Quarterly Report on Public Debt Management for the quarter January - March 2026 2025

PUBLIC DEBT MANAGEMENT QUARTERLY REPORT January-March 2026 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/reports-public-debt- management). Accordingly, this report pertains to Q4: FY 2025-26. The report gives an account of the public debt management and cash management operations during Q4: FY 2025-26 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 during Q4 ................................................................................................................ 2 Table 2.1: Fiscal Outcome for 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 FY 2025-26 ................. 5 Table 2.4: Dated Securities Bid- Cover Ratio/Cut-off Yield Q4: FY 2025-26 ..................................................................... 6 Table 2.5: Issuance of Treasury Bills ................................................................................................................................... 6 Table 3.1: Issuance and Repayments of Treasury Bills during Q4: FY 2025-26.................................................................. 8 Table 4.1: Total Liabilities of Central Government (in ₹ crore) ........................................................................................... 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 (at quarter end) .................................................. 12 Table 4.5: Ownership Pattern of Treasury Bills (at quarter end) ........................................................................................ 12 Table 5.1: Transactions Volume in Government Securities (₹ crore) ................................................................................. 16 Table 5.2: Top 10 Traded Securities ................................................................................................................................... 17 Table 5.3: Category-wise Share of Total Outright Trading Activity in G-Secs (Per Cent) ................................................ 18 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 ............................................................................................................................ 13 Chart 5.2: US 10-Yr par Yield, G-Sec 10-Yr Yield, CPI & Crude Oil Price...................................................................... 14 Chart 5.3: Yield Spread ...................................................................................................................................................... 14 Chart 5.4 : T-Bill Yield Curve ............................................................................................................................................ 15 Chart 5.5: Outright Trading Volume .................................................................................................................................. 16 Chart 5.6: Maturity Buckets-Wise Outright Trading Voume in G-Secs ............................................................................. 17 LIST OF STATEMENTS Statement 1: Amount Raised through Issuance/settlement of Dated Securities during Q4: FY 2025-26 ........................... 19 Statement 2: Treasury Bills Issued during Q4: FY 2025-26 ............................................................................................... 20 Statement 3: G-Secs outstanding balance as of end-March 2026 ....................................................................................... 21 Statement 4: Maturity Profile of Government Securities as of end-March 2026 ................................................................ 24 Statement 5: Calendar for Auction of Treasury Bills – April-June 2026 ............................................................................ 25 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 7.7 per cent (Provisional Estimate), a notable acceleration from the 7.1 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 accelerating from 6.8 per cent in Q1 to a peak of 8.3 per cent in Q2, before sustaining a robust 8.0 per cent and 7.8 per cent in Q3 and Q4, respectively. The expansion was broad-based and anchored by the services sector: the tertiary sector grew by 9.3 per cent during the year, with growth firming to 9.9 per cent in Q4. The secondary sector posted 8.8 per cent annual growth (7.4 per cent in Q4), while the primary sector remained stable, growing by 3.2 per cent during the year (3.8 per cent in Q4). 1.2 India's industrial output, measured by the Index of Industrial Production (IIP, Base Year 2022-23), grew by 5.3 per cent and 3.2 per cent year-on-year (y-o-y) in February and March 2026, respectively. The expansion was led by the manufacturing sector, which rose by 5.9 per cent in February and 3.9 per cent in March 2026. 1.3 Headline inflation, as measured by the Consumer Price Index (CPI, Base Year 2024), remained contained during Q4 of 2025-26. The CPI inflation rate rose from 2.74 per cent in January to 3.21 per cent in February and further to 3.40 per cent in March. The Consumer Food Price Index (CFPI) turned positive in Q4, with the March 2026 print at 3.87 per cent. Concurrently, Wholesale Price Index (WPI) inflation stood at 1.68 per cent in January 2026 and increased to 2.26 per cent in February and 3.88 per cent in March 2026 (Chart 1.1). 1Chart 1.1: Inflation Trend 18.0 16.0 14.0 12.0 10.0 t n 8.0 e c 6.0 r 3.88 e 4.0 3.87 P 2.0 3.40 0.0 -2.0 -4.0 -6.0 222222222333333333333444444444444555555555555666 222222222222222222222222222222222222222222222222 -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-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 CPI CFPI WPI Note: CPI and CFPI data from January 2026 onwards are based on the revised series (Base Year 2024), while WPI data are based on the 2011-12 series. Source: Ministry of Statistics and Programme Implementation; and Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade. 1.4 During Q4 of 2025-26, India's merchandise trade position weakened on account of subdued exports alongside an expansion in imports vis-à-vis the corresponding quarter of the previous year. Merchandise exports contracted by 2.8 per cent (y-o-y) to US$ 112.0 billion, led by a 12.9 per cent decline in petroleum, oil and lubricants (POL) exports. Conversely, merchandise imports expanded by 11.3 per cent to US$ 194.5 billion. Consequently, the merchandise trade deficit widened by 38.6 per cent, from US$ 59.5 billion in Q4 of 2024-25 to US$ 82.5 billion in Q4 of 2025-26. Notwithstanding the wider trade deficit, the current account recorded a surplus of US$ 7.1 billion (0.7 per cent of GDP) during the quarter, as against US$ 13.7 billion (1.4 per cent of GDP) in Q4 of 2024-25. 1.5 Foreign investment flows presented a mixed picture during Q4 of 2025-26, with direct investment strengthening even as portfolio outflows increased. Net Foreign Direct Investment (FDI) recorded an inflow of US$ 4.6 billion, substantially higher than US$ 0.4 billion in Q4 of 2024-25. In contrast, net Foreign Portfolio Investment (FPI) outflows widened from US$ 5.9 billion in Q4 of 2024-25 to US$ 12.4 billion in Q4 of 2025-26 (Table 1.1). Table 1. 1: Foreign Investment Inflows during Q4 (US$ Billion) Year 2024-25 2025-26 Net FDI 0.4 4.6 Net FPI -5.9 -12.4 Source: Reserve Bank of India. 2Section 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 ₹15.19 lakh crore during FY 2025-26, which works out to 4.4 per cent of GDP. 2.2 According to Provisional Estimates, revenue receipts amounted to ₹33.02 lakh crore for FY 2025-26. Of this, net tax revenue accounted for ₹26.23 lakh crore, while non-tax revenue stood at ₹6.79 lakh crore. Non-debt capital receipts were estimated at ₹0.84lakh crore during the same period. During FY 2025-26, Government expenditure reached ₹49.05 lakh crore, representing 98.8 per cent of the revised estimate. Of the total expenditure, ₹38.36 lakh crore was incurred on revenue account, while ₹10.69 lakh crore was spent on capital account. More details are available in Table 2.1 below: Table 2.1: Fiscal Outcome for FY 2025-26 (Amount in ₹ crore) Revised Provisional Percentage of Actual to Revised Items Estimate 2025-26 Estimate 2025-26 Current 2024-25 (COPPY) Revenue Receipts 3342323 3302225 98.8% 98.3% Tax Revenue (Net) 2674661 2623264 98.1% 97.8% Non-Tax Revenue 667662 678961 101.7% 101.1% Non-Debt Capital Receipts 64027 83757 130.8% 70.9% Total Expenditure 4964842 4905151 98.8% 98.7% Revenue Expenditure 3869087 3836032 99.1% 97.4% Capital Expenditure 1095755 1069119 97.6% 103.3% Revenue Deficit 526764 533807 101.3% 92.5% Primary Deficit 284154 276594 97.3% 106.3% Fiscal Deficit 1558492 1519169 97.5% 100.3% Note - COPPY: Corresponding Period of the Previous Year. Figures are provisional. 3B. Issuance Details 2.3 The revised estimates (RE) for gross market borrowings for FY 2025-26 stood at ₹14,61,000 crore. Net market borrowing for FY 2025-26 after accounting for repayments, switches and buyback stood at ₹10,40,439 crore. Overall, Gross market borrowings amounted to ₹3.11 lakh crore during the quarter, representing 21.3 per cent of the full-year RE. The status on gross and net market borrowings in Q4: FY 2025-26 and Q4: FY 2024-25 are presented in Table 2.2. Table 2.2: Issuance of Dated Securities (Amount in ₹ crore) Q4: FY Q4: FY Q4 as % of Item 2025-26 RE 2024-25 2025 -26 2024 -25 2025-26 RE 2024-25 Gross Amount 1461000 311000 1400697 279000 21.29% 19.92% Repayments 328166 90786 237820 11996 27.66% 5.04% Switches: Borrowing 158484 104840 146794 - 66.15% - Repayment 164105 110970 146995 - 67.62% - Net -5620 -6130 -201 Buyback 86775 88164 38776 - 43.98% Net Issuance 1040439 214084 1074512 228228 20.58% 21.24% Note: (i) Repayment of 2024-25 included buyback of ₹30,248 crore for securities matured during FY 2024-25. (ii) Repayment is net of recovery from GST Compensation Fund for both FY 2024-25 and FY 2025-26 RE. 2.4 During Q4 of FY 2025–26, the Government conducted 10 weekly auctions of dated securities, mobilising gross borrowings of ₹3,11,000 crore. Net market borrowings during the quarter amounted to ₹2,14,084 crore, compared with ₹2,28,228 crore raised in the corresponding quarter of FY 2024–25. Issuances were calibrated across maturities in line with prevailing market conditions and investor demand. The 10-year benchmark security accounted for the largest share of gross issuances at 30.9 per cent, followed by 15-year government securities, which contributed 15.4 per cent of the total issuances during Q4 of FY 2025–26. 4Table 2.3: Issuances of Dated Securities by Maturity Buckets / Maturities during FY 2022-23 to 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 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 Q2 FY 23 24000 63000 42000 78000 75000 58000 54000 12000 406000 % of Total 5.91 15.52 10.34 19.21 18.47 14.29 13.3 2.96 100 Q3 FY 23 24000 42000 37000 85000 55000 54000 54000 351000 % of Total 6.8 12 10.5 24.2 15.7 15.4 15.4 100 Q4 FY 23 16000 36000 30000 56000 55000 36000 45000 274000 % of Total 5.8 13.1 11.0 20.4 20.1 13.1 16.4 100 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 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 Tenor-wise 3-Year 5-Year 7-Year 10-Year 15-year 30-year 40-year 50-Year Total 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 52.5 Demand for Government Securities, as reflected in the bid-cover ratio across maturities remained robust and mostly remained above 2 during Q4: FY 2025–26. Detailed information on the range of bid-cover ratios and cut-off yields during the quarter is presented in Table 2.4. Table 2.4: Dated Securities Bid- Cover Ratio / Cut-off Yield Q4: FY 2025-26 Tenor (Yr) Range of Bid- Range of Cutoff-Yield Cover Ratio 3 2.12-2.21 5.97-6.03 5 3.03-3.25 6.36-6.47 7 2.88-3.45 6.68-6.71 10 2.08-2.53 6.61-6.72 15 2.52-2.93 7.08-7.17 30 2.39-2.93 7.43-7.49 40 1.87-3.26 7.44-7.49 50 2.55-2.88 7.43-7.48 2.6 For FY 2025–26, net borrowing through Treasury Bills (T-Bills) was kept at zero for revised estimates. During Q4: FY 2025-26, gross T-Bills issuance amounted to ₹3,93,867 crore, while repayments totalled ₹4,17,289 crore, resulting in net issuance of (-) ₹23,422 crore. In comparison, net issuance in Q4: FY 2024–25 stood at ₹22,511 crore. Detailed issuance data are presented in Table 2.5. Table 2.5: Issuance of Treasury Bills (Amount in ₹ crore) Q4 as % of 2025-26 2024-25 Item 2025-26 Q4 2024-25 RE Q4 2025-26 2024-25 RE 364 DTB Gross Amount 358198 94578 359389 123009 26.4 34.2 Repayment 359389 106214 457487 159431 29.6 34.8 Net Issuance -1191 -11636 -98098 -36422 182 DTB Gross Amount 426884 144410 390787 167708 33.8 42.9 Repayment 403858 91680 446683 116525 22.7 26.1 Net Issuance 23026 52730 -55896 51183 91 DTB Gross Amount 832640 154879 760458 135101 18.6 17.8 Repayment 854476 219395 687745 127351 25.7 18.5 Net Issuance -21835 -64516 72713 7750 All T-Bills Gross Amount 1617723 393867 1510634 425819 24.3 28.2 Repayment 1617723 417289 1591915 403307 25.8 25.3 Net Issuance 0 -23422 -81281 22511 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, are managed by issuance of Treasury Bills and utilisation of Ways and Means Advances (WMA). 3.2 During Q4: FY 2025-26, the Central Government's cash balance was in surplus. 3.3 Q4: FY 2025-26 witnessed a series of RBI measures including open market purchases of Government securities, USD/INR Buy/Sell swaps, and VRR auctions to address the liquidity conditions arising from increased currency in circulation, year-end tax outflows, and State borrowing pressures. In addition, G-Sec and SGS redemptions injected durable liquidity into the system. Chart 3.1:Net liquidity injected (outstanding) [injection (+)/absorption (-)] 4.0 3.0 2.0 1.0 e r o 0.0 rc h k a-1.0 l ₹ -2.0 -3.0 -4.0 -5.0 Source: CEIC and Reserve Bank of India 3.4 In Q4: FY 2025–26, the Government of India mobilised net ₹78,930 crore through competitive bidding in T-Bills and (-) ₹1,02,352 crore under non-competitive bidding. Details of issuances and redemptions of T-Bills (tenor-wise) in Q4: FY 2025-26 are given in Table 3.1. 7Table 3.1: Issuance and Repayments of Treasury Bills during Q4: FY 2025-26 (Amount in ₹ crore) Net Issued Repayment Auction Issuance Issuance Date Date 91 182 364 91 182 364 DTB DTB DTB DTB DTB DTB * * 7200 6000 8162 -21362 07-Jan-26 08-Jan-26 9000 13300 8000 14100 8300 8172 -272 14-Jan-26 16-Jan-26 12740 12000 8500 16400 6280 9276 1283 21-Jan-26 22-Jan-26 11500 12800 8000 19800 7000 9025 -3525 28-Jan-26 29-Jan-26 17000 13000 9000 26000 7000 10921 -4921 04-Feb-26 05-Feb-26 11440 13700 10770 12689 7700 8160 7361 11-Feb-26 12-Feb-26 15000 12600 9700 12500 6000 8287 10513 18-Feb-26 19-Feb-26 16006 12000 8300 15665 8000 7036 5605 25-Feb-26 26-Feb-26 15519 13500 8000 14006 7800 7228 7986 04-Mar-26 05-Mar-26 15500 12600 8000 20000 8600 7116 384 11-Mar-26 12-Mar-26 16173 13000 8308 18000 7000 8373 4109 18-Mar-26 20-Mar-26 15000 15910 8000 27691 6000 7193 -1974 25-Mar-26 26-Mar-26 0 0 0 15344 6000 7265 -28609 Total 154879 144410 94578 219395 91680 106214 -23422 Competitive Q4 128413 131267 85592 90725 77829 97788 78930 Non-Competitive Q4 26466 13143 8986 128670 13851 8426 -102352 *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 ₹201.17 lakh crore at end March 2026 relative to ₹193.94 lakh crore at end December 2025 (Table 4.1). Public debt accounted for 91.2 per cent of total gross liabilities during the quarter. Table 4.1: Total Liabilities of Central Government (in ₹ crore) (#) End Mar Variation (%) End Dec 2025 Components 2026 (Mar 2026 over (Provisional) (Provisional) Dec 2025) A. Public Debt (A1 + A2) 18343434 17698160 3.6 A1. Internal Debt (a + b) 17354877 16761383 3.5 a. Marketable Securities (i + ii) 12925369 12734707 1.5 (i) Dated Securities 12183660 11969576 1.8 (ii) Treasury Bills 741709 765131 -3.1 (iii) Cash Management Bills - - - b. Non-marketable Securities (i to vii) 4429508 4026676 10.0 (i) 14 Day Intermediate T-Bills 208074 162149 28.3 (ii) Compensation & Other Bonds$ 150926 148012 2.0 (iii) Securities issued to Intl. Fin. Institutions 112024 107442 4.3 (iv) Securities against small savings 3646642 3297231 10.6 (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 - - - A2. External Debt (Current Rate of Exchange - CR) 988557 936777 5.5 B. Public Account - Other Liabilities (a to d) 1848323 1911315 -3.3 (a) National Small Savings Fund 284595 416317 -31.6 (b) State Provident Fund 261464 262687 -0.5 (c) Other Accounts 330101 365769 -9.8 (d)Reserve Funds and Deposit (i + ii) 972163 866542 12.2 (i) Bearing Interest 324773 299069 8.6 (ii) Not bearing interest 647389 567474 14.1 C. Pakistan pre-partition debt (approx.) 300 300 - D. Total (net) Liabilities in line with reporting in 19882159 19324073 2.9 Union Budget (A1 + B – C + E) E. External Debt - Historical Rate of Exchange (HR) 679259 651675 4.2 F. Extra-Budgetary Resources (EBRs) 137869 137869 0.0 G. Cash Balance 212436 353248 -39.9 H. Gross Liabilities as per FRBM Act 20116889 19393795 3.7 (A + B – C + F - G) Memo Items I. Securities issued by States to NSSF 240031 256515 -6.4 II NSSF Loans to other Public Agencies 35330 35000 0.9 III. Post Office Insurance Funds with Fund Managers 164197 160498 2.3 I. Net Adjusted Liabilities (H-I-II-III) 19677331 18941781 3.9 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 The sovereign yield curve steepened during the quarter, as the softening bias in the 10- year benchmark yield reversed following the West Asia crisis amid higher crude oil prices and renewed inflation concerns. The weighted average coupon on outstanding dated securities as of end-March 2026 was 7.17 per cent and the weighted average maturity of outstanding dated securities was 13.70 years. The weighted average yield on issuance during Q4: FY 2025-26 stood at 6.90 per cent and the weighted average maturity of issuances during the quarter was 17.98 years. Table 4.2: Yield and Maturity of Dated Securities of Central Government Issues during the year/ Qtr. Outstanding Stock* Fiscal Year Weighted Weighted Average Weighted Average 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 *: As at the end of period. 104.3 The maturity profile of outstanding Government debt (Dated Securities) as on end March 2026 may be seen at Table 4.3. The share of securities maturing in 20 years and beyond was 25.5 per cent, while those maturing within the next 1–5 years stood at 23.3 per cent. On the other hand, the proportion of debt maturing within 5-10 years was at 33.2 per cent at end-March 2026 in contrast to 32.6 per cent at end-December 2025. Overall, 26.8 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-March 2026 end-December 2025 Less than 1 year 435820(3.6) 545067 (4.6) 1-5 years 2834137(23.3) 2872646 (24.0) 5-10 years 4049184(33.2) 3901041 (32.6) 10-20 years 1755744(14.4) 1636166 (13.7) Above 20 years 3108761(25.5) 3014641 (25.2) Total 12183645 11969561 Note: Figures in parentheses represent per cent of total. Ownership Pattern 4.4 The pattern of ownership in Central Government securities as of March 2026 indicates that holdings remained broadly stable and concentrated during March-2024 to March- 2026, with commercial banks, insurance companies and the RBI together accounting for about three-fourths of outstanding securities. Commercial Banks' share decreased to 32.99 per cent in March 2026 compared to 36.18 per cent in March 2025. Insurance Companies’ portion stood at 25.59 per cent in March 2026 relative to 25.81 per cent in March 2025. FPIs and pension funds holdings stood at 2.95 per cent and 4.62 per cent respectively, by end-March 2026 (Table 4.4). 4.5 As at the end of March 2026, Commercial Banks share in Treasury Bill ownership increased and stood at 47.85 per cent, relative to 35.79 per cent at end of previous quarter. The ownership pattern further reflects a decline in ‘Others category’, which decreased to 16.33 per cent as at end March 2026, relative to 26.98 per cent at end of previous quarter, driven mainly by decline in share held by the State Government (Table 4.5). 11Table 4.4: Ownership Pattern of Government of India Dated Securities (at quarter end) (Per cent of outstanding dated securities) 2025 2026 Category Mar Jun Sep Dec Mar 1. Commercial Banks 36.18 35.28 35.43 34.31 32.99 2. Co-operative Banks 1.29 1.29 1.32 1.33 1.33 3. Non-Bank PDs 0.76 0.59 0.60 0.55 0.51 4. Insurance Companies 25.81 25.95 25.81 25.89 25.59 5. Mutual Funds 2.68 2.46 2.77 2.74 1.60 6. Provident Funds 4.24 4.35 4.45 4.58 4.50 7. Pension Funds 4.91 4.96 4.90 4.77 4.62 8. Financial Institutions 0.71 0.74 0.76 0.76 0.75 9. Corporates 1.49 1.26 1.25 1.23 1.22 10. Foreign Portfolio Investors 3.12 2.80 2.97 2.96 2.95 11. RBI 12.78 14.21 13.54 14.52 17.59 12. Others 6.01 6.13 6.22 6.35 6.35 Table 4.5: Ownership Pattern of Treasury Bills (at quarter end) (Per cent of outstanding T-Bills) 2025 2026 Category Mar Jun Sep Dec Mar 1. Commercial Banks 46.58 42.87 39.45 35.79 47.85 2. Co-operative Banks 2.17 1.80 1.58 1.21 1.86 3. Non-Bank PDs 2.09 1.10 2.03 1.46 3.47 4. Insurance Companies 4.23 4.07 4.26 4.45 4.17 5. Mutual Funds 16.15 15.72 17.6 17.98 16.75 6. Provident Funds 0.20 0.09 0.07 0.09 0.09 7. Pension Funds 0.02 0.00 0.00 0.00 0.01 8. Financial Institutions 7.73 6.31 6.34 5.57 5.55 9. Corporates 4.50 3.77 3.80 3.74 3.92 10. Foreign Portfolio Investors 0.09 0.02 0.01 0.02 0.00 11. RBI 0.00 0.00 0.00 0.00 0.00 12. Others 16.23 24.26 24.85 26.98 16.33 Note: ‘Others’ comprises of State Governments, DICGC, PSUs, Trusts, Foreign Central Banks, HUF/ Individuals, etc. 12Section 5: Secondary Market A. Overview of major developments 5.1 The sovereign yield curve shifted upward and steepened during the quarter ending March 2026, with the rise concentrated in the belly and at the long end while the short end remained relatively anchored. The 10-year par yield rose to 7.11 per cent, above both its end-December 2025 (6.67 per cent) and end-March 2025 (6.62 per cent) levels, while the 30-year par yield rose to 7.72 per cent (Chart 5.1). As domestic yields rose against a more contained increase in US Treasury yields, the India-US interest rate differential also widened. Chart 5.1: G-Sec Yield Curve Evolution 8.0 7.5 7.0 )tn e c 6.5 re P ( )la u 6.0 n n A - im 5.5 e S ( M T Y 5.0 012345678901234567890123456789012345678901234567890 11111111112222222222333333333344444444445 Tenor (Years) 30-Mar-2026 31-Dec-2025 28-Mar-2025 Note: Data corresponds to month end. Source: FBIL. 5.2 The escalation of the West Asia conflict from late February 2026 triggered a macro- financial shift during the quarter. The headline CPI inflation edged up slightly from 2.74 per cent in January to 3.40 per cent in March. To address the liquidity in the banking system, the RBI deployed a package of measures during the quarter, including open market purchases, USD/INR buy/sell swaps and variable rate repo (VRR) auctions. As a result, the weighted average call rate (WACR) remained below the Repo rate for much of the quarter. US Treasury yields hardened over the quarter amid heightened global risk aversion (Chart 5.2). 13Chart 5.2: US 10-Yr par Yield, G-Sec 10-Yr Yield, CPI & Crude Oil price 7.0 110 6.5 105 100 6.0 95 5.5 le tn e c5.0 89 50 r r a b r r e P4.5 80 e p $ 4.0 S 75 U 3.5 70 3.0 65 2.5 60 2.0 55 n a J n a J n a J n a J n a J n a J n a J n a J b e F b e F b e F b e F b e F b e F b e F ra M ra M ra M ra M ra M ra M ra M ra M - 1 - 5 - 9 -3 1 -7 1 -1 2 -5 2 -9 2 - 2 - 6 -0 1 -4 1 -8 1 -2 2 -6 2 - 2 - 6 -0 1 -4 1 -8 1 -2 2 -6 2 -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 of end-March 2026, the par yield spread between 10-year and 1-year G-Secs stood at 147 bps, up from 115 bps at end-December 2025. Similarly, the par yield spread between 30-year and 1-year securities changed from 176 bps at end-December 2025 to 208 bps at end-March 2026 (Chart 5.3). Chart 5.3: Yield Spread 208 200 176 147 150 ) s p 115 b ( d a100 e r p S 61 61 49 50 31 33 26 18 13 0 10-1 year 30-10 years 30-1 year 10-5 years 28-Mar-2025 31-Dec-2025 30-Mar-2026 Source: FBIL. 145.4 As of end-March 2026, the yield on 91-day T-Bills stood at 5.38 per cent, up from 5.27 per cent at end-December 2025. The yields on 182-day and 364-day T-Bills also hardened to 5.53 per cent and 5.64 per cent as of end-March 2026, as compared to 5.37 per cent and 5.52 per cent, respectively, at end-December 2025 (Chart 5.4). However, T-Bill yields softened significantly in Q4: FY 2025-26 as compared to yields in Q4: FY 2024- 25. Chart 5.4: T-Bill Yield Curve 6.40 6.20 ) tn 6.00 e c r 5.80 e P ( d 5.60 le iY 5.40 5.20 5.00 0 1 2 3 4 5 6 7 8 9 10 11 12 Tenor (Months) 28-Mar-2025 31-Dec-2025 30-Mar-2026 Source: FBIL. B. Trading Pattern of Government Securities 5.5 The total outright volume of trading in G-Secs (including T-Bills and State Government Securities (SGSs)) was ₹37.75 lakh crore during Q4: FY 2025-26, showing a y-o-y decrease of 5.9 per cent compared to ₹40.13 lakh crore during Q4: FY 2024-25 (Table 5.1 & Chart 5.5). The share of Central Government dated securities in the total outright volume of transactions in Q4: FY 2025-26 was 82.9 per cent, as compared to 82.6 per cent during Q4: FY 2024-25. The share of Central Government securities in repo transactions decreased to 80.7 per cent during Q4: FY 2025-26 compared to 86.0 per cent registered in the corresponding quarter of FY 2024-25. The annualised outright turnover ratio for G-Secs (including T-Bills and SGSs) for Q4: FY 2025-26 was lower at 3.02 (3.52 during Q4: FY 2024-25). The annualised total turnover ratio (outright plus repo transactions) was 11.52 during Q4: FY 2025-26 vis-à-vis 12.20 during Q4: FY 2024-25. 15Table 5.1: Transactions Volume in Government Securities (₹ crore) Outright Repo Period G-Sec T-Bills SGS Total G-Sec T-Bills SGS Total Q4:FY 2024-25 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 (%) 82.6% 9.8% 7.6% 100.0% 86.0% 3.7% 10.3% 100.0% 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% 100.0% 84.1% 1.6% 14.4% 100.0% 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% 100.0% 82.1% 1.6% 16.3% 100.0% 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% 100.0% 80.6% 4.3% 15.2% 100.0% 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% 100.0% 80.7% 2.9% 16.4% 100.0% Source: CCIL. Chart 5.5: Outright Trading Volume 3 50 4 3 40 4 3 2 2 62 41 3 52 32 4 4 4 43 30 4 2 e r o 4 48 r c h k 20 30 30 31 38 33 33 34 34 31 a 27 l ₹ 10 23 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023-24 2024-25 2025-26 G-Sec T-Bills SDL Source: CCIL. 5.6 The top 10 traded Central G-Secs accounted for 78.7 per cent of the total outright trading volume in the secondary market during Q4: FY 2025-26 (80.1 per cent during Q3: FY 2025-26). The share of top 3 traded securities stood at 66.9 per cent of the total outright trading volume in the secondary market during Q4: FY 2025-26 (65.6 per cent during Q3: FY 2025-26) (Table 5.2). 16Table 5.2: Top 10 Traded Securities Q4: FY 2025-26 Q3: FY 2025-26 Q4: FY 2024-25 Share in Share in Share in Volume Volume Volume Total Total Total Security (₹ lakh Security (₹ lakh Security (₹ lakh Outright Outright Outright crore) crore) crore) (%) (%) (%) 6.48% GS 2035 15.89 50.8 6.33% GS 2035 12.11 35.2 6.79% GS 2034 13.58 41.0 6.68% GS 2040 3.53 11.3 6.48% GS 2035 7.21 20.9 7.10% GS 2034 3.03 9.2 6.01% GS 2030 1.49 4.8 6.68% GS 2040 3.26 9.5 6.92% GS 2039 1.61 4.8 6.33% GS 2035 0.94 3.0 6.01% GS 2030 1.58 4.6 7.34% GS 2064 1.09 3.3 7.24% GS 2055 0.71 2.3 6.79% GS 2034 0.92 2.7 7.18% GS 2033 1.04 3.1 6.90% GS 2065 0.70 2.2 6.90% GS 2065 0.74 2.2 7.04% GS 2029 0.93 2.8 5.63% GS 2026 0.45 1.4 7.24% GS 2055 0.51 1.5 6.75% GS 2029 0.70 2.1 6.36% GS 2031 0.32 1.0 7.18% GS 2033 0.48 1.4 7.09% GS 2054 0.63 1.9 7.18% GS 2033 0.29 0.9 7.06% GS 2028 0.43 1.2 7.17% GS 2030 0.53 1.6 7.06% GS 2028 0.28 0.9 7.38% GS 2027 0.36 1.0 7.32% GS 2030 0.52 1.6 Total of top 10 Total of top 10 Total of top 10 24.61 78.7 27.60 80.1 23.66 71.4 Securities Securities Securities Source: CCIL. 5.7 The trend in outright trading volumes in Central G-Secs under different maturity buckets is given in Chart 5.6. Chart 5.6: Maturity Buckets-Wise Outright Trading Volume in G-Secs a. Absolute b. Share 25 70.0 60.0 20 50.0 15 tn40.0 e c e r10 r e P30.0 o r 20.0 c h k5 10.0 a l ₹ 0.0 0 Less than 3 3-7 Years 7-10 Years above 10 Less than 3 3-7 Years 7-10 Years above 10 Years years Years years Q4:FY 2025-26 Q3:FY 2025-26 Q4:FY 2024-25 Q4:FY 2025-26 Q3:FY 2025-26 Q4:FY 2024-25 Source: CCIL. 5.8 The maturity distribution of secondary market transactions in G-Secs, as presented above, shows that the trading activity was concentrated in the 7-10 year maturity bucket during Q4: FY 2025-26. It is also observed that the share of the 7-10 year segment moderated from 63.0 to 55.7 per cent while remaining the most actively traded bucket, with the less- 17than-3-year, 3-7 year and above-10-year segments all gaining share vis-à-vis the previous quarter. 5.9 Private Sector Banks remained the most active segment during Q4: FY 2025-26 with shares of 22.9 per cent (buy) and 23.7 per cent (sell), with Foreign Banks close behind and leading the sell side (24.6 per cent), followed by Public Sector Banks, Primary Dealers and Mutual Funds. On a net basis, Foreign Banks, Primary Dealers, Private Sector Banks and Mutual Funds were net sellers, while Co-operative Banks, Financial Institutions, Insurance Companies and Public Sector 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 Jan-Mar 2026 Oct-Dec 2025 Jan - March 2025 Buy Sell Buy Sell Buy Sell Co-operative Banks 2.1 1.9 2.1 1.9 1.8 1.8 Financial Institutions 0.5 0.0 0.5 0.0 0.7 0.0 Foreign Banks 21.4 24.6 20.4 20.7 19.7 20.8 Insurance Companies 2.9 2.5 2.6 2.0 3.0 2.2 Mutual Funds 8.5 9.0 8.8 6.7 8.1 7.4 Others 13.2 17.1 14.8 18.1 15.5 19.4 Primary Dealers 22.9 23.7 27.1 28.9 23.3 24.4 Private Sector Banks 16.6 14.2 15.5 15.4 17.7 18.3 Public Sector Banks 11.9 6.9 8.2 6.2 10.0 5.7 Total 100.00 100.00 100.00 100.00 100.00 100.00 Source: CCIL, *: Including T-Bills and SGSs. ********* 18Statement 1: Amount Raised through Issuance/settlement of Dated Securities during Q4: 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) 6.48% GS 2035 2-Jan-26 5-Jan-26 32000 32000 0 99.03 6.61 6-Oct-35 9.8 6.68% GS 2040 9-Jan-26 12-Jan-26 16000 16000 0 96.23 7.10 7-Jul-40 14.5 6.90% GS 2065 9-Jan-26 12-Jan-26 13000 13000 0 93.18 7.44 15-Apr-65 39.3 6.01% GS 2030 16-Jan-26 19-Jan-26 18000 18000 0 98.21 6.47 21-Jul-30 4.5 7.43% GS 2076 16-Jan-26 19-Jan-26 13000 13000 0 100.00 7.43 19-Jan-76 50.0 6.03% GS 2029 23-Jan-26 27-Jan-26 9000 9000 0 100.00 6.03 27-Jan-29 3.0 6.68% GS 2033 23-Jan-26 27-Jan-26 11000 11000 0 100.00 6.68 27-Jan-33 7.0 7.24% GS 2055 23-Jan-26 27-Jan-26 13000 13000 0 97.78 7.43 18-Aug-55 29.6 6.48% GS 2035 30-Jan-26 2-Feb-26 32000 32000 0 98.28 6.72 6-Oct-35 9.7 6.68% GS 2040 6-Feb-26 9-Feb-26 16000 16000 0 95.67 7.17 7-Jul-40 14.4 6.90% GS 2065 6-Feb-26 9-Feb-26 13000 13000 0 92.53 7.49 15-Apr-65 39.2 6.36% GS 2031 13-Feb-26 16-Feb-26 18000 18000 0 100.00 6.36 16-Feb-31 5.0 7.43% GS 2076 13-Feb-26 16-Feb-26 13000 13000 0 99.31 7.48 19-Jan-76 49.9 6.03% GS 2029 20-Feb-26 23-Feb-26 9000 9000 0 100.16 5.97 27-Jan-29 2.9 6.68% GS 2033 20-Feb-26 23-Feb-26 11000 11000 0 99.84 6.71 27-Jan-33 6.9 7.24% GS 2055 20-Feb-26 23-Feb-26 13000 13000 0 97.06 7.49 18-Aug-55 29.5 6.48% GS 2035 27-Feb-26 2-Mar-26 32000 32000 0 98.36 6.71 6-Oct-35 9.6 6.68% GS 2040 6-Mar-26 9-Mar-26 16000 16000 0 96.38 7.08 7-Jul-40 14.3 6.90% GS 2065 6-Mar-26 9-Mar-26 13000 13000 0 92.51 7.49 15-Apr-65 39.1 Total 311000 311000 19Statement 2: Treasury Bills Issued during Q4: FY 2025-26 Accepted Amount (₹ crore) Cut off Date of Security Issue Date Non- Yield Auction Competitive Total Competitive (%) 364-Day 07-Jan-26 08-Jan-26 7600 400 8000 5.58 364-Day 14-Jan-26 16-Jan-26 7772 728 8500 5.63 364-Day 21-Jan-26 22-Jan-26 7862 138 8000 5.72 364-Day 28-Jan-26 29-Jan-26 7991 1009 9000 5.74 364-Day 04-Feb-26 05-Feb-26 7600 3170 10770 5.65 364-Day 11-Feb-26 12-Feb-26 7819 1881 9700 5.61 364-Day 18-Feb-26 20-Feb-26 7606 694 8300 5.60 364-Day 25-Feb-26 26-Feb-26 7936 64 8000 5.59 364-Day 04-Mar-26 05-Mar-26 7757 243 8000 5.60 364-Day 11-Mar-26 12-Mar-26 7950 358 8308 5.64 364-Day 18-Mar-26 20-Mar-26 7699 301 8000 5.65 364-Day 25-Mar-26 26-Mar-26 0 0 0 182-Day 07-Jan-26 08-Jan-26 11989 1311 13300 5.54 182-Day 14-Jan-26 16-Jan-26 11992 8 12000 5.60 182-Day 21-Jan-26 22-Jan-26 11983 817 12800 5.66 182-Day 28-Jan-26 29-Jan-26 11992 1008 13000 5.68 182-Day 04-Feb-26 05-Feb-26 11400 2300 13700 5.60 182-Day 11-Feb-26 12-Feb-26 11990 610 12600 5.56 182-Day 18-Feb-26 20-Feb-26 11971 29 12000 5.54 182-Day 25-Feb-26 26-Feb-26 11989 1511 13500 5.51 182-Day 04-Mar-26 05-Mar-26 11993 607 12600 5.54 182-Day 11-Mar-26 12-Mar-26 11977 1023 13000 5.54 182-Day 18-Mar-26 20-Mar-26 11992 3919 15910 5.54 182-Day 25-Mar-26 26-Mar-26 0 0 0 91-Day 07-Jan-26 08-Jan-26 8966 34 9000 5.31 91-Day 14-Jan-26 16-Jan-26 8977 3763 12740 5.34 91-Day 21-Jan-26 22-Jan-26 8980 2520 11500 5.49 91-Day 28-Jan-26 29-Jan-26 8987 8013 17000 5.50 91-Day 04-Feb-26 05-Feb-26 8633 2807 11440 5.34 91-Day 11-Feb-26 12-Feb-26 13974 1026 15000 5.32 91-Day 18-Feb-26 20-Feb-26 13977 2028 16006 5.32 91-Day 25-Feb-26 26-Feb-26 13981 1538 15519 5.30 91-Day 04-Mar-26 05-Mar-26 13983 1517 15500 5.31 91-Day 11-Mar-26 12-Mar-26 13969 2204 16173 5.32 91-Day 18-Mar-26 20-Mar-26 13983 1017 15000 5.33 91-Day 25-Mar-26 26-Mar-26 0 0 0 Total 345272 48595 393867 20Statement 3: G-Secs outstanding balance as of end-March 2026 Sl. No. Name of security Coupon Date of Maturity Amount rate % issue date in ₹ crore 1 7.27% GS 2026 7.27 8-Apr-2019 8-Apr-2026 31329 2 5.63% GS 2026 5.63 12-Apr-2021 12-Apr-2026 86403 3 6.99% GS 2026 6.99 17-Apr-2023 17-Apr-2026 34791 4 8.33% GS 2026 8.33 9-Jul-2012 9-Jul-2026 31058 5 6.97% GS 2026 6.97 6-Sep-2016 6-Sep-2026 47970 6 10.18% GS 2026 10.18 11-Sep-2001 11-Sep-2026 15000 7 7.33% GS 2026 7.33 30-Oct-2023 30-Oct-2026 45785 8 5.74% GS 2026 5.74 15-Nov-2021 15-Nov-2026 49011 9 8.15% GS 2026 8.15 24-Nov-2014 24-Nov-2026 32979 10 8.24% GS 2027 8.24 15-Feb-2007 15-Feb-2027 61494 11 6.79% GS 2027 6.79 15-May-2017 15-May-2027 110831 12 7.02% GS 2027 7.02 27-May-2024 27-May-2027 38000 13 7.38% GS 2027 7.38 20-Jun-2022 20-Jun-2027 109905 14 8.26% GS 2027 8.26 2-Aug-2007 2-Aug-2027 86382 15 8.28% GS 2027 8.28 21-Sep-2007 21-Sep-2027 84680 16 6.64% GS 2027 6.64 9-Dec-2024 9-Dec-2027 39000 17 7.17% GS 2028 7.17 8-Jan-2018 8-Jan-2028 103338 18 7.10% GOI SGrB 2028 7.1 27-Jan-2023 27-Jan-2028 8000 19 6.01% GS 2028 (C Align) 6.01 8-Aug-2003 25-Mar-2028 15000 20 7.06% GS 2028 7.06 10-Apr-2023 10-Apr-2028 97183 21 8.60% GS 2028 8.6 2-Jun-2014 2-Jun-2028 93825 22 6.13% GS 2028 6.13 4-Jun-2003 4-Jun-2028 11000 23 5.91% GS 2028 5.91 30-Jun-2025 30-Jun-2028 51000 24 FRB 2028 6.22 4-Oct-2021 4-Oct-2028 52816 25 7.37% GS 2028 7.37 23-Oct-2023 23-Oct-2028 59000 26 7.25% GOI SGrB 2028 7.25 13-Nov-2023 13-Nov-2028 5000 27 7.26% GS 2029 7.26 14-Jan-2019 14-Jan-2029 121709 28 6.03% GS 2029 6.03 27-Jan-2026 27-Jan-2029 18000 29 7.59% GS 2029 7.59 19-Oct-2015 20-Mar-2029 108775 30 7.10% GS 2029 7.1 18-Apr-2022 18-Apr-2029 158598 31 7.04% GS 2029 7.04 3-Jun-2024 3-Jun-2029 88000 32 6.45% GS 2029 6.45 7-Oct-2019 7-Oct-2029 114840 33 6.75% GS 2029 6.75 23-Dec-2024 23-Dec-2029 87000 34 6.79% GS 2029 6.79 26-Dec-2016 26-Dec-2029 119830 35 7.88% GS 2030 7.88 11-May-2015 19-Mar-2030 128714 36 7.17% GS 2030 7.17 17-Apr-2023 17-Apr-2030 103000 37 7.61% GS 2030 7.61 9-May-2016 9-May-2030 100989 38 5.79% GS 2030 5.79 11-May-2020 11-May-2030 111619 39 6.01% GS 2030 6.01 21-Jul-2025 21-Jul-2030 117000 40 5.77% GS 2030 5.77 3-Aug-2020 3-Aug-2030 123000 41 9.20% GS 2030 9.2 30-Sep-2013 30-Sep-2030 65560 42 7.32% GS 2030 7.32 13-Nov-2023 13-Nov-2030 70000 43 5.85% GS 2030 5.85 1-Dec-2020 1-Dec-2030 120832 44 8.97% GS 2030 8.97 5-Dec-2011 5-Dec-2030 93710 45 6.36% GS 2031 6.36 16-Feb-2026 16-Feb-2031 18000 46 7.02% GS 2031 7.02 18-Jun-2024 18-Jun-2031 64000 47 6.10% GS 2031 6.1 12-Jul-2021 12-Jul-2031 152366 48 6.68% GS 2031 6.68 4-Sep-2017 17-Sep-2031 118723 49 FRB 2031 6.52 7-May-2018 7-Dec-2031 139916 50 6.79% GS 2031 6.79 30-Dec-2024 30-Dec-2031 63000 51 6.54% GS 2032 6.54 17-Jan-2022 17-Jan-2032 156000 52 8.28% GS 2032 8.28 15-Feb-2007 15-Feb-2032 131247 21Sl. No. Name of security Coupon Date of Maturity Amount rate % issue date in ₹ crore 53 6.28% GS 2032 6.28 14-Jul-2025 14-Jul-2032 55000 54 8.32% GS 2032 8.32 2-Aug-2007 2-Aug-2032 121874 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 6.68% GS 2033 6.68 27-Jan-2026 27-Jan-2033 22000 60 7.26% GS 2033 7.26 6-Feb-2023 6-Feb-2033 150000 61 7.57% GS 2033 7.57 20-May-2019 17-Jun-2033 147589 62 7.18% GS 2033 7.18 14-Aug-2023 14-Aug-2033 201000 63 FRB 2033 6.75 22-Jun-2020 22-Sep-2033 149482 64 8.24% GS 2033 8.24 10-Nov-2014 10-Nov-2033 117494 65 6.57% GS 2033 6.57 5-Dec-2016 5-Dec-2033 154437 66 7.24% GOI SGrB 2033 7.24 11-Dec-2023 11-Dec-2033 5000 67 7.10% GS 2034 7.1 8-Apr-2024 8-Apr-2034 180000 68 6.90% GOI SGrB 2034 6.9 5-Aug-2024 5-Aug-2034 1697 69 7.50% GS 2034 7.5 10-Aug-2004 10-Aug-2034 121070 70 6.19% GS 2034 6.19 1-Jun-2020 16-Sep-2034 146199 71 6.79% GS 2034 6.79 7-Oct-2024 7-Oct-2034 184000 72 FRB 2034 6.54 30-Aug-2021 30-Oct-2034 54800 73 6.79% GOI SGrB 2034 6.79 2-Dec-2024 2-Dec-2034 10000 74 7.73% GS 2034 7.73 12-Oct-2015 19-Dec-2034 112547 75 FRB 2035 6.66 25-Jan-2005 25-Jan-2035 350 76 6.22% GS 2035 6.22 2-Nov-2020 16-Mar-2035 126601 77 6.33% GS 2035 6.33 5-May-2025 5-May-2035 180000 78 6.64% GS 2035 6.64 12-Apr-2021 16-Jun-2035 159537 79 7.40% GS 2035 7.4 9-Sep-2005 9-Sep-2035 154196 80 6.48% GS 2035 6.48 6-Oct-2025 6-Oct-2035 192000 81 6.67% GS 2035 6.67 13-Sep-2021 15-Dec-2035 170154 82 7.54% GS 2036 7.54 23-May-2022 23-May-2036 153904 83 8.33% GS 2036 8.33 7-Jun-2006 7-Jun-2036 125531 84 7.41% GS 2036 7.41 19-Dec-2022 19-Dec-2036 155080 85 7.18% GS 2037 7.18 24-Jul-2023 24-Jul-2037 172000 86 6.83% GS 2039 6.83 19-Jan-2009 19-Jan-2039 18645 87 7.23% GS 2039 7.23 15-Apr-2024 15-Apr-2039 117000 88 7.62% GS 2039 7.62 8-Apr-2019 15-Sep-2039 53201 89 6.92% GS 2039 6.92 18-Nov-2024 18-Nov-2039 125109 90 8.30% GS 2040 8.3 2-Jul-2010 2-Jul-2040 162452 91 6.68% GS 2040 6.68 7-Jul-2025 7-Jul-2040 160000 92 8.83% GS 2041 8.83 12-Dec-2011 12-Dec-2041 91771 93 8.30% GS 2042 8.3 31-Dec-2012 31-Dec-2042 105700 94 7.69% GS 2043 7.69 30-Apr-2019 17-Jun-2043 38920 95 9.23% GS 2043 9.23 23-Dec-2013 23-Dec-2043 79472 96 8.17% GS 2044 8.17 1-Dec-2014 1-Dec-2044 98959 97 8.13% GS 2045 8.13 22-Jun-2015 22-Jun-2045 98000 98 7.06% GS 2046 7.06 10-Oct-2016 10-Oct-2046 105500 99 7.72% GS 2049 7.72 15-Apr-2019 15-Jun-2049 84540 100 7.16% GS 2050 7.16 20-Apr-2020 20-Sep-2050 102696 101 6.67% GS 2050 6.67 2-Nov-2020 17-Dec-2050 149162 102 6.62% GS 2051 6.62 28-Nov-2016 28-Nov-2051 62697 103 6.99% GS 2051 6.99 15-Nov-2021 15-Dec-2051 148359 104 7.36% GS 2052 7.36 12-Sep-2022 12-Sep-2052 161967 105 7.30% GS 2053 7.3 19-Jun-2023 19-Jun-2053 195000 106 7.37% GOI SGrB 2054 7.37 23-Jan-2024 23-Jan-2054 10000 22Sl. No. Name of security Coupon Date of Maturity Amount rate % issue date in ₹ crore 107 7.09% GS 2054 7.09 5-Aug-2024 5-Aug-2054 148000 108 6.98% GOI SGrB 2054 6.98 16-Dec-2024 16-Dec-2054 25000 109 7.24% GS 2055 7.24 18-Aug-2025 18-Aug-2055 78000 110 7.72% GS 2055 7.72 26-Oct-2015 26-Oct-2055 100969 111 7.63% GS 2059 7.63 6-May-2019 17-Jun-2059 83462 112 7.19% GS 2060 7.19 13-Apr-2020 15-Sep-2060 98381 113 6.80% GS 2060 6.8 31-Aug-2020 15-Dec-2060 105856 114 6.76% GS 2061 6.76 22-Feb-2021 22-Feb-2061 149022 115 6.95% GS 2061 6.95 22-Nov-2021 16-Dec-2061 157283 116 7.40% GS 2062 7.4 19-Sep-2022 19-Sep-2062 161828 117 7.25% GS 2063 7.25 12-Jun-2023 12-Jun-2063 240000 118 7.34% GS 2064 7.34 22-Apr-2024 22-Apr-2064 241038 119 6.90% GS 2065 6.9 15-Apr-2025 15-Apr-2065 187000 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 26000 Total 12183645 23Statement 4: Maturity Profile of Government Securities as of end-March 2026 Year of Maturity Amount in ₹ crore 2026-2027 435820 2027-2028 595137 2028-2029 618308 2029-2030 696982 2030-2031 923710 2031-2032 825252 2032-2033 655777 2033-2034 775002 2034-2035 937265 2035-2036 855887 2036-2037 434515 2037-2038 172000 2038-2039 18645 2039-2040 295310 2040-2041 322452 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 178969 2059-2060 83462 2060-2061 353259 2061-2062 157283 2062-2063 161828 2063-2064 240000 2064-2065 241038 2065-2066 187000 2073-2074 117000 2074-2075 170000 2075-2076 26000 Total 12183645 24Statement 5: Calendar for Auction of Treasury Bills – April-June 2026 (Amount in ₹ crore) Notified Amount for Auction of Treasury Bills (April-June 2026) 182 Date of Auction Date of Issue 91 Days 364 Days Total Days 08-Apr-26 09-Apr-26 12,000 6,000 6,000 24,000 15-Apr-26 16-Apr-26 12,000 6,000 6,000 24,000 22-Apr-26 23-Apr-26 12,000 6,000 6,000 24,000 29-Apr-26 30-Apr-26 12,000 6,000 6,000 24,000 06-May-26 07-May-26 12,000 6,000 6,000 24,000 13-May-26 14-May-26 12,000 6,000 6,000 24,000 20-May-26 21-May-26 12,000 6,000 6,000 24,000 27-May-26 29-May-26 12,000 6,000 6,000 24,000 03-Jun-26 04-Jun-26 12,000 6,000 6,000 24,000 10-Jun-26 11-Jun-26 12,000 6,000 6,000 24,000 17-Jun-26 18-Jun-26 12,000 6,000 6,000 24,000 24-Jun-26 25-Jun-26 12,000 6,000 6,000 24,000 Total 1,44,000 72,000 72,000 2,88,000 ************************* 25