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PUBLIC DEBT MANAGEMENT
QUARTERLY REPORT
July-September, 2025
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC AFFAIRS
BUDGET DIVISION
www.dea.gov.inContents
Section 1: Macroeconomic Developments ..................................................................... 1
Section 2: Debt Management - Primary Market Operations .......................................... 3
Section 3: Cash Management .......................................................................................... 7
Section 4: Trends in Outstanding Debt ........................................................................... 9
Section 5: Secondary Market ........................................................................................ 13Introduction
The Public Debt Management Cell (PDMC), Budget Division, Department of Economic
Affairs (DEA), Ministry of Finance (MoF) has been bringing out a quarterly report on
public debt management on a regular basis (https://dea.gov.in/public-debt-
management). Accordingly, this report pertains to the period July-September of the
fiscal year (FY) 2025-26, viz., Q2: FY 2025-26.
The report gives an account of the public debt management and cash management
operations during the quarter and provides information on various aspects of debt
management.
While all attempts have been made to provide authentic and accurate information, it is
possible that some errors might have crept in inadvertently. Readers may inform us of
such errors, if any, and provide their valuable suggestions to improve the contents of
this report at pdmc-dea@gov.in
*******
iLIST OF TABLES
Table 1.1: Foreign Investment Inflows during Q2 ................................................................................................................ 2
Table 2.1: Fiscal Outcome upto September 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 Q2: FY 2025-26 .......... 5
Table 2.4: Dated Securities Bid- Cover Ratio/Cut-off Yield Q2: FY 2025-26 ..................................................................... 6
Table 2.5: Issuance of Treasury Bills ................................................................................................................................... 6
Table 3.1: Issuance and Repayments of Treasury Bills during Q2: FY 2025-26.................................................................. 8
Table 4.1: Total Liabilities of Central Government (in ₹ crores) (#) .................................................................................... 9
Table 4.2: Yield and Maturity of Dated Securities of Central Government ....................................................................... 10
Table 4.3: Maturity Profile of Outstanding Dated Securities of Central Government ....................................................... 11
Table 4.4: Ownership Pattern of Government of India Dated Securities ............................................................................ 12
Table 4.5: Ownership Pattern of Treasury Bills ................................................................................................................. 12
Table 5.1: Yield Spreads (bps) ........................................................................................................................................... 13
Table 5.2: Yields on T-Bills of different tenors .................................................................................................................. 15
Table 5.3: Comparative data during the quarter.................................................................................................................. 16
Table 5.4: Transactions in Government Securities (Volume in ₹ crore) ............................................................................. 17
Table 5.5: Top 10 Traded Securities (in ₹ Crores).............................................................................................................. 18
Table 5.6: Maturity Buckets-Wise Outright Trading Volume in G-Secs (in ₹ Crores) ...................................................... 18
Table 5.7: Category-wise Share (%) of Total Outright Trading Activity in G-Secs* ......................................................... 19
LIST OF CHARTS
Chart 1.1: CPI and WPI Inflation (Per cent) ......................................................................................................................... 1
Chart 3.1:Net liquidity injected (outstanding) [injection (+)/absorption (-)] ........................................................................ 7
Chart 5.1: Trend in 10-Year Benchmark Yield in G-Sec Market ....................................................................................... 14
Chart 5.2: Comparative G-Sec Yield Curves ...................................................................................................................... 14
Chart 5.3: Comparative T-Bill Yield Curve ........................................................................................................................ 15
Chart 5.4 : Comparative Chart of US 10-Yr Yield, G -Sec 10-Yr Yield, CPI & Crude Oil price ...................................... 16
Chart 5.5:Outright Trading Volume in ₹ crore ................................................................................................................... 17
LIST OF STATEMENTS
Statement 1: Amount Raised through Issuance/settlement of Dated Securities during Q2: FY 2025-26 ........................... 20
Statement 2: Treasury Bills Issued during Q2: FY 2025-26 ............................................................................................... 21
Statement 3: G-Secs outstanding balance as of end-September 2025................................................................................. 22
Statement 4: Maturity Profile of Government Securities as of end-September 2025 ......................................................... 25
Statement 5: Calendar for Auction of Treasury Bills – October-December 2025 .............................................................. 26
iiSection 1: Macroeconomic Developments
1.1 India’s real GDP recorded a growth of 7.8 per cent in Q1:2025-26, higher than 6.5 per
cent in Q1:2024-25. Growth strengthened further in Q2:2025-26 to 8.2 per cent, up from
5.6 per cent in Q2:2024-25. Consequently, real GDP growth in H1 (April-September) of
2025-26 stood at 8.0 per cent, compared with 6.1 per cent in H1:2024-25.
1.2 The acceleration in output growth during Q2:2025-26 was broad-based across sectors.
The tertiary sector recorded strong growth of 9.2 per cent, followed by the secondary
sector at 8.1 per cent. The primary sector also registered growth of 3.1 per cent, together
supporting overall economic momentum.
1.3 India's industrial output, measured by the Index of Industrial Production (IIP), grew by
4.6 per cent (y-o-y) in September 2025 supported mainly by the manufacturing sector,
which rose by 5.6 per cent. Use-based category data reflects that
infrastructure/construction goods production saw a growth of 10.6 per cent and consumer
durables at 10 per cent. Growth in primary goods and consumer non-durables remained
relatively muted.
1.4 Headline inflation, measured by the Consumer Price Index (CPI), declined from 1.61 per
cent in July to 1.44 per cent by September 2025. The Wholesale Price Index (WPI)
inflation at -0.58 per cent in July 2025 turned positive at 0.52 per cent and 0.19 per cent
in August and September 2025, respectively (Chart 1.1).
Chart 1.1: CPI and WPI Inflation (Per cent)
18.0
16.0
14.0
12.0
10.0
t 8.0
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c 6.0
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e 4.0
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2.0
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0.0 0.19
-2.0 -2.33
-4.0
-6.0
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CPI CFPI WPI
Source: Ministry of Statistics and Programme Implementation, for CPI and Office of the Economic
Adviser, Department for Promotion of Industry and Internal Trade, for WPI
11.5 In Q2:2025-26, India’s merchandise trade outcomes improved on the export front but
were offset by import expansion vis-à-vis the corresponding quarter of the previous year.
Merchandise exports rose by 8.4 per cent (y-o-y), driven by an 8.8 per cent increase in
non-oil exports. Merchandise imports expanded by 5.0 per cent, reflecting growth in both
oil imports (3.2 per cent) and non-oil imports (5.6 per cent). As a result, the merchandise
trade deficit widened by 1.2 per cent, from US$ 87.1 billion in Q2:2024-25 to US$ 88.1
billion in Q2:2025-26.
1.6 Foreign investment flows exhibited a shift in composition during Q2:2025-26 relative to
the corresponding quarter of the previous year. Net FDI improved from a net outflow of
US$ 2.8 billion in Q2:2024-25 to a net inflow of US$ 2.9 billion in Q2:2025-26,
suggesting relatively stronger longer-term inflows. In contrast, net FPI reversed from a
net inflow of US$ 19.9 billion in Q2:2024-25 to a net outflow of US$ 5.7 billion in
Q2:2025-26 (Table 1.1).
Table 1.1: Foreign Investment Inflows during Q2
(In USD Billion)
Year 2024-25 2025-26
Net FDI -2.8 2.9
Net FPI 19.9 -5.7
Source: Various issues of Monthly Bulletin, Reserve Bank of India (RBI)
2Section 2: Debt Management - Primary Market Operations
A. Government Finances
2.1 As per provisional estimates released by the Controller General of Accounts (CGA),
Central Government's fiscal deficit reached ₹5.73 lakh crore for April-September 2025,
equivalent to 36.5 per cent of the full-year budget estimate of ₹15.69 lakh crore.
2.2 According to the CGA provisional estimates revenue receipts stood at ₹16.95 lakh crore
with ₹12.29 lakh crore in net tax revenue and ₹4.66 lakh crore in non-tax revenue at end
September 2025. The non-debt capital receipts stood at ₹0.35 lakh crore. Total
Government Expenditure stood at ₹23.03 lakh crore upto September 2025 which is 45.5
per cent of the Budget Estimates. Of this, revenue expenditure amounted to ₹17.22 lakh
crore, while capital expenditure increased to ₹5.81 lakh crore, representing 51.80 per cent
of the budget estimates, relative to 37.30 per cent in the corresponding period last year.
More details are available in Table 2.1 below:
Table 2.1: Fiscal Outcome upto September FY 2025-26
(Amount in ₹ crore)
Budget Actual Percentage of Actual to Budget
Items Estimate up to Estimate
2025-26 Sep 2025 Current 2024-25 (COPPY)
Revenue Receipts 3420409 1695446 49.60% 51.80%
Tax Revenue (Net) 2837409 1229370 43.30% 49.00%
Non-Tax Revenue 583000 466076 79.90% 65.50%
Non-Debt Capital Receipts 76000 34770 45.80% 18.70%
Total Expenditure 5065345 2303339 45.50% 43.80%
Revenue Expenditure 3944255 1722593 43.70% 45.70%
Capital Expenditure 1121090 580746 51.80% 37.30%
Revenue Deficit 523846 27147 5.20% 12.80%
Primary Deficit 292598 -5059 -1.70% -9.00%
Fiscal Deficit 1568936 573123 36.50% 29.40%
Note - COPPY: Corresponding Period of the Previous Year.
Figures are provisional.
B. Issuance Details
2.3 The Budget Estimates (BE) for gross and net market borrowings for FY 2025-26 stood
at ₹14,82,000 crore and ₹11,53,834 crore, respectively. Overall, in the first half of FY
2025-26, the Government planned to borrow ₹8.00 lakh crore (about 54% of the total
budgeted gross market borrowing of ₹14.82 lakh crore for the full year) primarily through
dated securities spanning maturities from 3 to 50 years, including ₹10,000 crore via
Sovereign Green Bonds. The status on gross and net market borrowings in Q2: FY 2025-
326 and Q2: FY 2024-25 are presented in Table 2.2. In Q2: FY 2025–26, the Government
mobilised ₹3.94 lakh crore of gross market borrowings, accounting for 26.59 per cent of
the BE for the year. In contrast, Q2: FY 2024–25 gross borrowings stood at ₹3.99 lakh
crore, representing 28.46 per cent of the Revised Estimate (RE).
Table 2.2: Issuance of Dated Securities
(Amount in ₹ crore)
2025-26 Q2: FY 2024-25 Q2: FY Q2 as % of
Item
BE 2025 -26 RE 2024 -25 2025-26 BE 2024-25 RE
Gross Amount 1482000 394000 1400697 398697 26.59% 28.46%
Repayments 328166 71616 237818 60945 21.82% 25.63%
Switches:
Borrowing 250000 38877 146794 68874 15.55% 46.92%
Repayment 250000 40638 146995 69295 16.2 6% 47.1 4%
Net 0 -1761 -201 -421
Buyback 0 37175 88164 0
Net Issuance 1153834 283449 1074514 337331 24.57% 31.39%
Note:
(i) Repayment of 2024-25 RE included buyback of ₹ 30,248 crores for securities matured during FY 2024-25.
(ii) Repayment is net of recovery from GST Compensation Fund for both FY 2024-25 RE and FY 2025-26 BE.
2.4 During Q2: FY 2025–26, the Government conducted 13 weekly auctions of dated
securities, mobilising a gross borrowing of ₹3,94,000 crore. Net market borrowings
during the quarter stood at ₹2,83,449 crore, in comparison to ₹3,37,331 crore raised in
the corresponding quarter of FY 2024–25. Issuances were strategically distributed across
maturities in line with prevailing market demand. The 10-year benchmark security
accounted for the largest share of gross issuance at 22.8 per cent, followed by 40-year
and 15-year government securities, each contributing 16.2 per cent during Q2: FY 2025–
26.
4Table 2.3: Issuances of Dated Securities by Maturity Buckets / Maturities during FY
2022-23 to Q2: FY 2025-26
(Amount in ₹ Crore)
Tenor-wise 2-Year 5-Year 7-Year 10-Year 14-year 30-year 40-year FRB Total
FY 2022-23 88000 195000 151000 297000 245000 202000 207000 36000 1421000
% of Total 6.2 13.7 10.6 20.9 17.2 14.2 14.6 2.5 100
Q1 FY 2022-23 24000 54000 42000 78000 60000 54000 54000 24000 390000
% of Total 6.2 13.9 10.8 20 15.4 13.9 13.9 6.2 100
Q2 FY 2022-23 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
Tenor-wise 3-Year 5-Year 7-Year 10-Year 14-year 30-year 40-year 50-Year Total
FY 2023-24 96000 179000 151000 332000 256000 223000 276000 30000 1543000
% of Total 6.2 11.6 9.8 21.5 16.6 14.5 17.9 1.9 100
Q1 FY 2023-24 24000 48000 42000 84000 72000 66000 72000 408000
% of Total 5.9 11.8 10.3 20.6 17.6 16.2 17.6 100
Q2 FY 2023-24 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
Tenor-wise 3-Year 5-Year 7-Year 10-Year 15-year 30-year 40-year 50-Year Total
FY 2024-25 71000 142000 116000 345697 191000 147000 251000 137000 1400697
% of Total 5.1 10.1 8.3 24.7 13.6 10.5 17.9 9.8 100
Q1 FY 2024-25 18000 36000 33000 80000 44000 27000 69000 34000 341000
% of Total 5.3 10.6 9.7 23.5 12.9 7.9 20.2 10.0 100.0
Q2 FY 2024-25 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
FY 2025-26
Q1 FY 2025-26 24000 45000 33000 120000 48000 41000 48000 42000 401000
% of Total 6.0 11.2 8.2 29.9 12.0 10.2 12.0 10.5 100.0
Q2 FY 2025-26 18000 45000 33000 90000 64000 38000 64000 42000 394000
% of Total 4.6 11.4 8.4 22.8 16.2 9.6 16.2 10.7 100.0
2.5 Demand for Government Securities, as reflected in the bid-to-cover ratio across
maturities remained robust and mostly remained above 2 during Q2: FY 2025–26.
Detailed information on the range of bid-to-cover ratios and cut-off yields during the
quarter is presented in Table 2.4.
5Table 2.4: Dated Securities Bid- Cover Ratio/Cut-off Yield Q2: FY 2025-26
Tenor Range of Bid-Cover Range of
(Years) Ratio Cutoff-Yield
3 3.62 - 4.08 5.80 - 6.00
5 2.32 - 3.93 6.00 - 6.27
7 2.40 - 4.54 6.28 - 6.54
10 2.35 - 2.54 6.33 - 6.55
15 1.79 - 2.90 6.67 - 6.95
30 3.58 - 4.24 6.98 - 7.23
40 2.48 - 3.16 7.08 - 7.36
50 2.82 - 4.29 7.15 - 7.38
2.6 For FY 2025–26, net borrowing through Treasury Bills (T-Bills) was budgeted at zero.
During Q2: FY 2025-26, gross T-Bill issuance amounted to ₹3,87,653 crore, while
repayments totalled ₹4,17,432 crore, resulting in net issuance of (-) ₹29,779 crore. In
comparison, net issuance in Q2: FY 2024–25 stood at (-) ₹1,10,951 crore. Detailed
issuance data are presented in Table 2.4.
Table 2.5: Issuance of Treasury Bills
(Amount in ₹ crore)
Q2 as % of
2025-26 Q2: FY Q2: FY
Item 2024-25 RE 2025-26 2024-
BE 2025-26 2024-25
BE 25 RE
364 DTB
Gross Amount 360810 82211 360810 76140 22.8 21.1
Repayment 360810 76140 457487 98186 21.1 21.5
Net Issuance 0 6071 -96677 -22046
182 DTB
Gross Amount 484082 91680 394007 76725 18.9 19.5
Repayment 484082 127788 446683 167708 26.4 37.5
Net Issuance 0 -36108 -52676 -90983
91 DTB
Gross Amount 606191 213762 747645 171488 35.3 22.9
Repayment 606191 213504 687745 169410 35.2 24.6
Net Issuance 0 258 59900 2078
All T-Bills
Gross Amount 1451084 387653 1502462 324353 26.7 21.6
Repayment 1451084 417432 1591915 435304 28.8 27.3
Net Issuance 0 -29779 -89453 -110951
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 Q2: FY 2025-26, the Central Government's cash balance was in surplus.
Chart 3.1:Net liquidity injected (outstanding) [injection (+)/absorption (-)]
400000
300000
200000
100000
e 0
r
o
r
c ₹-100000
-200000
-300000
-400000
-500000
4 4 4 4 4 4 4 4 5 5 5 5 5 5 5 5 5
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
/1 /1 /1 /0 /9 /9 /8 /8 /7 /6 /8 /7 /7 /6 /6 /5 /4
0 0 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2
/6 /7 /7 /8 /9 /0 /1 /2 /1 /2 /3 /4 /5 /6 /7 /8 /9
0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0
Source: CEIC and Reserve Bank of India
3.3 Systemic liquidity remained in surplus for most of Q2: FY 2025-26. Liquidity briefly
turned deficit in the latter part of September due to seasonal tax-related outflows, before
entering into surplus by month end. Overall, liquidity conditions during the quarter
remained in surplus and strengthened compared to last quarter with average daily net
Liquidity Adjustment Facility (LAF) absorption at ₹2.55 lakh crore during Q2: FY 2025-
26.
3.4 In Q2: FY 2025–26, the Government of India mobilised (-) ₹29,897 crore through
competitive bidding in T-Bills and ₹ 118 crore under non-competitive bidding. Details
of issuances and redemptions of T-Bills (tenor-wise) in Q2: FY 2025-26 are given in
Table 3.1.
7Table 3.1: Issuance and Repayments of Treasury Bills during Q2: FY 2025-26
(Amount in ₹ crore)
Auction Issuance Issued Repayment Net
Date Date 91 DTB 182 DTB 364 DTB 91 DTB 182 DTB 364 DTB Issuance
02-07-2025 03-07-2025 10177 6000 5460 9604 8000 6099 -2066
09-07-2025 10-07-2025 14800 8300 7442 11000 9300 6412 3830
16-07-2025 17-07-2025 16400 6280 6318 10900 8750 6014 3334
23-07-2025 24-07-2025 14100 7000 6240 35200 8958 6071 -22889
30-07-2025 31-07-2025 26250 7000 5153 36100 9000 6345 -13042
06-08-2025 07-08-2025 22162 7700 5013 10800 8700 6247 9127
13-08-2025 14-08-2025 15000 6000 6047 10000 8179 8764 105
20-08-2025 21-08-2025 11900 8000 7777 12300 0 8019 7358
28-08-2025 29-08-2025 12300 7800 7165 11800 13751 7112 -5397
03-09-2025 04-09-2025 11500 8600 6226 13500 13700 7325 -8198
10-09-2025 11-09-2025 22994 7000 6462 16500 14150 7734 -1928
17-09-2025 18-09-2025 17900 6000 6811 15300 13150 0 2261
24-09-2025 25-09-2025 18280 6000 6096 20500 12150 0 -2273
Total 213762 91680 82211 213504 127788 76140 -29779
Comp.
Q2 125689 77829 64762 116698 115736 65745 -29897
Non-Comp.
Q2 88073 13851 17448 96806 12053 10396 118
8Section 4: Trends in Outstanding Debt
4.1 Total gross liabilities1 of the Government, as per provisional data, stood at ₹191.30 lakh
crore at end September 2025 relative to ₹187.86 lakh crore at end June 2025 (Table 4.1). Public
debt accounted for 90.5 per cent of total gross liabilities during the quarter.
Table 4.1: Total Liabilities of Central Government (in ₹ crores) (#)
End Sep 2025 End Jun 2025 Variation (%)
Components (Provisional) (Provisional) (Sep 2025 over
Jun 2025)
A. Public Debt (A1 + A2) 17313845 16925465 2.7
A1. Internal Debt (a + b) 16388603 16027954 2.7
a. Marketable Securities (i + ii) 12466720 12213051 2.1
(i) Dated Securities 11712440 11428991 2.5
(ii) Treasury Bills 754280 784059 -3 .8
(iii) Cash Management Bills 0 0
b. Non-marketable Securities (i to vii) 3921883 3814904 4.6
(i) 14 Day Intermediate T-Bills 97855 145277 -32.6
(ii) Compensation & Other Bonds$ 147848 147642 0.1
(iii) Securities issued to Intl. Fin. 108439 108858 -0.4
Institutions
(iv) Securities against small savings 3255900 3101285 7.2
(v) Special Sec. against POLIF 20894 20894 0.0
(vi) Special Securities issued to PSB/ 290948 290948 -
EXIM Bank/ IDBI Bank/ IIFCL
(vii) Ways & Means Advances 0 0 -
A2. External Debt 925242 897511 3.1
(Current Rate of Exchange - CR)
B. Public Account - Other Liabilities (a to 1946931 1947783 -3.6
d)
(a) National Small Savings Fund 380579 454763 -31.5
(b) State Provident Fund 265035 268242 -1.2
(c) Other Accounts 359136 359821 -0.2
(d)Reserve Funds and Deposit (i + ii) 942181 864957 8.9
(i) Bearing Interest 298847 291891 2.4
(ii) Not bearing interest 643335 573066 12.3
C. Pakistan pre-partition debt (approx.) 300 300 -
D. Total (net) Liabilities as reported in the 18979087 18613907 2.0
Union Budget (A1 + B – C + E)
E. External Debt - Historical Rate of 643853 638469 0.8
Exchange (HR)
F. Extra-Budgetary Resources (EBRs) 137869 137869 0.0
G. Cash Balance 268590 224558 19.6
H. Gross Liabilities as per FRBM Act 19129755 18786258 1.8
(A + B – C + F - G)
Memo Items
I. Securities issued by States to NSSF 264360 272378 -2.9
II NSSF Loans to other Public Agencies 35300 35000 0.9
1 Includes total liabilities under the ‘Public Account’ and external debt valued at current exchange rates.
9End Sep 2025 End Jun 2025 Variation (%)
Components (Provisional) (Provisional) (Sep 2025 over
Jun 2025)
III. Post Office Insurance Funds with Fund 155633 151368 2.8
Managers
I. Net Adjusted Liabilities (H-I-II-III) 18674461 18327512 1.9
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.
Yield on Primary Issuances of G-Secs and Maturity of Outstanding Stock of Market
Loans
4.2 After remaining broadly stable in the first half of July, G-Sec yields hardened in the latter
half of the month amid various global uncertainties. From September onwards, yields
have eased, supported by softer US yields and declining crude oil prices. The weighted
average coupon on outstanding as end September 2025 was 7.20 per cent and the
weighted average maturity of outstanding dated securities was 13.60 years. The weight
average yield on issuance during Q2: FY 2025-26 stood at 6.72 per cent and the weighted
average maturity of issuances remained at 20.46 years.
Table 4.2: Yield and Maturity of Dated Securities of Central Government
Issues during the year/ Qtr. Outstanding Stock*
Weighted Weighted Weighted Average Weighted Average
Fiscal Year
Average Average Coupon Maturity
Yield (%) Maturity (years) (%) (years)
1 2 3 4 5
FY 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
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
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
FY 2025-26
Q1 6.48 18.85 7.23 13.46
Q2 6.72 20.46 7.20 13.60
*: As at the end of period.
104.3 The maturity profile of outstanding Government debt (Dated Securities) as on end
September 2025 may be seen at Table 4.3. The share of securities maturing in 20 years and
beyond was 24.8 per cent, while those maturing within the next 1–5 years stood at 22.5 per
cent. On the other hand, the proportion of debt maturing within 5-10 years at 33.6 per cent at
end-September 2025 in contrast to 32.9 per cent at end-June 2025. Overall, 26.6 per cent of the
total outstanding debt is scheduled to mature over the next five years, implying that, on average,
5.3 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-September 2025 end-June 2025
Less than 1 year 478917 (4.1) 453909 (4.0)
1-5 years 2640280 (22.5) 2628716 (23.0)
5-10 years 3930503 (33.6) 3754422 (32.9)
10-20 years 1758122 (15.0) 1831326 (16.0)
Above 20 years 2904603 (24.8) 2760603 (24.2)
Total 11712424 11428 976
Note: Figures in parentheses represent per cent of total.
Ownership Pattern
4.4 The pattern of ownership in Central Government securities as of September 2025
indicates that holdings remained broadly stable and concentrated during Sep-2024 to Sep-2025,
with commercial banks, insurance companies and the RBI together accounting for about three-
fourths of outstanding securities. Commercial Banks' share decreased to 35.43 per cent in
September 2025 compared to 37.55 per cent in September 2024. Insurance Companies’ portion
remained stable at 25.81 per cent in September 2025 relative to 25.95 per cent in September
2024. FPIs holdings stood at 2.97 per cent by end-September 2025, while pension funds
remained broadly steady at 4.90 per cent (Table 4.4).
4.5 As at the end of September 2025, Commercial Banks held the majority of T-Bills at
39.45 per cent, relative to 44.74 in September 2024. The ownership pattern further reflects a
rise in ‘Others category’, which increased to 24.85 per cent from 19.65 per cent at end
September 2024, driven mainly by a higher share held by the State Government (Table 4.5).
11Table 4.4: Ownership Pattern of Government of India Dated Securities
(Per cent of outstanding dated securities)
2024 2025
Category
Sep Dec Mar Jun Sep
1. Commercial Banks 37.55 37.98 36.18 35.28 35.43
2. Co-operative Banks 1.35 1.36 1.29 1.29 1.32
3. Non-Bank PDs 0.77 0.65 0.76 0.59 0.60
4. Insurance Companies 25.95 26.14 25.81 25.95 25.81
5. Mutual Funds 3.14 3.11 2.68 2.46 2.77
6. Provident Funds 4.25 4.25 4.24 4.35 4.45
7. Pension Funds 4.86 5.05 4.91 4.96 4.90
8. Financial Institutions 0.63 0.64 0.71 0.74 0.76
9. Corporates 1.60 1.45 1.49 1.26 1.25
10. Foreign Portfolio Investors 2.80 2.81 3.12 2.80 2.97
11. RBI 11.16 10.55 12.78 14.21 13.54
12. Others 5.92 6.01 6.01 6.13 6.22
Table 4.5: Ownership Pattern of Treasury Bills
2024 2025
Category
Sep Dec Mar Jun Sep
1. Commercial Banks 44.74 40.45 46.58 42.87 39.45
2. Co-operative Banks 1.58 1.22 2.17 1.80 1.58
3. Non-Bank PDs 2.28 1.41 2.09 1.10 2.03
4. Insurance Companies 5.26 4.73 4.23 4.07 4.26
5. Mutual Funds 15.06 15.41 16.15 15.72 17.6
6. Provident Funds 0.26 0.04 0.20 0.09 0.07
7. Pension Funds 0.00 0.00 0.02 0.00 0.00
8. Financial Institutions 6.36 6.77 7.73 6.31 6.34
9. Corporates 4.66 4.56 4.50 3.77 3.80
10. Foreign Portfolio Investors 0.15 0.12 0.09 0.02 0.01
11. RBI 0.00 0.00 0.00 0.00 0.00
12. Others 19.65 25.29 16.23 24.26 24.85
Note: ‘Others’ comprises of State Governments, DICGC, PSUs, Trusts, Foreign Central Banks, HUF/ Individuals,
etc.
12Section 5: Secondary Market
A. Government security yields
5.1 During Q2: FY 2025-26, the sovereign yield curve steepened further, with medium- to
long-term yields rising amid fiscal, policy and global trade uncertainties. While G-Sec
yields rose across tenors, the benchmark 10-year yield saw sharper increase, leading to
higher real rates and a wider India–US rate differential, which supported a revival in
foreign debt inflows. Major developments affecting the G-Sec Market during the quarter
are as under:
The major factors which affected the secondary market during Q2: FY 2025-26 are as under:
(i) The RBI kept the repo rate unchanged at 5.50% during the quarter and maintained a
neutral stance.
(ii) The US Treasury saw gains with yields declining across curve, reversing earlier
volatility, driven by softer inflation data, signs of economic slowdown, and a Fed rate
cut alongside expectations of further easing.
(iii) Brent crude prices stayed muted, hovering in the mid-$60s, as increased OPEC+
output and softer global demand expectations led to a more relaxed supply–demand
balance.
(iv) Both domestic CPI and WPI remained low during the quarter, with CPI showing a
mid-quarter uptick in August before moderating in September, and WPI moving from
deflation in July to mild inflation in August and then easing again in September.
5.2 As of Sep 30, 2025, the par yield spread between 10-year and 1-year G-sec stood at 105
bps, up from 82 bps on June 30, 2025. Similarly, the par yield spread between 30-year,
and 1-year securities changed from 149 bps on June 30, 2025, to 164 bps on Sep 30,
2025 (Table 5.1 and Chart 5.2).
Table 5.1: Yield Spreads (bps)
Yield spread between 30-Sep-2024 30-Jun-2025 30-Sep-2025
10 - 1 year 23 82 105
30 - 10 year 11 67 59
30 - 1 year 34 149 164
10 - 5 year 10 21 36
Source: FBIL
13Chart 5.1: Trend in 10-Year Benchmark Yield in G-Sec Market
6.65
6.60
6.55
6.50
%
d6.45
le
iY6.40
6.35
6.30
6.25
Source: Cogencis.
5.3 At the end of Q2: FY 2025–26, the yield curve remained steep.
Chart 5.2: Comparative G-Sec Yield Curves
8.0
7.5
7.0
)%
(
d 6.5
le
iY
6.0
5.5
5.0
5050505050505050505050505050505050505050
2570257025702570257025702570257025702570
.0.1.2.4.5.6.7.9.0.1.2.4.5.6.7.9.0.1.2.4.5.6.7.9.0.1.2.4.5.6.7.9.0.1.2.4.5.6.7.9
11111111222222223333333344444444
YTM June 30, 2025 YTM Sep 30, 2025 YTM Sep 30, 2024
Tenor (Yrs)
Source: FBIL.
5.4 As of Sep 30, 2025, the yield on 91-day T-Bills stood at 5.40 per cent, up from 5.37 per
cent on June 30, 2025. The yields on 182 days- and 364 days- T-Bills hardened slightly to
5.51 per cent and 5.56 per cent as of Sep 30, 2025, as compared to 5.50 per cent and 5.52 per
cent, respectively, on June 30, 2025 (Chart 5.3). However, T-Bill yields softened in Q2: FY
2025-26 vis-à-vis Q2: FY 2024-25.
14Chart 5.3: Comparative T-Bill Yield Curve
7.00
66 .. 57 05 6.34 6.35 6.38 6.37 6.40 6.43 6.45 6.48 6.48 6.49 6.50 6.52 6.53 6.55
6.25
6.00
5.75 5.40 5.40 5.40 5.37 5.40 5.44 5.48 5.51 5.53 5.54 5.55 5.55 5.56 5.56
5.50
5.25 5.35 5.35 5.35 5.36 5.37 5.41 5.46 5.50 5.51 5.51 5.52 5.52 5.52 5.52
5.00
7 1 1 2 3 4 5 6 7 8 9 1 1 1
syaD
syaD
4 htnoM shtnoM shtnoM shtnoM shtnoM shtnoM shtnoM shtnoM shtnoM
htnoM
0
htnoM
1
htnoM
2
s s s
30-Sep-2024 30-Jun-2025 30-Sep-2025
Source: FBIL.
Table 5.2: Yields on T-Bills of different tenors
Date 3 Months 6 Months 9 Months 12 Months
30-Sep-2024 6.40 6.48 6.50 6.55
30-Jun-2025 5.37 5.50 5.52 5.52
30-Sep-2025 5.40 5.51 5.55 5.56
Source: FBIL.
5.5 Domestic macroeconomic confidence strengthened in Q2: FY 2025–26, underpinned
by sovereign rating upgrades and upward growth revisions following a robust 7.8% GDP
expansion in Q1. An above-normal monsoon improved agricultural output and eased food
inflation pressures.
5.6 Global growth remained resilient but uneven during Q2: FY 2025–26, with world
activity expanding a little above 3 per cent as disinflation and the rate cuts in major economies
eased financial conditions and supported risk assets. Advanced economies saw modest growth
and still‑elevated but moderating inflation, while emerging markets outperformed on the back
of stronger domestic demand, lower inflation and renewed portfolio inflows. Equity markets,
led by US and EM tech, delivered strong gains, EM debt and currencies benefited from tighter
spreads and softer US dollar trends, and global trade volumes continued to recover despite
ongoing tariff and geopolitical risks.
15Table 5.3: Comparative data during the quarter
Parameter Open High Low Close
10-year US Yield (In percentage) 4.26 4.50 4.01 4.16
10-year GOI bond (In Percentage) 6.35 6.60 6.32 6.58
Brent Crude (In US Dollars per barrel) 67.12 72.70 65.52 66.08
Source: US Treasury; Cogencis.
Chart 5.4 : Comparative Chart of US 10-Yr Yield, G -Sec 10-Yr Yield, CPI & Crude
Oil price
9.00 80.00
)
8.00
le
r
70.00 r a
7.00 b
r
e
)
%6.00 60.00 p
D
n i
e
ta
R
(345 ... 000 000 45 00 .. 00 00 S U
(
e
c ir
P
2.00
liO
30.00
e
1.00 d
u
r
0.00 20.00 C
5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
/n
u J /0 3
/lu
J /4
/lu
J /8
/lu
J /2 1
/lu
J /6 1
/lu
J /0 2
/lu
J /4 2
/lu
J /8 2
/g
u A /1
/g
u A /5
/g
u A /9
/g
u A /3 1
/g
u A /7 1
/g
u A /1 2
/g
u A /5 2
/g
u A /9 2
/p
e S /2
/p
e S /6
/p
e S /0 1
/p
e S /4 1
/p
e S /8 1
/p
e S /2 2
/p
e S /6 2
/p
e S /0 3
US 10 Yr Yield 10 year Gsec CPI data Brent Crude Oil (Right Scale)
Source: US Treasury; Cogencis; MOSPI.
B. Trading Pattern of Government Securities
5.7 The total outright volume of trading in G-Secs (including T-Bills and State
Government Securities (SGSs) was at ₹ 40.15 lakh crore during Q2: FY 2025-26, showed a
y-o-y decrease of 10 per cent compared to ₹ 44.61 lakh crore during Q2: FY 2024-25 (Table
5.4). Further, it is lower than ₹ 55.05 lakh crore registered during Q1: FY 2025-26.
5.8 The share of Central Government dated securities in the total outright volume of
transactions in Q2: FY 2025-26 was 85 percent, same as compared to Q2: FY 2024-25. The
share of Central Government securities in repo transactions increased to 82 per cent during
Q2: FY 2025-26 compared to 78 per cent registered in corresponding quarter of FY 2024-25.
5.9 The annualised outright turnover ratio for G-Secs (including T-Bills and SGSs) for
Q2: FY 2025-26 was lower at 3.36 (4.09 during Q2: FY 2024-25). The annualised total
16turnover ratio (outright plus repo transactions) was 13.44 during Q2: FY 2025-26 vis-a-vis
13.08 during Q2: FY2024-25.
Table 5.4: Transactions in Government Securities (Volume in ₹ crore)
Period Outright Repo
G-Sec T-Bills SGS Total G-Sec T-Bills SGS Total
July - Sept 24 38,01,225 4,08,401 2,51,060 44,60,685 76,05,870 6,14,060 15,67,019 97,86,949
Share (%) 85% 9% 6% 100% 78% 6% 16% 100%
Oct-Dec 24 32,63,444 3,32,826 2,26,394 38,22,664 73,35,418 3,75,688 14,46,841 91,57,947
Share (%) 85% 9% 6% 100% 80% 4% 16% 100%
Jan–Mar 25 33,14,878 3,93,138 3,05,225 40,13,241 85,18,134 3,63,951 10,20,739 99,02,824
Share (%) 83% 10% 8% 100% 86% 4% 10% 100%
Apr-Jun 25 48,07,259 4,38,513 2,58,936 55,04,708 95,20,635 1,77,553 16,25,935 1,13,24,123
Share (%) 87% 8% 5% 100% 84% 2% 14% 100%
Jul-Sep 25 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% 9% 6% 100% 82% 2% 16% 100%
Source: CCIL.
Chart 5.5:Outright Trading Volume in ₹ crore
6000000
G-Sec T-Bills SDL
5000000
4000000
e
r
o r3000000
c
₹
2000000
1000000
0
Jul - Sept Oct - Dec Jan -Mar Apr-Jun Jul - Sept Oct - Dec Jan-Mar Apr-Jun Jul - Sept
23 23 24 24 24 24 25 25 25
Source: CCIL.
5.10 The top 10 traded Central G-Sec accounted for 75.2 per cent of the total outright
trading volume in secondary market during Q2: FY 2025-26 (77.0 per cent during Q1: FY
2025-26). The share of top 3 traded securities stood at 63.5 per cent of the total outright trading
volume in the secondary market during Q2: FY 2025-26 (57.5 per cent during Q1: FY 2025-
26) (Table 5.5).
17Table 5.5: Top 10 Traded Securities (in ₹ Crores)
Jul-Sep 2025 Apr-Jun 2025 Jul-Sep 2024
Security Volume % of Security
% of % of
Total
Volume Total Security Volume Total
Outright
Outright Outright
6.33% GS 2035 13,82,910.95 40.4 6.79% GS 2034 20,95,861.30 43.6 7.10% GS 2034 16,77,269.26 44.1
6.79% GS 2034 5,80,096.66 16.9 6.33% GS 2035 3,65,771.23 7.6 7.18% GS 2033 3,79,640.45 10.0
6.68% GS 2040 2,14,653.70 6.3 7.10% GS 2034 3,01,704.67 6.3 7.23% GS 2039 2,13,469.54 5.6
6.90% GS 2065 80,686.11 2.4 6.92% GS 2039 2,59,475.42 5.4 7.32% GS 2030 1,40,617.17 3.7
7.09% GS 2054 69,489.22 2.0 6.75% GS 2029 2,17,459.65 4.5 7.18% GS 2037 1,17,630.48 3.1
7.10% GS 2034 65,326.60 1.9 7.18% GS 2033 13,0,693.51 2.7 7.34% GS 2064 1,01,964.76 2.7
6.92% GS 2039 50,388.44 1.5 7.04% GS 2029 90,302.86 1.9 7.26% GS 2033 87,134.70 2.3
7.18% GS 2033 48,883.52 1.4 7.09% GS 2054 82,059.26 1.7 7.02% GS 2031 75,568.72 2.0
7.04% GS 2029 44,256.18 1.3 7.34% GS 2064 81,392.40 1.7 7.04% GS 2029 74,307.14 2.0
6.01% GS 2030 41,649.57 1.2 7.02% GS 2031 78,456.92 1.6 7.37% GS 2028 67,818.40 1.8
Total of top 10 25,78,341 75.2 23,66,499 77.0 29,35,421 77.2
Securities
Source: CCIL.
5.11 The trend in outright trading volumes in Central G-Secs under different maturity
buckets is given in Table 5.6.
Table 5.6: Maturity Buckets-Wise Outright Trading Volume in G-Secs (in ₹ Crores)
Maturity Jul-Sep 2025 % share Apr-Jun 2025 % Jul-Sep 2024 %
share share
Less than 3 years 1,81,266 5.29 3,32,281 6.91 1,83,169 4.82
3-7 years 4,16,251 12.15 7,11,064 14.79 5,97,994 15.73
7-10 years 21,61,047 63.06 30,37,527 63.19 22,94,574 60.36
Above 10 years 6,68,137 19.50 7,26,387 15.11 7,25,487 19.09
Total 34,26,701 100.00 48,07,259 100.00 38,01,224 4.82
Source: CCIL.
5.12 The maturity distribution of secondary market transactions in G-Secs, as presented
above, shows that the trading activity was concentrated in 7-10-year maturity bucket during
Q2: FY 2025-26. It is also observed that trading activity in shorter tenure securities (less than
3 years segment and 3-7 years segment) declined during the quarter, while trading activity in
longer tenor securities (above 10 years segment) increased during the quarter vis a vis
previous quarter.
185.13 Private Sector Banks emerged as dominant trading segment in secondary market
during Q2: FY 2025-26 with a share of 25.18 per cent in “Buy” deals and 25.06 per cent in
“Sell” deals in the total outright trading activity (Table 5.7), followed by Foreign Banks,
Public Sector Banks, Primary Dealers, Mutual Funds and Others. On a net basis, Foreign
Banks and Primary Dealers were net sellers while Co-operative Banks, Financial Institutions,
Insurance companies, Mutual Funds, Others, Private Sector Banks and Public Sector Banks
were net buyers in the secondary market.
Table 5.7: Category-wise Share (%) of Total Outright Trading Activity in G-Secs*
Cate gory Jul-Sep 2025 Apr-Jun 2025 Jul-Sep 2024
Buy Sell Buy Sell Buy Sell
Co-operative Banks 2.19 1.76 2.72 2.44 1.94 1.78
Financial Institutions 0.66 0.04 0.71 0.22 0.82 0.01
Foreign Banks 19.27 19.63 16.73 18.18 18.58 18.10
Insurance Companies 2.74 1.93 2.79 1.94 3.15 2.11
Mutual Funds 9.73 9.01 6.39 5.18 9.27 7.20
Others 7.63 6.08 7.54 6.28 6.35 5.09
Primary Dealers 15.11 18.99 15.08 18.66 16.01 20.86
Private Sector Banks 25.18 25.06 28.17 29.10 28.44 28.77
Public Sector Banks 17.49 17.49 19.87 17.99 15.45 16.08
Total 100.00 100.00 100.00 100.00 100.00 100.00
Source: CCIL, *: Including T Bills and SGSs.
19Statement 1: Amount Raised through Issuance/settlement of Dated Securities during Q2: 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)
6.68% GS 2040 04-Jul-25 07-Jul-25 16000 16000 0 100.00 6.68 07-Jul-40 15.0
6.90% GS 2065 04-Jul-25 07-Jul-25 16000 16000 0 97.27 7.11 15-Apr-65 39.8
6.28% GS 2032 11-Jul-25 14-Jul-25 11000 11000 0 100.00 6.28 14-Jul-32 7.0
7.09% GS 2074 11-Jul-25 14-Jul-25 14000 14000 0 99.12 7.15 25-Nov-74 49.4
6.01% GS 2030 18-Jul-25 21-Jul-25 15000 15000 0 100.00 6.01 21-Jul-30 5.0
7.09% GS 2054 18-Jul-25 21-Jul-25 12000 12000 0 101.34 6.98 05-Aug-54 29.0
5.91% GS 2028 25-Jul-25 28-Jul-25 6000 6000 0 100.27 5.81 30-Jun-28 2.9
6.33% GS 2035 25-Jul-25 28-Jul-25 30000 30000 0 99.95 6.34 05-May-35 9.8
6.68% GS 2040 01-Aug-25 04-Aug-25 16000 16000 0 99.82 6.70 07-Jul-40 15.0
6.90% GS 2065 01-Aug-25 04-Aug-25 16000 16000 0 97.58 7.08 15-Apr-65 39.8
6.28% GS 2032 08-Aug-25 11-Aug-25 11000 11000 0 99.64 6.34 14-Jul-32 7.0
7.09% GS 2074 08-Aug-25 11-Aug-25 14000 14000 0 98.78 7.18 25-Nov-74 49.4
6.01% GS 2030 14-Aug-25 18-Aug-25 15000 15000 0 98.26 6.26 21-Jul-30 5.0
7.24% GS 2055 14-Aug-25 18-Aug-25 13000 13000 0 100.00 7.24 18-Aug-55 30.0
5.91% GS 2028 22-Aug-25 25-Aug-25 6000 6000 0 99.75 6.00 30-Jun-28 2.9
6.33% GS 2035 22-Aug-25 25-Aug-25 30000 30000 0 98.39 6.56 05-May-35 9.8
6.68% GS 2040 29-Aug-25 01-Sep-25 16000 16000 0 97.38 6.96 07-Jul-40 15.0
6.90% GS 2065 29-Aug-25 01-Sep-25 16000 16000 0 93.87 7.38 15-Apr-65 39.8
6.28% GS 2032 04-Sep-25 08-Sep-25 11000 11000 0 98.52 6.55 14-Jul-32 7.0
7.09% GS 2074 04-Sep-25 08-Sep-25 14000 14000 0 96.11 7.38 25-Nov-74 49.4
6.01% GS 2030 12-Sep-25 15-Sep-25 15000 15000 0 98.84 6.29 21-Jul-30 5.0
7.24% GS 2055 12-Sep-25 15-Sep-25 13000 13000 0 100.04 7.24 18-Aug-55 30.0
5.91% GS 2028 19-Sep-25 22-Sep-25 6000 6000 0 100.04 5.89 30-Jun-28 2.9
6.33% GS 2035 19-Sep-25 22-Sep-25 30000 30000 0 98.65 6.52 05-May-35 9.8
6.68% GS 2040 26-Sep-25 29-Sep-25 16000 16000 0 98.50 6.84 07-Jul-40 15.0
6.90% GS 2065 26-Sep-25 29-Sep-25 16000 16000 0 95.60 7.24 15-Apr-65 39.8
Total 394000 394000
20Statement 2: Treasury Bills Issued during Q2: FY 2025-26
Accepted Amount (₹ Crore) Cut off
Date of
Security Issue Date Non- Yield
Auction Competitive Total
Competitive (%)
364-Day 02-Jul-25 03-Jul-25 4989 471 5460 5.55
364-Day 09-Jul-25 10-Jul-25 4950 2492 7442 5.58
364-Day 16-Jul-25 17-Jul-25 4986 1332 6318 5.59
364-Day 23-Jul-25 24-Jul-25 4987 1254 6240 5.57
364-Day 30-Jul-25 31-Jul-25 4989 164 5153 5.57
364-Day 06-Aug-25 07-Aug-25 4969 44 5013 5.58
364-Day 13-Aug-25 14-Aug-25 4980 1068 6047 5.59
364-Day 20-Aug-25 21-Aug-25 4992 2784 7777 5.60
364-Day 28-Aug-25 29-Aug-25 4989 2176 7165 5.64
364-Day 03-Sep-25 04-Sep-25 4977 1249 6226 5.67
364-Day 10-Sep-25 11-Sep-25 4980 1481 6462 5.67
364-Day 17-Sep-25 18-Sep-25 4988 1823 6811 5.63
364-Day 24-Sep-25 25-Sep-25 4987 1110 6096 5.61
182-Day 02-Jul-25 03-Jul-25 5977 23 6000 5.50
182-Day 09-Jul-25 10-Jul-25 5989 2311 8300 5.54
182-Day 16-Jul-25 17-Jul-25 5980 300 6280 5.54
182-Day 23-Jul-25 24-Jul-25 5991 1009 7000 5.53
182-Day 30-Jul-25 31-Jul-25 5993 1007 7000 5.52
182-Day 06-Aug-25 07-Aug-25 5994 1706 7700 5.55
182-Day 13-Aug-25 14-Aug-25 5979 21 6000 5.57
182-Day 20-Aug-25 21-Aug-25 5992 2008 8000 5.58
182-Day 28-Aug-25 29-Aug-25 5989 1811 7800 5.60
182-Day 03-Sep-25 04-Sep-25 5984 2616 8600 5.62
182-Day 10-Sep-25 11-Sep-25 5989 1011 7000 5.62
182-Day 17-Sep-25 18-Sep-25 5988 12 6000 5.60
182-Day 24-Sep-25 25-Sep-25 5984 16 6000 5.58
91-Day 02-Jul-25 03-Jul-25 8975 1202 10177 5.37
91-Day 09-Jul-25 10-Jul-25 8986 5814 14800 5.39
91-Day 16-Jul-25 17-Jul-25 8971 7429 16400 5.39
91-Day 23-Jul-25 24-Jul-25 8973 5127 14100 5.39
91-Day 30-Jul-25 31-Jul-25 9976 16274 26250 5.40
91-Day 06-Aug-25 07-Aug-25 9977 12184 22162 5.46
91-Day 13-Aug-25 14-Aug-25 9979 5021 15000 5.49
91-Day 20-Aug-25 21-Aug-25 9974 1926 11900 5.48
91-Day 28-Aug-25 29-Aug-25 9979 2321 12300 5.51
91-Day 03-Sep-25 04-Sep-25 9970 1530 11500 5.51
91-Day 10-Sep-25 11-Sep-25 9975 13019 22994 5.51
91-Day 17-Sep-25 18-Sep-25 9979 7921 17900 5.50
91-Day 24-Sep-25 25-Sep-25 9976 8304 18280 5.47
Total 268281 119372 387653
21Statement 3: G-Secs outstanding balance as of end-September 2025
Sl. No. Name of security Coupon Date of Maturity Amount
rate % issue date in ₹Crore
1 5.15% GS 2025 5.15 9-Nov-2020 9-Nov-2025 98178
2 7.59% GS 2026 7.59 11-Jan-2016 11-Jan-2026 90786
3 7.27% GS 2026 7.27 8-Apr-2019 8-Apr-2026 34857
4 5.63% GS 2026 5.63 12-Apr-2021 12-Apr-2026 86505
5 6.99% GS 2026 6.99 17-Apr-2023 17-Apr-2026 34791
6 8.33% GS 2026 8.33 9-Jul-2012 9-Jul-2026 66016
7 6.97% GS 2026 6.97 6-Sep-2016 6-Sep-2026 52783
8 10.18% GS 2026 10.1 11-Sep-2001 11-Sep-2026 15000
9 7.33% GS 2026 7.33 30-Oct-2023 30-Oct-2026 48894
10 5.74% GS 2026 5.74 15-Nov-2021 15-Nov-2026 52631
11 8.15% GS 2026 8.15 24-Nov-2014 24-Nov-2026 66384
12 8.24% GS 2027 8.24 15-Feb-2007 15-Feb-2027 94047
13 6.79% GS 2027 6.79 15-May-2017 15-May-2027 114446
14 7.02% GS 2027 7.02 27-May-2024 27-May-2027 38000
15 7.38% GS 2027 7.38 20-Jun-2022 20-Jun-2027 110100
16 8.26% GS 2027 8.26 2-Aug-2007 2-Aug-2027 88382
17 8.28% GS 2027 8.28 21-Sep-2007 21-Sep-2027 84680
18 6.64% GS 2027 6.64 9-Dec-2024 9-Dec-2027 39000
19 7.17% GS 2028 7.17 8-Jan-2018 8-Jan-2028 104413
20 7.10% GOI SGrB 2028 7.10 27-Jan-2023 27-Jan-2028 8000
21 6.01% GS 2028 (C Align) 6.01 8-Aug-2003 25-Mar-2028 15000
22 7.06% GS 2028 7.06 10-Apr-2023 10-Apr-2028 100183
23 8.60% GS 2028 8.60 2-Jun-2014 2-Jun-2028 99230
24 6.13% GS 2028 6.13 4-Jun-2003 4-Jun-2028 11000
25 5.91% GS 2028 5.91 30-Jun-2025 30-Jun-2028 24000
26 FRB 2028 7.11 4-Oct-2021 4-Oct-2028 52816
27 7.37% GS 2028 7.37 23-Oct-2023 23-Oct-2028 67000
28 7.25% GOI SGrB 2028 7.25 13-Nov-2023 13-Nov-2028 5000
29 7.26% GS 2029 7.26 14-Jan-2019 14-Jan-2029 124709
30 7.59% GS 2029 7.59 19-Oct-2015 20-Mar-2029 111775
31 7.10% GS 2029 7.10 18-Apr-2022 18-Apr-2029 158598
32 7.04% GS 2029 7.04 3-Jun-2024 3-Jun-2029 88000
33 6.45% GS 2029 6.45 7-Oct-2019 7-Oct-2029 114840
34 6.75% GS 2029 6.75 23-Dec-2024 23-Dec-2029 87000
35 6.79% GS 2029 6.79 26-Dec-2016 26-Dec-2029 119830
36 7.88% GS 2030 7.88 11-May-2015 19-Mar-2030 128714
37 7.17% GS 2030 7.17 17-Apr-2023 17-Apr-2030 103000
38 7.61% GS 2030 7.61 9-May-2016 9-May-2030 100989
39 5.79% GS 2030 5.79 11-May-2020 11-May-2030 111619
40 6.01% GS 2030 6.01 21-Jul-2025 21-Jul-2030 45000
41 5.77% GS 2030 5.77 3-Aug-2020 3-Aug-2030 123000
42 9.20% GS 2030 9.20 30-Sep-2013 30-Sep-2030 65560
43 7.32% GS 2030 7.32 13-Nov-2023 13-Nov-2030 70000
44 5.85% GS 2030 5.85 1-Dec-2020 1-Dec-2030 120832
45 8.97% GS 2030 8.97 5-Dec-2011 5-Dec-2030 93710
46 7.02% GS 2031 7.02 18-Jun-2024 18-Jun-2031 64000
47 6.10% GS 2031 6.10 12-Jul-2021 12-Jul-2031 152366
48 6.68% GS 2031 6.68 4-Sep-2017 17-Sep-2031 118723
49 FRB 2031 6.63 7-May-2018 7-Dec-2031 139916
22Sl. No. Name of security Coupon Date of Maturity Amount
rate % issue date in ₹Crore
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
53 6.28% GS 2032 6.28 14-Jul-2025 14-Jul-2032 33000
54 8.32% GS 2032 8.32 2-Aug-2007 2-Aug-2032 114915
55 7.26% GS 2032 7.26 22-Aug-2022 22-Aug-2032 148000
56 7.95% GS 2032 7.95 28-Aug-2002 28-Aug-2032 149380
57 8.33% GS 2032 8.33 21-Sep-2007 21-Sep-2032 1522
58 7.29% GOI SGrB 2033 7.29 27-Jan-2023 27-Jan-2033 8000
59 7.26% GS 2033 7.26 6-Feb-2023 6-Feb-2033 150000
60 7.57% GS 2033 7.57 20-May-2019 17-Jun-2033 134444
61 7.18% GS 2033 7.18 14-Aug-2023 14-Aug-2033 201000
62 FRB 2033 6.82 22-Jun-2020 22-Sep-2033 149482
63 8.24% GS 2033 8.24 10-Nov-2014 10-Nov-2033 117494
64 6.57% GS 2033 6.57 5-Dec-2016 5-Dec-2033 123910
65 7.24% GOI SGrB 2033 7.24 11-Dec-2023 11-Dec-2033 5000
66 7.10% GS 2034 7.10 8-Apr-2024 8-Apr-2034 180000
67 6.90% GOI SGrB 2034 6.90 5-Aug-2024 5-Aug-2034 1697
68 7.50% GS 2034 7.50 10-Aug-2004 10-Aug-2034 115466
69 6.19% GS 2034 6.19 1-Jun-2020 16-Sep-2034 139807
70 6.79% GS 2034 6.79 7-Oct-2024 7-Oct-2034 184000
71 FRB 2034 6.99 30-Aug-2021 30-Oct-2034 54800
72 6.79% GOI SGrB 2034 6.79 2-Dec-2024 2-Dec-2034 10000
73 7.73% GS 2034 7.73 12-Oct-2015 19-Dec-2034 112547
74 FRB 2035 6.66 25-Jan-2005 25-Jan-2035 350
75 6.22% GS 2035 6.22 2-Nov-2020 16-Mar-2035 126601
76 6.33% GS 2035 6.33 5-May-2025 5-May-2035 180000
77 6.64% GS 2035 6.64 12-Apr-2021 16-Jun-2035 159537
78 7.40% GS 2035 7.40 9-Sep-2005 9-Sep-2035 154196
79 6.67% GS 2035 6.67 13-Sep-2021 15-Dec-2035 169955
80 7.54% GS 2036 7.54 23-May-2022 23-May-2036 153904
81 8.33% GS 2036 8.33 7-Jun-2006 7-Jun-2036 125531
82 7.41% GS 2036 7.41 19-Dec-2022 19-Dec-2036 155080
83 7.18% GS 2037 7.18 24-Jul-2023 24-Jul-2037 172000
84 6.83% GS 2039 6.83 19-Jan-2009 19-Jan-2039 18645
85 7.23% GS 2039 7.23 15-Apr-2024 15-Apr-2039 117000
86 7.62% GS 2039 7.62 8-Apr-2019 15-Sep-2039 51163
87 6.92% GS 2039 6.92 18-Nov-2024 18-Nov-2039 125006
88 8.30% GS 2040 8.30 2-Jul-2010 2-Jul-2040 93016
89 6.68% GS 2040 6.68 7-Jul-2025 7-Jul-2040 64000
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
23Sl. No. Name of security Coupon Date of Maturity Amount
rate % issue date in ₹Crore
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 15000
107 7.24% GS 2055 7.24 18-Aug-2025 18-Aug-2055 26000
108 7.72% GS 2055 7.72 26-Oct-2015 26-Oct-2055 100969
109 7.63% GS 2059 7.63 6-May-2019 17-Jun-2059 83462
110 7.19% GS 2060 7.19 13-Apr-2020 15-Sep-2060 98381
111 6.80% GS 2060 6.80 31-Aug-2020 15-Dec-2060 105856
112 6.76% GS 2061 6.76 22-Feb-2021 22-Feb-2061 149022
113 6.95% GS 2061 6.95 22-Nov-2021 16-Dec-2061 157283
114 7.40% GS 2062 7.40 19-Sep-2022 19-Sep-2062 158708
115 7.25% GS 2063 7.25 12-Jun-2023 12-Jun-2063 240000
116 7.34% GS 2064 7.34 22-Apr-2024 22-Apr-2064 239000
117 6.90% GS 2065 6.90 15-Apr-2025 15-Apr-2065 112000
118 7.46% GS 2073 7.46 6-Nov-2023 6-Nov-2073 117000
119 7.09% GS 2074 7.09 25-Nov-2024 25-Nov-2074 134000
Total 11712424
24Statement 4: Maturity Profile of Government Securities as of end-September 2025
Year of Maturity Amount in ₹ Crore
2025-2026 188964
2026-2027 551908
2027-2028 602022
2028-2029 595713
2029-2030 696982
2030-2031 833710
2031-2032 825252
2032-2033 604817
2033-2034 731330
2034-2035 925268
2035-2036 663689
2036-2037 434515
2037-2038 172000
2038-2039 18645
2039-2040 293168
2040-2041 157016
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 163000
2055-2056 126969
2059-2060 83462
2060-2061 353259
2061-2062 157283
2062-2063 158708
2063-2064 240000
2064-2065 239000
2065-2066 112000
2073-2074 117000
2074-2075 134000
Grand Total 11712424
25Statement 5: Calendar for Auction of Treasury Bills – October-December 2025
(Amount in ₹ Crore)
Notified Amount for Auction of Treasury Bills (October-December 2025)
(₹ crore)
182
Date of Auction Date of Issue 91 Days 364 Days Total
Days
October 01, 2025 October 03, 2025 7,000 6,000 6,000 19,000
October 08, 2025 October 09, 2025 7,000 6,000 6,000 19,000
October 15, 2025 October 16, 2025 7,000 6,000 6,000 19,000
October 23, 2025 October 24, 2025 7,000 6,000 6,000 19,000
October 29, 2025 October 30, 2025 7,000 6,000 6,000 19,000
November 06, 2025 November 07, 2025 7,000 6,000 6,000 19,000
November 12, 2025 November 13, 2025 7,000 6,000 6,000 19,000
November 19, 2025 November 20, 2025 7,000 6,000 6,000 19,000
November 26, 2025 November 27, 2025 7,000 6,000 6,000 19,000
December 03, 2025 December 04, 2025 7,000 6,000 6,000 19,000
December 10, 2025 December 11, 2025 7,000 6,000 6,000 19,000
December 17, 2025 December 18, 2025 7,000 6,000 6,000 19,000
December 24, 2025 December 26, 2025 7,000 6,000 6,000 19,000
Total 91,000 78,000 78,000 2,47,000
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