Market ....................................................................... 12Introduction 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/reports-public-debt- management). Accordingly, this report pertains to Q1: FY 2026-27.

The report gives an account of the public debt management and cash management operations during Q1: FY 2026-27 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 Flows during Q1 ................................................................................................................. 3 Table 2. 1: Fiscal Outcome upto June 2026 .......................................................................................................................... 4 Table 2.2: Issuance of Dated Securities ................................................................................................................................ 5 Table 2.3: Dated Securities Bid- Cover Ratio / Cut-off Yield Q1: FY 2026-27 ................................................................... 6 Table 2.4: Issuance of Treasury Bills ................................................................................................................................... 6 Table 3. 1: Issuance and Repayments of Treasury Bills during Q1: FY 2026-27 ................................................................. 8 Table 4. 1:Total Liabilities of Central Government (in ₹ crore) (#) ..................................................................................... 9 Table 4.2: Maturity Profile of Outstanding Dated Securities of Central Government ....................................................... 10 Table 4.3: Ownership Pattern of Government of India Dated Securities (at quarter end) .................................................. 11 Table 4.4: Ownership Pattern of Treasury Bills (at quarter end) ........................................................................................ 11 Table 5. 1: Transactions Volume in Government Securities (₹ crore) ................................................................................ 15 Table 5. 2: Top 10 Traded Securities .................................................................................................................................. 16 Table 5. 3: Category-wise Share of Total Outright Trading Activity in G-Secs* (Per cent) .............................................. 17 LIST OF CHARTS Chart 1. 1: Inflation Trend .................................................................................................................................................... 2 Chart 3.1:Net liquidity injected (outstanding) [injection (+)/absorption (-)] ........................................................................ 7 Chart 5. 1: G-Sec Yield Curve Evolution ........................................................................................................................... 12 Chart 5. 2: US 10-Yr par Yield, G-Sec 10-Yr Yield, CPI & Crude Oil price ..................................................................... 13 Chart 5. 3:Yield Spread ...................................................................................................................................................... 13 Chart 5. 4: T-Bill Yield Curve ............................................................................................................................................ 14 Chart 5. 5: Outright Trading Volume ................................................................................................................................. 15 Chart 5. 6: Maturity Buckets-Wise Outright Trading Volume in G-Secs ........................................................................... 16 LIST OF STATEMENTS Statement 1: Amount Raised through Issuance/settlement of Dated Securities during Q1: FY 2026-27 ........................... 18 Statement 2: Issuances of Dated Securities by Maturity Buckets / Maturities during FY 2023-24 to Q1 FY 2026-27 ...... 19 Statement 3: Yield and Maturity of Dated Securities of Central Government ................................................................... 20 Statement 4: Treasury Bills Issued during Q1: FY 2026-27 ............................................................................................... 21 Statement 5: G-Secs outstanding balance as of end-June 2026 .......................................................................................... 22 Statement 6: Maturity Profile of Government Securities as of end-June 2026 ................................................................... 25 Statement 7: Calendar for Auction of Treasury Bills – July-Sep 2026 ............................................................................... 26 iiSection 1: Macroeconomic Developments

1.1 The Indian economy demonstrated sustained resilience and robust expansion throughout the financial year 2025-26, culminating in a full-year growth of 7.8 per cent (Provisional Estimate), a notable acceleration from the 7.2 per cent recorded in the First Revised Estimate for 2024-25. This strong macroeconomic performance was underpinned by a consistently high quarterly trajectory, with output growth firming from 6.9 per cent in Q1 to 8.1 per cent in Q2, easing to 7.7 per cent in Q3, before peaking at 8.6 per cent in Q4.

1.2 The momentum has carried into the current financial year, with real GDP growing by 7.8 per cent in Q1 of FY 2026-27, against 6.9 per cent in the corresponding quarter of the previous year. The expansion was broad-based, with real GVA rising by 8.2 per cent: the tertiary sector led at 10.0 per cent and the secondary sector registered 8.6 per cent, both improving upon 8.0 per cent and 6.1 per cent respectively a year earlier, while the primary sector moderated to 2.9 per cent from 5.3 per cent. On the expenditure side, growth was investment-led: Gross Fixed Capital Formation recorded double-digit growth of 11.9 per cent at constant prices, against 5.8 per cent in Q1 of FY 2025-26, even as Private Final Consumption Expenditure sustained a healthy 7.1 per cent.

1.3 India's industrial output, measured by the Index of Industrial Production (IIP, Base Year 2022-23), grew by 5.0 per cent and 8.8 per cent year-on-year (y-o-y) in May and June 2026, respectively. The expansion was led by the manufacturing sector, rising from 5.2 per cent in May to 9.5 per cent in June 2026. Electricity and gas supply grew by 10.3 per cent and

11.3 per cent over the two months, while mining and quarrying remained subdued, contracting by 1.4 per cent in May before returning to 1.6 per cent growth in June 2026.

1.4 Headline inflation, as measured by the Consumer Price Index (CPI, Base Year 2024), firmed steadily through Q1 of FY 2026-27, though it remained within the tolerance band. The CPI inflation rate rose from 3.48 per cent in April to 3.93 per cent in May and further to 4.38 per cent in June 2026. This was driven largely by food, with the Consumer Food Price Index

(CFPI) climbing from 4.20 per cent in April to 5.32 per cent in June 2026, running consistently above the headline. Concurrently, Wholesale Price Index (WPI) inflation was 1markedly higher, at 8.36 per cent in April 2026, rising to 9.97 per cent in June 2026 (Chart

1.1).

Chart 1. 1: Inflation Trend

12.0

10.0 9.97

8.0

6.0

5.32 t n 4.0 4.38 e c r 2.0 e P

0.0 -2.0 -4.0 -6.0 4 4 4 4 4 4 4 4 4 5 5 5 5 5 5 5 5 5 5 5 5 6 6 6 6 6 6 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 2 -rp A -y a M -n u J -lu J -g u A -p e S -tc O -v o N -c e D -n a J -b e F -ra M -rp A -y a M -n u J -lu J -g u A -p e S -tc O -v o N -c e D -n a J -b e F -ra M -rp A -y a M -n u J CPI CFPI WPI

Note: CPI and CFPI data up to December 2025 are based on the earlier series (Base Year 2012) and from January 2026 onwards on the revised series (Base Year 2024). WPI data are on the 2022-23 base throughout the period shown.

Source: Ministry of Statistics and Programme Implementation; and Office of the Economic Adviser, Department for Promotion of I ndustry and Internal Trade.

1.5 During Q1 of 2026-27, India's merchandise trade position weakened vis-à-vis the corresponding quarter of the previous year. The merchandise trade deficit stood at US$ 86.1 billion in Q1 of 2026-27, higher than US$ 68.9 billion in Q1 of 2025-26. The wider goods

deficit was cushioned by the invisibles account: net services receipts increased to US$ 51.6 billion from US$ 47.9 billion a year ago, with services exports rising on a year-on-year basis in major categories such as computer services, other business services and transportation services, while personal transfer receipts under the secondary income account, mainly representing remittances by Indians employed overseas, rose to US$ 42.9 billion from US$

33.2 billion. Net outgo on the primary income account decreased to US$ 10.5 billion from US$ 13.3 billion. India's current account deficit consequently stood at US$ 4.2 billion (0.5 per cent of GDP) during the quarter, as compared to US$ 3.4 billion (0.4 per cent of GDP) in Q1 of 2025-26.

1.6 Foreign investment flows presented a mixed picture during Q1 of 2026-27, with direct investment strengthening even as portfolio flows reversed. In the financial account, net Foreign Direct Investment (FDI) recorded an inflow of US$ 6.1 billion in Q1 of 2026-27, higher than US$ 5.2 billion in Q1 of 2025-26. In contrast, net Foreign Portfolio Investment 2(FPI) recorded an outflow of US$ 9.6 billion, as against a net inflow of US$ 1.6 billion in Q1 of 2025-26 (Table 1.1).

Table 1. 1: Foreign Investment Flows during Q1 (US$ billion) Year 2025-26 2026-27 Net FDI 5.2 6.1 Net FPI 1.6 -9.6

Source: Reserve Bank of India.

3Section 2: Debt Management - Primary Market Operations A. Government Finances

2.1 As per the provisional estimates released by the Controller General of Accounts (CGA), the Central Government’s fiscal deficit stood at ₹3.08 lakh crore as at June 2026 which works out to 18.2 per cent of the Budget Estimates (BE).

2.2 According to Provisional Estimate total receipts upto June stood at ₹10.49 lakh crore— accounting for 28.7% of the Budget Estimates (BE)—which was underpinned by ₹6.37 lakh crore in net tax revenue, ₹3.78 lakh crore in non-tax revenue, and ₹35,003 crore in non-debt capital receipts. On the expenditure front, total outgo reached ₹13.57 lakh crore (25.4% of BE), comprising ₹10.17 lakh crore on the revenue account and ₹3.40 lakh crore on the capital account. Significant components within revenue expenditure included ₹3.46 lakh crore directed toward debt servicing through interest payments and ₹1.15 lakh crore disbursed for major subsidies.

Table 2. 1: Fiscal Outcome upto June 2026 (Amount in ₹ crore) Percentage of Actual to Budget Budget Estimate Actuals upto Items Estimate 2026-27 June 2026 Current 2025-26 (COPPY) Revenue Receipts 3533150 1014240 28.7 26.7 Tax Revenue (Net) 2866922 636576 22.2 19.0 Non-Tax Revenue 666228 377664 56.7 64.0 Non-Debt Capital Receipts 118397 35003 29.6 36.9 Total Expenditure 5347315 1357076 25.4 24.1 Revenue Expenditure 4125494 1016818 24.6 24.0 Capital Expenditure 1221821 340258 27.8 24.5 Revenue Deficit 592344 2578 0.4 6.4 Primary Deficit 291796 -38581 -13.2 -36.0 Fiscal Deficit 1695768 307833 18.2 17.9 Note - COPPY: Corresponding Period of the Previous Year.

Figures are provisional.

B. Issuance Details

2.3 The budget estimates for gross market borrowings for FY 2026-27 stood at ₹17.20 lakh crore towards funding of fiscal deficit. However, following switching operations conducted after the Budget, Government successfully optimized its redemption profile, allowing the total projected gross market borrowing for the fiscal year to be revised 4downward to ₹16.06 lakh crore. It was decided to borrow ₹8.20 lakh crore during the first half (H1: April–September) via weekly auctions.

Table 2.2: Issuance of Dated Securities (Amount in ₹ crore) Item 2026-27 BE 2026-27 Q1 2025-26 RE 2025-26 Q1 Gross Amount 1720000 408000 1461000 401000 Repayments 546790 159912 328166 135086

Switches:

Borrowing 250000 47924 158484 84884 Repayment 250000 46492 164105 89059 Net 0 1432 -5620 -4175 Buyback 0 0 86775 49600 Net Issuance 1173210 249520 1040439 212140 Buyback of securities in FY 2026-27 Q1 is added in repayments during the qua rter as securities were scheduled to mature in the same Financial Year.

2.4 During Q1 of FY 2026–27, the Government conducted 13 weekly auctions of dated securities, mobilising gross borrowings of ₹4.08 lakh crore and total repayment stood at ₹1.60 lakh crore, after accounting for scheduled debt repayments and buyback operations. Net market borrowings during the quarter amounted to ₹2.49 lakh crore, after accounting for repayments, switches and buyback. The status on gross and net market borrowings in Q1: FY 2026-27 and Q1: FY 2025-26 are presented in Table 2.2.

2.5 Amid prevailing macroeconomic uncertainties, market volatility and given investor’s demand, the Q1 2026–27 borrowing strategy adopted a calibrated maturity profile. While the 10-year security remained the key pricing benchmark at 25.0% of total issuances, greater allocation to intermediate and shorter tenors—including 15-year (16.7%), 5-year (15.4%), and 3-year and 7-year securities (8.1% each)—helped diversify the issuance profile (Statement 2). Further, the demand for Government Securities, as reflected in the bid-cover ratio across maturities remained robust and mostly remained above 2 during Q1: FY 2026–27. Detailed information on the range of bid-cover ratios and cut-off yields during the quarter is presented in Table 2.3.

5Table 2.3: Dated Securities Bid- Cover Ratio / Cut-off Yield Q1: FY 2026-27 Tenor (Yr) Range of Bid-Cover Ratio Range of Cutoff-Yield 3 1.6-3.41 6.23-6.73 5 2.11-2.60 6.5-6.88 7 2.81-3.14 6.74-7.07 10 2.17-3.20 6.94-6.97 15 1.92-3.70 7.05-7.53 30 2.28-3.94 7.48-7.69 40 2.31-2.74 7.59-7.71 50 2.22-2.69 7.53-7.88 30-SGrB* 2.51-2.76 7.46-7.50

2.6 During the Q1 FY 2026–27, short-term sovereign borrowing through Treasury Bills (T- Bills) with aim to manage temporary cash-flow mismatches, recorded an aggregate gross issuance of ₹3.85 lakh crore, which accounted for 21.5% of Budget Estimate of ₹17.94 lakh crore for FY 2026-27. Against total T-Bill repayments of ₹3.28 lakh crore during the quarter, net short-term issuance stood at a positive ₹0.57 lakh crore against at (-) ₹0.06 lakh crore in Q1 of the previous fiscal year. This short-term financing mix was driven by the 91-days T- Bills, which generated a net issuance of ₹0.66 lakh crore primarily due to higher demand in non-competitive segment, while the 182-day and 364-day instruments experienced modest net negative issuances as repayments outpaced fresh auction volumes. Table 2.4 provides detailed issuances data of T-bill.

Table 2.4: Issuance of Treasury Bills (Amount in ₹ crore) Item 2026-27 2026-27 Q1 2025-26 RE 2025-26 Q1 Q1 as Q1 as % BE % of of 2025-26 2026-27 RE 364 DTB Gross Amount 414000 74350 358198 80957 18.0 22.6 Repayment 358198 80957 359389 86579 22.6 24.1 Net Issuance 55802 -6607 -1191 -5622 182 DTB Gross Amount 540000 90000 426884 89000 16.7 20.8 Repayment 516204 92364 403858 95389 17.9 23.6 Net Issuance 23796 -2364 23026 -6389 91 DTB Gross Amount 840000 220768 832640 213504 26.3 25.6 Repayment 817200 154879 854476 207815 19.0 24.3 Net Issuance 22800 65890 -21835 5689 All T-Bills Gross Amount 1794000 385118 1617723 383461 21.5 23.7 Repayment 1691602 328199 1617723 389783 19.4 24.1 Net Issuance 102398 56919 0 -6322

Note: Includes 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, are managed by issuance of Treasury Bills and utilisation of Ways and Means Advances (WMA).

3.2 During Q1: FY 2026-27, the Central Government's cash balance remained in surplus except during short period from 10th April to 20th April when Government availed WMA.

3.3 System liquidity remained in surplus during Q1 FY 2026-27 mostly, supported by RBI liquidity injections and Government-security redemptions in the start of the quarter.

However, liquidity gradually tightened in May and June due to factors such as RBI forex intervention, currency outflows, strong credit growth, Government cash balances and, advance-tax payments. The liquidity surplus narrowed sharply and briefly turned into a deficit in June before reverting back to surplus on June 30, 2026.

Chart 3.1:Net liquidity injected (outstanding) [injection (+)/absorption (-)]

4.0

3.0

2.0

1.0

0.0 -1.0 -2.0 -3.0 -4.0 -5.0 -6.0 -7.0 5555555555555555555555555666666666666 2222222222222222222222222222222222222 -n a J - 1- n a J -6 1- n a J -1 3-b e F -5 1-ra M - 2-ra M -7 1-rp A - 1-r p A -6 1- y a M - 1-y a M -6 1-y a M -1 3-n u J -5 1-n u J -0 3-lu J -5 1-lu J -0 3-g u A -4 1-g u A -9 2-p e S -3 1-p e S -8 2-tc O -3 1-tc O -8 2-v o N -2 1-v o N -7 2- c e D -2 1- c e D -7 2- n a J -1 1- n a J -6 2-b e F -0 1-b e F -5 2-ra M -2 1-ra M -7 2-r p A -1 1-r p A -6 2-y a M -1 1-y a M -6 2-n u J -0 1-n u J -5 2

Source: CEIC and Reserve Bank of India

3.4 In Q1: FY 2026–27, the Government of India mobilised net (-) ₹6,785 crore through competitive bidding in T-Bills and ₹63,704 crore under non-competitive bidding. Details of issuances and redemptions of T-Bills (tenor-wise) in Q1: FY 2026-27 are given in Table 3.1.

7Table 3. 1: Issuance and Repayments of Treasury Bills during Q1: FY 2026-27 (Amount in ₹ crore) Net Issued Repayment Issuance Auction Issuance 91 182 364 91 182 364 Date Date DTB DTB DTB DTB DTB DTB * * 0 6000 5135 08-Apr-26 09-Apr-26 19500 6000 6000 9000 6000 12753 3747 15-Apr-26 16-Apr-26 15000 6000 6000 12740 8450 5448 363 22-Apr-26 23-Apr-26 32163 20400 6000 11500 8500 5605 32958 29-Apr-26 30-Apr-26 21833 6600 8500 17000 6600 5165 8168 06-May-26 07-May-26 14877 6000 6000 11440 7000 8296 140 13-May-26 14-May-26 14700 7200 6800 15000 7000 5711 989 20-May-26 21-May-26 17112 7200 6000 16006 7000 5088 2219 27-May-26 29-May-26 16683 8200 7400 15519 7000 5123 4640 03-Jun-26 04-Jun-26 15100 0 15500 8514 5017 -13931 10-Jun-26 11-Jun-26 25300 8800 8500 16173 7500 5083 13843 17-Jun-26 18-Jun-26 15400 6800 7150 15000 6800 6020 1530 24-Jun-26 25-Jun-26 13100 6800 6000 0 6000 6512 13388 Total 220768 90000 74350 154879 92364 80957 56919 Competitive Q1 137936 63276 62927 128413 77864 64646 -6785 Non-Competitive Q1 82833 26724 11423 26466 14500 16311 63704 *Repayment at the start of quarter.

8Section 4: Trends in Outstanding Debt

4.1 Total gross liabilities1 of the Government, as per provisional data, stood at ₹203.86 lakh crore at end June 2026 relative to ₹201.17 lakh crore at end March 2026 (Table 4.1). Public debt accounted for 90.9 per cent of total gross liabilities during the quarter.

Table 4. 1:Total Liabilities of Central Government (in ₹ crore) (#) End Jun 2026- End Mar 2026- Variation in Jun Components Provisional Provisional over Mar 2026 (%) A. Public Debt (A1 + A2) 18540659 18343434 1.1 A1. Internal Debt (a + b) 17546093 17354877 1.1 a. Marketable Securities (i + ii) 13231809 12925369 2.4

(i) Dated Securities 12433181 12183660 2.0

(ii) Treasury Bills 798628 741709 7.7

(iii) Cash Management Bills 0 0 b. Non-marketable Securities (i to vii) 4314284 4429508 -2.6

(i) 14 Day Intermediate T-Bills 151394 208074 -27.2

(ii) Compensation & Other Bonds$ 159862 150926 5.9

(iii) Securities issued to Intl. Fin. Institutions 112142 112024 0.1

(iv) Securities against small savings 3579045 3646642 -1.9

(v) Special Sec. against POLIF 20894 20894 0.0

(vi) Special Securities issued to PSB/ 290948 290948 0.0 EXIM Bank/ IDBI Bank/ IIFCL

(vii) Ways & Means Advances 0 0 - A2. External Debt (Current Rate of Exchange - CR) 994566 988557 0.6 B. Public Account - Other Liabilities (a to d) 2100577 1848323 13.6

(a) National Small Savings Fund 464517 284595 63.2

(b) State Provident Fund 258837 261464 -1.0

(c) Other Accounts 334933 330101 1.5

(d)Reserve Funds and Deposit (i + ii) 1042290 972163 7.2

(i) Bearing Interest 331139 324773 2.0

(ii) Not bearing interest 711151 647389 9.8 C. Pakistan pre-partition debt (approx.) 300 300 - D. Total (net) Liabilities in line with reporting in 20330629 19882159 2.3 Union Budget (A1 + B – C + E) E. External Debt - Historical Rate of Exchange (HR) 684259 679259 0.7 F. Extra-Budgetary Resources (EBRs) 137869 137869 0.0 G. Cash Balance 393112 212436 85.0 H. Gross Liabilities as per FRBM Act 20385692 20116889 1.3 (A + B – C + F - G) Memo Items I. Securities issued by States to NSSF 232781 240031 -3.0 II NSSF Loans to other Public Agencies 35635 35330 0.9 III. Post Office Insurance Funds with Fund Managers 167749 164197 2.2 I. Net Adjusted Liabilities (H-I-II-III) 19949527 19677331 1.4

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.

1 Includes total liabilities under the ‘Public Account’ and external debt valued at current exchange rates.

9Yield on Primary Issuances of G-Secs and Maturity of Outstanding Stock of Market Loans

4.2 During Q1: FY 2026–27, sovereign bond yield witnessed upward pressure. The rise was driven by elevated crude oil prices, rupee depreciation, higher US Treasury yields and expectations of tighter global financial conditions. The weighted average coupon on outstanding dated securities as of end-June 2026 was 7.17 per cent and the weighted average maturity of outstanding dated securities was 13.77 years. The weighted average yield on issuance during Q1: FY 2026-27 stood at 7.11 per cent and the weighted average maturity of issuances during the quarter was 17.27 years.

4.3 The maturity profile of outstanding Government debt (dated securities) as at end-June 2026 indicates a diversified maturity structure. Securities with residual maturity of 5–10 years constituted the largest share at 35.6%, followed by those maturing beyond 20 years at 25.9% and 1–5 years at 21.7%. The share of debt maturing within one year increased to 4.2% from 3.6% at end-March 2026, while the share of 10–20 year securities declined to 12.6% from 14.4%. Overall, the share of debt maturing within the next five years stood at 25.9% as at end-June 2026, indicating low roll-over risk for the government’s dated securities. The outstanding stock of dated securities stood at ₹124.33 lakh crore at end- June 2026 (Table 4.2).

Table 4.2: Maturity Profile of Outstanding Dated Securities of Central Government (Amount in ₹ crore) Maturity Buckets Quarter at Quarter at (Residual Maturity) end-Jun 2026 end-Mar 2026 Less than 1 year 526406(4.2) 435820(3.6) 1-5 years 2697147(21.7) 2834137(23.3) 5-10 years 4425634(35.6) 4049184(33.2) 10-20 years 1566207(12.6) 1755744(14.4) Above 20 years 3217772(25.9) 3108761(25.5) Total 12433166 12183645

Note: Figures in parentheses represent per cent of total.

Ownership Pattern

4.4 The ownership pattern of Central Government securities remained broadly stable as of June 2026. Commercial banks’ share marginally declined to 32.95 per cent while Insurance companies’ share remained stable at 25.65 per cent by end June 2026. On the other hand, RBI’s share stood at 17.25 per cent and FPI holdings increased to 3.24 per 10cent, by end June 2026. Overall, holdings remained concentrated among banks, insurance companies and the RBI (Table 4.3).

4.5 For Treasury Bills, Commercial Banks remained the largest holders, although their share declined to 40.83 per cent from 47.85 per cent in the previous quarter. The share of ‘Others’ increased to 23.44 per cent compared to 16.33 per cent at end March 2026, mainly reflecting a rise in State Governments’ share. Mutual Funds’ share stood at 17.65 per cent and FPI participation rose to 1.67 per cent in June 2026. Overall, June 2026 quarter witnessed a shift in Treasury Bill ownership away from commercial banks towards State Governments, mutual funds and foreign portfolio investors (Table 4.4).

Table 4.3: Ownership Pattern of Government of India Dated Securities (at quarter end) (Per cent of outstanding dated securities) 2025 2026 Category Jun Sep Dec Mar Jun

1. Commercial Banks 35.28 35.43 34.31 32.99 32.95

2. Co-operative Banks 1.29 1.32 1.33 1.33 1.25

3. Non-Bank PDs 0.59 0.6 0.55 0.51 0.51

4. Insurance Companies 25.95 25.81 25.89 25.59 25.65

5. Mutual Funds 2.46 2.77 2.74 1.6 1.7

6. Provident Funds 4.35 4.45 4.58 4.5 4.5

7. Pension Funds 4.96 4.9 4.77 4.62 4.61

8. Financial Institutions 0.74 0.76 0.76 0.75 0.7

9. Corporates 1.26 1.25 1.23 1.22 1.19

10. Foreign Portfolio Investors 2.8 2.97 2.96 2.95 3.24

11. RBI 14.21 13.54 14.52 17.59 17.25

12. Others 6.13 6.22 6.35 6.35 6.45 Table 4.4: Ownership Pattern of Treasury Bills (at quarter end) (Per cent of outstanding T-Bills) 2025 2026 Category Jun Sep Dec Mar Jun

1. Commercial Banks 42.87 39.45 35.79 47.85 40.83

2. Co-operative Banks 1.80 1.58 1.21 1.86 1.48

3. Non-Bank PDs 1.10 2.03 1.46 3.47 1.33

4. Insurance Companies 4.07 4.26 4.45 4.17 3.98

5. Mutual Funds 15.72 17.60 17.98 16.75 17.65

6. Provident Funds 0.09 0.07 0.09 0.09 0.07

7. Pension Funds 0.00 0.00 0.00 0.01 0.00

8. Financial Institutions 6.31 6.34 5.57 5.55 5.63

9. Corporates 3.77 3.80 3.74 3.92 3.92

10. Foreign Portfolio Investors 0.02 0.01 0.02 0.00 1.67

11. RBI 0.00 0.00 0.00 0.00 0.00

12. Others 24.26 24.85 26.98 16.33 23.44

Note: ‘Others’ comprises of State Governments, DICGC, PSUs, Trusts, Foreign Central Banks, HUF/ Individuals, etc.

11Section 5: Secondary Market A. Overview of major developments

5.1 The sovereign yield curve shifted downwards and flattened during the quarter ended June 2026, with the decline concentrated in the belly and at the long end, even as the short end remained relatively anchored. The 10-year par yield eased to 6.74 per cent from 7.11 per cent at end-March 2026, albeit remaining above its end-June 2025 level of 6.34 per cent.

Similarly, the 30-year par yield moderated to 7.33 per cent from 7.72 per cent at end- March 2026 (7.01 per cent at end-June 2025). As domestic yields softened amidst a modest hardening in US Treasury yields, the India-US interest rate differential narrowed (Chart 5.1).

Chart 5. 1: G-Sec Yield Curve Evolution

8.0

7.5

7.0 ) tn e c re 6.5 P ( ) la u 6.0 n n A - im e 5.5 S ( M T Y

5.0 012345678901234567890123456789012345678901234567890 11111111112222222222333333333344444444445 Tenor (Years) 30-Jun-2026 30-Mar-2026 30-Jun-2025

Note: Data corresponds to month end.

Source: FBIL.

5.2 Brent crude prices, which had remained elevated above US$ 100 per barrel through April and early May 2026 and peaked at US$ 114.05 per barrel on May 4, 2026, corrected sharply thereafter to US$ 73.32 per barrel by end-June 2026 as oil supply disruptions eased. Headline CPI inflation, however, continued its upward trajectory, hardening from

3.48 per cent in April to 3.93 per cent in May and further to 4.38 per cent in June 2026, driven by the lagged pass-through of the earlier surge in energy prices. Concurrently, US Treasury yields hardened over the quarter; the 10-year yield rose from 4.30 per cent at 12end-March 2026 to a peak of 4.67 per cent by mid-May 2026, before moderating to 4.44 per cent at end-June 2026 (Chart 5.2).

Chart 5. 2: US 10-Yr par Yield, G-Sec 10-Yr Yield, CPI & Crude Oil price

7.5 130

7.0 120

6.5

6.0 110 le r tn e c5.5 100 r a b r r e5.0 e p P $

4.5 90 S U

4.0 80

3.5

3.0 70 r p A r p A y a M y a M y a M n u J n u J -1 0 -6 1 -1 0 -6 1 -1 3 -5 1 -0 3 10 Yr. Yield (US) 10 Yr. Yield (India) CPI Inflation Brent Crude Oil Price (Right Scale)

Source: US Treasury; Cogencis; MOSPI.

5.3 As at end-June 2026, the par yield spread between 10-year and 1-year G-Secs stood at 124 bps, down from 147 bps at end-March 2026. Likewise, the par yield spread between 30- year and 1-year securities narrowed from 208 bps at end-March 2026 to 183 bps at end- June 2026. The 30-year over 10-year and 10-year over 5-year spreads also narrowed marginally to 59 bps and 30 bps, respectively, from 61 bps and 33 bps at end-March 2026 (Chart 5.3).

Chart 5. 3:Yield Spread 250 208 200 183 ) s 147 149 p b150 124 ( d a e100 82 r p 67 61 59 S 50 21 33 30 0 10-1 year 30-10 years 30-1 year 10-5 years 30-Jun-2025 30-Mar-2026 30-Jun-2026

Source: FBIL.

5.4 As at end-June 2026, the yield on 91-day T-Bills stood at 5.23 per cent, down from 5.38 per cent at end-March 2026. Yields on 182-day and 364-day T-Bills also softened to 5.30 13per cent and 5.50 per cent from 5.53 per cent and 5.64 per cent, respectively, at end- March 2026 (Chart 5.4). On a year-on-year basis, T-Bill yields softened in Q1:2026-27 vis-à-vis Q1:2025-26, when the corresponding yields stood at 5.37 per cent, 5.50 per cent, and 5.52 per cent.

Chart 5. 4: T-Bill Yield Curve

5.70

5.60

5.50 ) t5.40 n e c r5.30 e P (5.20 d l e i5.10 Y

5.00

4.90

4.80 0 1 2 3 4 5 6 7 8 9 10 11 12 Tenor (Months) 30-Jun-2025 30-Mar-2026 30-Jun-2026

Source: FBIL.

B. Trading Pattern of Government Securities

5.5 The total outright trading volume in G-Secs (including T-Bills and State Government Securities (SGSs)) stood at ₹43.34 lakh crore during Q1:2026-27, registering a year-on- year (y-o-y) decline of 21.3 per cent from ₹55.05 lakh crore in Q1:2025-26, though it expanded by 14.8 per cent over the preceding quarter. Central Government dated securities constituted 86.5 per cent of total outright transaction volumes during Q1:2026- 27, as compared with 87.3 per cent in Q1:2025-26. Similarly, the share of Central Government securities in repo transactions moderated to 79.2 per cent in Q1:2026-27 from 84.1 per cent recorded in the corresponding quarter of FY 2025-26. The annualised outright turnover ratio for G-Secs (inclusive of T-Bills and SGSs) for Q1:2026-27 stood at 3.38 (4.70 in Q1:2025-26). The annualised total turnover ratio (outright plus repo transactions) was 11.60 during Q1: FY 2026-27 vis-à-vis 14.38 during Q1 of FY 2025- 26 (Table 5.1 and Chart 5.5).

14Table 5. 1: Transactions Volume in Government Securities (₹ crore) Outright Repo Period G-Sec T-Bills SGS Total G-Sec T-Bills SGS Total Q1: FY 2025-26 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 (%) 87.3% 8.0% 4.7% 100% 84.1% 1.6% 14.4% 100% Q2: FY 2025-26 34,26,701 3,50,357 2,37,764 40,14,822 98,85,576 1,90,363 19,59,115 1,20,35,054 Share (%) 85.4% 8.7% 5.9% 100% 82.1% 1.6% 16.3% 100% Q3: FY 2025-26 34,46,293 3,73,329 2,05,464 40,25,086 1,02,19,253 5,40,081 19,25,132 1,26,84,466 Share (%) 85.6% 9.3% 5.1% 100% 80.6% 4.3% 15.2% 100% Q4: FY 2025-26 31,28,440 3,79,301 2,67,711 37,75,451 85,92,994 3,11,679 17,43,128 1,06,47,801 Share (%) 82.9% 10.0% 7.1% 100% 80.7% 2.9% 16.4% 100% Q1: FY 2026-27 37,46,639 3,91,812 1,95,403 43,33,854 83,39,014 3,56,663 18,39,595 1,05,35,272 Share (%) 86.5% 9.0% 4.5% 100% 79.2% 3.4% 17.5% 100%

Source: CCIL.

Chart 5. 5: Outright Trading Volume 3 50 4 3 2 40 4 3 2 2 4 52 32 4 4 4 43 30 e r o 48 r c h k 20 31 38 33 33 34 34 31 37 a l ₹ 10 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024-25 2025-26 2026-27 G-Sec T-Bills SGS

Source: CCIL.

5.6 The top 10 traded Central Government Securities accounted for 85.7 per cent of total outright trading volume in the secondary market during Q1:2026-27 (78.7 per cent in Q4:2025-26). The share of the top three traded securities also expanded to 73.1 per cent of total outright volume, up from 66.8 per cent in the preceding quarter (Table 5.2). Among individual papers, the 6.48% GS 2035 remained the most actively traded security, commanding a share of 41.4 per cent, followed by the 6.94% GS 2036 (21.1 per cent) and the 6.68% GS 2040 (10.7 per cent).

15Table 5. 2: Top 10 Traded Securities Q1: FY 2026-27 Q4: FY 2025-26 Q1: FY 2025-26 Security Volume Share in Security Volume Share in Share in Volume (₹ lakh Total (₹ lakh Total Total Security (₹ lakh crore) Outright (%) crore) Outright Outright crore) (%) (%)

6.48% GS 2035 15.5 41.4 6.48% GS 2035 15.9 50.8 6.79% GS 2034 21.0 43.6

6.94% GS 2036 7.9 21.1 6.68% GS 2040 3.5 11.3 6.33% GS 2035 3.7 7.6

6.68% GS 2040 4.0 10.7 6.01% GS 2030 1.5 4.8 7.10% GS 2034 3.0 6.3

6.36% GS 2031 1.8 4.8 6.33% GS 2035 0.9 3.0 6.92% GS 2039 2.6 5.4

6.90% GS 2065 1.0 2.6 7.24% GS 2055 0.7 2.3 6.75% GS 2029 2.2 4.5

7.24% GS 2055 0.6 1.7 6.90% GS 2065 0.7 2.2 7.18% GS 2033 1.3 2.7

6.68% GS 2033 0.5 1.2 5.63% GS 2026 0.4 1.4 7.04% GS 2029 0.9 1.9

7.06% GS 2028 0.3 0.8 6.36% GS 2031 0.3 1.0 7.09% GS 2054 0.8 1.7

6.01% GS 2030 0.3 0.8 7.18% GS 2033 0.3 0.9 7.34% GS 2064 0.8 1.7

6.33% GS 2035 0.3 0.7 7.06% GS 2028 0.3 0.9 7.02% GS 2031 0.8 1.6 Total of top 10 Total of top 10 Total of top 10

32.09 85.7 24.60 78.7 37.03 77.0 Securities Securities Securities

Source: CCIL.

5.7 The maturity profile of secondary market transactions in G-Secs indicates that trading activity remained concentrated in the 7-10 year maturity bucket during Q1:2026-27, although its share moderated to 46.3 per cent from 57.5 per cent in the preceding quarter.

By contrast, the above-10-year segment recorded an expansion, with its share rising from

20.3 per cent in Q4:2025-26 to 38.6 per cent in Q1:2026-27, as corresponding trading volume more than doubled from ₹6.35 lakh crore to ₹14.47 lakh crore. Meanwhile, the shares of the less-than-3-year and 3-7 year segments softened to 5.3 per cent and 9.8 per cent from 9.2 per cent and 13.1 per cent, respectively, underscoring a shift in activity towards the longer end of the yield curve (Chart 5.6).

Chart 5. 6: Maturity Buckets-Wise Outright Trading Volume in G-Secs a. Absolute b. Share 35 70.0 30 60.0 25

50.0 e r o20 r c tn 40.0 h e k a15 c r l ₹ e P

30.0 10

20.0 5

10.0 0 Less than 3-7 Years 7-10 above 10

0.0 3 Years Years years Less than 3-7 Years 7-10 Years above 10 3 Years years Q1 FY 2026-27 Q4 FY 2025-26 Q1 FY 2025-26 Q1 FY 2026-27 Q4 FY 2025-26 Q1 FY 2025-26

165.8 Private Sector Banks remained the most active segment during Q1:2026-27, accounting for shares of 26.9 per cent and 27.9 per cent on the buy and sell sides, respectively, followed by Foreign Banks (19.9 per cent and 18.9 per cent, respectively), Primary Dealers, Public Sector Banks and Mutual Funds. On a net basis, Primary Dealers, Private Sector Banks and Public Sector Banks emerged as net sellers, whereas Mutual Funds, Foreign Banks, Insurance Companies, Financial Institutions and Co-operative Banks were net buyers (Table 5.3).

Table 5. 3: Category-wise Share of Total Outright Trading Activity in G-Secs* (Per cent) Cate gory Q1: FY 2026-27 Q4: FY 2025-26 Q1: FY 2025-26 Buy Sell Buy Sell Buy Sell Co-operative Banks 2.7 2.6 2.1 1.9 2.7 2.4 Financial Institutions 0.4 0.1 0.5 0.0 0.7 0.2 Foreign Banks 19.9 18.9 21.4 24.6 16.7 18.2 Insurance Companies 2.8 2.3 2.9 2.5 2.8 1.9 Mutual Funds 9.0 6.3 8.5 9.0 6.4 5.2 Primary Dealers 15.1 19.4 13.2 17.1 15.1 18.7 Private Sector Banks 26.9 27.9 22.9 23.7 28.2 29.1 Public Sector Banks 15.3 15.8 16.6 14.2 19.9 18.0 Others 7.9 6.7 11.9 6.9 7.5 6.3 Total 100.00 100.00 100.00 100.00 100.00 100.00 *: Including T-Bills and SGSs.

Source: CCIL. ********* 17Statement 1: Amount Raised through Issuance/settlement of Dated Securities during Q1: FY 2026-27 (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)

6.68% GS 2040 02-Apr-26 06-Apr-26 17000 17000 0 92.63 7.53 07-Jul-40 14.3

7.43% GS 2076 02-Apr-26 06-Apr-26 12000 12000 0 94.38 7.88 19-Jan-76 49.8

6.48% GS 2035 10-Apr-26 13-Apr-26 34000 34000 0 96.67 6.97 06-Oct-35 9.5

6.36% GS 2031 17-Apr-26 20-Apr-26 21000 21000 0 98.98 6.61 16-Feb-31 4.8

6.90% GS 2065 17-Apr-26 20-Apr-26 11000 11000 0 91.44 7.59 15-Apr-65 39.0

6.03% GS 2029 24-Apr-26 27-Apr-26 11000 11000 0 99.30 6.31 27-Jan-29 2.8

6.68% GS 2033 24-Apr-26 27-Apr-26 11000 11000 0 98.55 6.95 27-Jan-33 6.8

7.24% GS 2055 24-Apr-26 27-Apr-26 5000 5000 0 96.20 7.56 18-Aug-55 29.3

7.50% SGrB 2056 24-Apr-26 27-Apr-26 5000 5000 0 100.00 7.50 27-Apr-56 30.0

6.68% GS 2040 30-Apr-26 04-May-26 17000 17000 0 93.59 7.42 07-Jul-40 14.2

7.43% GS 2076 30-Apr-26 04-May-26 12000 12000 0 96.33 7.72 19-Jan-76 49.7

6.94% GS 2036 08-May-26 11-May-26 34000 34000 0 100.00 6.94 11-May-36 10.0

6.36% GS 2031 15-May-26 18-May-26 21000 21000 0 97.92 6.88 16-Feb-31 4.7

7.71% GS 2066 15-May-26 18-May-26 11000 11000 0 100.00 7.71 18-May-66 40.0

6.03% GS 2029 22-May-26 25-May-26 11000 11000 0 98.30 6.73 27-Jan-29 2.7

6.68% GS 2033 22-May-26 25-May-26 11000 11000 0 97.94 7.07 27-Jan-33 6.7

7.24% GS 2055 22-May-26 25-May-26 10000 10000 0 94.82 7.69 18-Aug-55 29.2

6.68% GS 2040 29-May-26 01-Jun-26 17000 17000 0 94.22 7.34 07-Jul-40 14.1

7.43% GS 2076 29-May-26 01-Jun-26 11000 11000 0 96.44 7.71 19-Jan-76 49.6

6.94% GS 2036 05-Jun-26 08-Jun-26 34000 34000 0 99.79 6.97 11-May-36 9.9

6.36% GS 2031 12-Jun-26 15-Jun-26 21000 21000 0 99.43 6.50 16-Feb-31 4.7

7.71% GS 2066 12-Jun-26 15-Jun-26 11000 11000 0 100.93 7.63 18-May-66 39.9

6.03% GS 2029 19-Jun-26 22-Jun-26 11000 11000 0 99.52 6.23 27-Jan-29 2.6

6.68% GS 2033 19-Jun-26 22-Jun-26 11000 11000 0 99.69 6.74 27-Jan-33 6.6

7.24% GS 2055 19-Jun-26 22-Jun-26 5000 5000 0 97.10 7.48 18-Aug-55 29.2

7.50% SGrB 2056 19-Jun-26 22-Jun-26 5000 5000 0 100.52 7.46 27-Apr-56 29.8

6.68% GS 2040 25-Jun-26 29-Jun-26 17000 17000 0 96.71 7.05 07-Jul-40 14.0

7.43% GS 2076 25-Jun-26 29-Jun-26 11000 11000 0 98.64 7.53 19-Jan-76 49.6 Total 408000 408000 18Statement 2: Issuances of Dated Securities by Maturity Buckets / Maturities during FY 2023-24 to Q1 FY 2026-27 (Amount in ₹ crore) 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 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 Q2 FY 24 32000 56000 49000 98000 84000 77000 84000 480000 % of Total 6.7 11.7 10.2 20.4 17.5 16.0 17.5 100.0 Q3 FY 24 24000 47000 36000 86000 60000 40000 72000 20000 385000 % of Total 6.2 12.2 9.4 22.3 15.6 10.4 18.7 5.2 100.0 Q4 FY 24 16000 28000 24000 64000 40000 40000 48000 10000 270000 % of Total 5.9 10.4 8.9 23.7 14.8 14.8 17.8 3.7 100.0 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 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 Q2 FY 25 18000 36000 33000 101697 60000 40000 77000 33000 398697 % of Total 4.5 9.0 8.3 25.5 15.0 10.0 19.3 8.3 100.0 Q3 FY 25 21000 42000 30000 93000 51000 45000 60000 40000 382000 % of Total 5.5 11.0 7.9 24.3 13.4 11.8 15.7 10.5 100.0 Q4 FY 25 14000 28000 20000 71000 36000 35000 45000 30000 279000 % of Total 5.0 10.0 7.2 25.4 12.9 12.5 16.1 10.8 100.0 FY 2025-26 87000 180000 110000 402000 208000 141000 187000 146000 1461000 % of Total 6.0 12.3 7.5 27.5 14.2 9.7 12.8 10.0 100.0 Q1 FY 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 Q2 FY 26 18000.0 45000.0 33000.0 90000.0 64000.0 38000.0 64000.0 42000.0 394000 % of Total 4.6 11.4 8.4 22.8 16.2 9.6 16.2 10.7 100.0 Q3 FY 26 27000.0 54000.0 22000.0 96000.0 48000.0 36000.0 36000.0 36000.0 355000 % of Total 7.6 15.2 6.2 27.0 13.5 10.1 10.1 10.1 100.0 Q4 FY 26 18000 36000 22000 96000 48000 26000 39000 26000 311000 % of Total 5.8 11.6 7.1 30.9 15.4 8.4 12.5 8.4 100.0 Q1 FY 27 33000 63000 33000 102000 68000 30000 33000 46000 408000 % of Total 8.1 15.4 8.1 25.0 16.7 7.4 8.1 11.3 100.0 19Statement 3: Yield and Maturity of Dated Securities of Central Government Issues during the year/ Qtr. Outstanding Stock* Weighted Weighted Average Weighted Average Fiscal Year Weighted Average Average Yield Coupon Maturity Maturity (years) (%) (%) (years) 1 2 3 4 5 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 Q2 7.33 15.62 7.15 11.96 Q3 7.38 16.56 7.23 12.03 Q4 7.34 16.58 7.26 11.94 FY 2023-24 7.24 18.09 7.29 12.54 Q1 7.13 17.58 7.28 12.18 Q2 7.25 17.57 7.28 12.22 Q3 7.37 18.80 7.29 12.52 Q4 7.19 18.75 7.29 12.54 FY 2024-25 6.96 20.65 7.25 13.24 Q1 7.14 20.83 7.29 12.78 Q2 6.94 20.51 7.27 12.96 Q3 6.88 20.47 7.26 13.24 Q4 6.87 20.89 7.25 13.24 FY 2025-26 6.69 18.88 7.17 13.70 Q1 6.48 18.85 7.23 13.46 Q2 6.72 20.46 7.20 13.60 Q3 6.70 17.94 7.19 13.62 Q4 6.90 17.98 7.17 13.70 FY 2026-27 Q1 7.11 17.27 7.17 13.77 *: As at the end of period.

20Statement 4: Treasury Bills Issued during Q1: FY 2026-27 Accepted Amount (₹ Crore) Cut off Date of Security Issue Date Non- Yield Auction Competitive Total Competitive (%) 364-Day 24-Jun-26 25-Jun-26 5700 300 6000 5.64 364-Day 17-Jun-26 18-Jun-26 5700 1450 7150 5.79 364-Day 10-Jun-26 11-Jun-26 5700 2800 8500 5.91 364-Day 03-Jun-26 04-Jun-26 0 0 0 0.00 364-Day 27-May-26 29-May-26 5700 1700 7400 6.03 364-Day 20-May-26 21-May-26 5700 300 6000 5.98 364-Day 13-May-26 14-May-26 5700 1100 6800 5.77 364-Day 06-May-26 07-May-26 5700 300 6000 5.69 364-Day 29-Apr-26 30-Apr-26 5700 2800 8500 5.65 364-Day 22-Apr-26 23-Apr-26 5700 300 6000 5.60 364-Day 15-Apr-26 16-Apr-26 5927 73 6000 5.59 364-Day 08-Apr-26 09-Apr-26 5700 300 6000 5.63 182-Day 24-Jun-26 25-Jun-26 5700 1100 6800 5.45 182-Day 17-Jun-26 18-Jun-26 5700 1100 6800 5.50 182-Day 10-Jun-26 11-Jun-26 5700 3100 8800 5.55 182-Day 03-Jun-26 04-Jun-26 0 0 0 0.00 182-Day 27-May-26 29-May-26 5700 2500 8200 5.73 182-Day 20-May-26 21-May-26 5700 1500 7200 5.75 182-Day 13-May-26 14-May-26 5700 1500 7200 5.53 182-Day 06-May-26 07-May-26 5700 300 6000 5.50 182-Day 29-Apr-26 30-Apr-26 5700 900 6600 5.50 182-Day 22-Apr-26 23-Apr-26 5700 14700 20400 5.47 182-Day 15-Apr-26 16-Apr-26 5993 7 6000 5.48 182-Day 08-Apr-26 09-Apr-26 5983 17 6000 5.53 91-Day 24-Jun-26 25-Jun-26 11400 1700 13100 5.25 91-Day 17-Jun-26 18-Jun-26 11400 4000 15400 5.26 91-Day 10-Jun-26 11-Jun-26 11400 13900 25300 5.30 91-Day 03-Jun-26 04-Jun-26 11400 3700 15100 5.56 91-Day 27-May-26 29-May-26 11400 5283 16683 5.56 91-Day 20-May-26 21-May-26 11400 5712 17112 5.52 91-Day 13-May-26 14-May-26 11400 3300 14700 5.34 91-Day 06-May-26 07-May-26 11400 3477 14877 5.29 91-Day 29-Apr-26 30-Apr-26 11400 10433 21833 5.26 91-Day 22-Apr-26 23-Apr-26 11400 20763 32163 5.22 91-Day 15-Apr-26 16-Apr-26 11980 3020 15000 5.21 91-Day 08-Apr-26 09-Apr-26 11956 7544 19500 5.31 Total 264138 120980 385118 21Statement 5: G-Secs outstanding balance as of end-June 2026 Sl. No. Name of security Coupon Date of Maturity Amount in rate % issue date ₹Crore 1 8.33% GS 2026 8.33 9-Jul-2012 9-Jul-2026 31058 2 6.97% GS 2026 6.97 6-Sep-2016 6-Sep-2026 47970 3 10.18% GS 2026 10.1 11-Sep-2001 11-Sep-2026 15000 4 7.33% GS 2026 7.33 30-Oct-2023 30-Oct-2026 45433 5 5.74% GS 2026 5.74 15-Nov-2021 15-Nov-2026 43771 6 8.15% GS 2026 8.15 24-Nov-2014 24-Nov-2026 30054 7 8.24% GS 2027 8.24 15-Feb-2007 15-Feb-2027 59307 8 6.79% GS 2027 6.79 15-May-2017 15-May-2027 105909 9 7.02% GS 2027 7.02 27-May-2024 27-May-2027 38000 10 7.38% GS 2027 7.38 20-Jun-2022 20-Jun-2027 109905 11 8.26% GS 2027 8.26 2-Aug-2007 2-Aug-2027 86382 12 8.28% GS 2027 8.28 21-Sep-2007 21-Sep-2027 84680 13 6.64% GS 2027 6.64 9-Dec-2024 9-Dec-2027 38616 14 7.17% GS 2028 7.17 8-Jan-2018 8-Jan-2028 103338 15 7.10% GOI SGrB 2028 7.10 27-Jan-2023 27-Jan-2028 8000 16 6.01% GS 2028 (C Align) 6.01 8-Aug-2003 25-Mar-2028 15000 17 7.06% GS 2028 7.06 10-Apr-2023 10-Apr-2028 92183 18 8.60% GS 2028 8.60 2-Jun-2014 2-Jun-2028 88400 19 6.13% GS 2028 6.13 4-Jun-2003 4-Jun-2028 10990 20 5.91% GS 2028 5.91 30-Jun-2025 30-Jun-2028 51000 21 FRB 2028 6.17 4-Oct-2021 4-Oct-2028 52816 22 7.37% GS 2028 7.37 23-Oct-2023 23-Oct-2028 55610 23 7.25% GOI SGrB 2028 7.25 13-Nov-2023 13-Nov-2028 5000 24 7.26% GS 2029 7.26 14-Jan-2019 14-Jan-2029 119709 25 6.03% GS 2029 6.03 27-Jan-2026 27-Jan-2029 51000 26 7.59% GS 2029 7.59 19-Oct-2015 20-Mar-2029 103445 27 7.10% GS 2029 7.10 18-Apr-2022 18-Apr-2029 151868 28 7.04% GS 2029 7.04 3-Jun-2024 3-Jun-2029 87069 29 6.45% GS 2029 6.45 7-Oct-2019 7-Oct-2029 114840 30 6.75% GS 2029 6.75 23-Dec-2024 23-Dec-2029 87000 31 6.79% GS 2029 6.79 26-Dec-2016 26-Dec-2029 119830 32 7.88% GS 2030 7.88 11-May-2015 19-Mar-2030 119660 33 7.17% GS 2030 7.17 17-Apr-2023 17-Apr-2030 103000 34 7.61% GS 2030 7.61 9-May-2016 9-May-2030 100989 35 5.79% GS 2030 5.79 11-May-2020 11-May-2030 111619 36 6.01% GS 2030 6.01 21-Jul-2025 21-Jul-2030 117000 37 5.77% GS 2030 5.77 3-Aug-2020 3-Aug-2030 123000 38 9.20% GS 2030 9.20 30-Sep-2013 30-Sep-2030 65560 39 7.32% GS 2030 7.32 13-Nov-2023 13-Nov-2030 70000 40 5.85% GS 2030 5.85 1-Dec-2020 1-Dec-2030 120832 41 8.97% GS 2030 8.97 5-Dec-2011 5-Dec-2030 93710 42 6.36% GS 2031 6.36 16-Feb-2026 16-Feb-2031 81000 43 7.02% GS 2031 7.02 18-Jun-2024 18-Jun-2031 64000 44 6.10% GS 2031 6.10 12-Jul-2021 12-Jul-2031 152366 45 6.68% GS 2031 6.68 4-Sep-2017 17-Sep-2031 118723 46 FRB 2031 6.64 7-May-2018 7-Dec-2031 139916 47 6.79% GS 2031 6.79 30-Dec-2024 30-Dec-2031 63000 48 6.54% GS 2032 6.54 17-Jan-2022 17-Jan-2032 156000 49 8.28% GS 2032 8.28 15-Feb-2007 15-Feb-2032 131247 50 6.28% GS 2032 6.28 14-Jul-2025 14-Jul-2032 55000 51 8.32% GS 2032 8.32 2-Aug-2007 2-Aug-2032 121874 52 7.26% GS 2032 7.26 22-Aug-2022 22-Aug-2032 148000 22Sl. No. Name of security Coupon Date of Maturity Amount in rate % issue date ₹Crore 53 7.95% GS 2032 7.95 28-Aug-2002 28-Aug-2032 149380 54 8.33% GS 2032 8.33 21-Sep-2007 21-Sep-2032 1522 55 7.29% GOI SGrB 2033 7.29 27-Jan-2023 27-Jan-2033 8000 56 6.68% GS 2033 6.68 27-Jan-2026 27-Jan-2033 55000 57 7.26% GS 2033 7.26 6-Feb-2023 6-Feb-2033 150000 58 7.57% GS 2033 7.57 20-May-2019 17-Jun-2033 147589 59 7.18% GS 2033 7.18 14-Aug-2023 14-Aug-2033 201000 60 FRB 2033 6.75 22-Jun-2020 22-Sep-2033 149482 61 8.24% GS 2033 8.24 10-Nov-2014 10-Nov-2033 117494 62 6.57% GS 2033 6.57 5-Dec-2016 5-Dec-2033 156240 63 7.24% GOI SGrB 2033 7.24 11-Dec-2023 11-Dec-2033 5000 64 7.10% GS 2034 7.10 8-Apr-2024 8-Apr-2034 180000 65 6.90% GOI SGrB 2034 6.90 5-Aug-2024 5-Aug-2034 1697 66 7.50% GS 2034 7.50 10-Aug-2004 10-Aug-2034 124055 67 6.19% GS 2034 6.19 1-Jun-2020 16-Sep-2034 149372 68 6.79% GS 2034 6.79 7-Oct-2024 7-Oct-2034 184000 69 FRB 2034 6.45 30-Aug-2021 30-Oct-2034 54800 70 6.79% GOI SGrB 2034 6.79 2-Dec-2024 2-Dec-2034 10000 71 7.73% GS 2034 7.73 12-Oct-2015 19-Dec-2034 112547 72 FRB 2035 6.66 25-Jan-2005 25-Jan-2035 350 73 6.22% GS 2035 6.22 2-Nov-2020 16-Mar-2035 130715 74 6.33% GS 2035 6.33 5-May-2025 5-May-2035 183374 75 6.64% GS 2035 6.64 12-Apr-2021 16-Jun-2035 169335 76 7.40% GS 2035 7.40 9-Sep-2005 9-Sep-2035 154196 77 6.48% GS 2035 6.48 6-Oct-2025 6-Oct-2035 226000 78 6.67% GS 2035 6.67 13-Sep-2021 15-Dec-2035 170923 79 6.94% GS 2036 6.94 11-May-2026 11-May-2036 68000 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 165026 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 60557 87 6.92% GS 2039 6.92 18-Nov-2024 18-Nov-2039 129704 88 8.30% GS 2040 8.30 2-Jul-2010 2-Jul-2040 162452 89 6.68% GS 2040 6.68 7-Jul-2025 7-Jul-2040 228000 90 8.83% GS 2041 8.83 12-Dec-2011 12-Dec-2041 91771 91 8.30% GS 2042 8.30 31-Dec-2012 31-Dec-2042 105700 92 7.69% GS 2043 7.69 30-Apr-2019 17-Jun-2043 38920 93 9.23% GS 2043 9.23 23-Dec-2013 23-Dec-2043 79472 94 8.17% GS 2044 8.17 1-Dec-2014 1-Dec-2044 98959 95 8.13% GS 2045 8.13 22-Jun-2015 22-Jun-2045 98000 96 7.06% GS 2046 7.06 10-Oct-2016 10-Oct-2046 105500 97 7.72% GS 2049 7.72 15-Apr-2019 15-Jun-2049 84540 98 7.16% GS 2050 7.16 20-Apr-2020 20-Sep-2050 102696 99 6.67% GS 2050 6.67 2-Nov-2020 17-Dec-2050 149162 100 6.62% GS 2051 6.62 28-Nov-2016 28-Nov-2051 62697 101 6.99% GS 2051 6.99 15-Nov-2021 15-Dec-2051 148359 102 7.36% GS 2052 7.36 12-Sep-2022 12-Sep-2052 161967 103 7.30% GS 2053 7.30 19-Jun-2023 19-Jun-2053 195000 104 7.37% GOI SGrB 2054 7.37 23-Jan-2024 23-Jan-2054 10000 105 7.09% GS 2054 7.09 5-Aug-2024 5-Aug-2054 148000 106 6.98% GOI SGrB 2054 6.98 16-Dec-2024 16-Dec-2054 25000 23Sl. No. Name of security Coupon Date of Maturity Amount in rate % issue date ₹Crore 107 7.24% GS 2055 7.24 18-Aug-2025 18-Aug-2055 98000 108 7.72% GS 2055 7.72 26-Oct-2015 26-Oct-2055 100969 109 7.50% GOI SGrB 2056 7.50 27-Apr-2026 27-Apr-2056 10000 110 7.63% GS 2059 7.63 6-May-2019 17-Jun-2059 83462 111 7.19% GS 2060 7.19 13-Apr-2020 15-Sep-2060 98392 112 6.80% GS 2060 6.80 31-Aug-2020 15-Dec-2060 105856 113 6.76% GS 2061 6.76 22-Feb-2021 22-Feb-2061 149022 114 6.95% GS 2061 6.95 22-Nov-2021 16-Dec-2061 157283 115 7.40% GS 2062 7.40 19-Sep-2022 19-Sep-2062 161828 116 7.25% GS 2063 7.25 12-Jun-2023 12-Jun-2063 240000 117 7.34% GS 2064 7.34 22-Apr-2024 22-Apr-2064 241038 118 6.90% GS 2065 6.90 15-Apr-2025 15-Apr-2065 198000 119 7.71% GS 2066 7.71 18-May-2026 18-May-2066 22000 120 7.46% GS 2073 7.46 6-Nov-2023 6-Nov-2073 117000 121 7.09% GS 2074 7.09 25-Nov-2024 25-Nov-2074 170000 122 7.43% GS 2076 7.43 19-Jan-2026 19-Jan-2076 72000 Total 12433166 24Statement 6: Maturity Profile of Government Securities as of end-June 2026 Year of Maturity Amount in ₹ Crore 2026-2027 272593 2027-2028 589830 2028-2029 630153 2029-2030 680267 2030-2031 986710 2031-2032 825252 2032-2033 688777 2033-2034 776805 2034-2035 947537 2035-2036 903828 2036-2037 512462 2037-2038 172000 2038-2039 18645 2039-2040 307261 2040-2041 390452 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 173000 2055-2056 198969 2056-2057 10000 2059-2060 83462 2060-2061 353270 2061-2062 157283 2062-2063 161828 2063-2064 240000 2064-2065 241038 2065-2066 198000 2066-2067 22000 2073-2074 117000 2074-2075 170000 2075-2076 72000 Grand Total 12433166 25Statement 7: Calendar for Auction of Treasury Bills – July-Sep 2026 (Amount in ₹ crore) Notified Amount for Auction of Treasury Bills (July - September, 2026) Date of Auction Date of Issue 91 Days 182 Days 364 Days Total July 01, 2026 July 02, 2026 9,000 8,000 7,000 24,000 July 08, 2026 July 09, 2026 9,000 8,000 7,000 24,000 July 15, 2026 July 16, 2026 9,000 8,000 7,000 24,000 July 22, 2026 July 23, 2026 9,000 8,000 7,000 24,000 July 29, 2026 July 30, 2026 9,000 8,000 7,000 24,000 August 05, 2026 August 06, 2026 9,000 8,000 7,000 24,000 August 12, 2026 August 13, 2026 9,000 8,000 7,000 24,000 August 19, 2026 August 20, 2026 9,000 8,000 7,000 24,000 August 27, 2026 August 28, 2026 9,000 8,000 7,000 24,000 September 02, 2026 September 03, 2026 9,000 8,000 7,000 24,000 September 09, 2026 September 10, 2026 9,000 8,000 7,000 24,000 September 16, 2026 September 17, 2026 9,000 8,000 7,000 24,000 September 23, 2026 September 24, 2026 9,000 8,000 7,000 24,000 September 30, 2026 October 01, 2026 9,000 8,000 7,000 24,000 Total 1,26,000 1,12,000 98,000 3,36,000 ************************* 26