Quarterly Report on Public Debt Management for the quarter October - December 2025

PUBLIC DEBT MANAGEMENT QUARTERLY REPORT October-December, 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 October-December of the fiscal year (FY) 2025-26, viz., Q3: 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 Q3: FY 2025-26 .......................................................................................... 2 Table 2.1: Fiscal Outcome upto December 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 Q3: FY 2025-26 .......... 5 Table 2.4: Dated Securities Bid- Cover Ratio/Cut-off Yield Q3: FY 2025-26 ..................................................................... 6 Table 2.5: Issuance of Treasury Bills ................................................................................................................................... 6 Table 3.1: Issuance and Repayments of Treasury Bills during Q3: 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 (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...................................................................... 15 Chart 5.3: Yield Spread ...................................................................................................................................................... 15 Chart 5.4 : T-Bill Yield Curve ............................................................................................................................................ 15 Chart 5.5: Outright Trading Volume .................................................................................................................................. 16 Chart 5.5: Maturity Buckets-Wise Outright Trading Voume in G-Secs ............................................................................. 17 LIST OF STATEMENTS Statement 1: Amount Raised through Issuance/settlement of Dated Securities during Q3: FY 2025-26 ........................... 19 Statement 2: Treasury Bills Issued during Q3: FY 2025-26 ............................................................................................... 20 Statement 3: G-Secs outstanding balance as of end-December 2025 ................................................................................. 21 Statement 4: Maturity Profile of Government Securities as of end-December 2025 .......................................................... 24 Statement 5: Calendar for Auction of Treasury Bills – January-March 2026 ..................................................................... 25 iiSection 1: Macroeconomic Developments 1.1 The Gross Domestic Product (GDP) growth during the third quarter (Q3) of the financial year (FY) 2025-26 indicates a sustained economic expansion, based on the new GDP series (Base Year 2022-23). Following a full-year growth of 7.2 per cent in 2023-24 and 7.1 per cent (First Revised Estimate) in 2024-25, 2025-26 registered an initial expansion of 6.7 per cent in the first quarter (Q1). Output growth subsequently accelerated to 8.4 per cent in the second quarter (Q2) and remained robust at 7.8 per cent in Q3. The trajectory supports the full-year growth projection of 7.6 per cent for 2025-26 (Second Advance Estimates). The acceleration in output growth was broad-based across various sectors. During Q3 of FY 2025-26, the gross value added (GVA) for the secondary sector recorded a robust growth of 10.1 per cent, while the tertiary sector exhibited strong growth at 9.5 per cent. 1.2 India's industrial output, measured by the Index of Industrial Production (IIP), grew by 7.2 per cent and 8.0 per cent year-on-year (y-o-y) in November and December 2025, respectively. This expansion was predominantly supported by the manufacturing sector, which rose by 8.5 per cent in November and 8.4 per cent in December 2025. Furthermore, the mining and electricity sectors bolstered overall IIP growth, expanding by 6.9 per cent and 6.3 per cent, respectively, in December 2025. 1.3 Headline inflation, as measured by the Consumer Price Index (CPI), remained contained during Q3 of 2025-26. The CPI inflation rate decelerated from 1.44 per cent in September to 0.25 per cent in October, before slightly increasing to 0.71 per cent in November. The print for December 2025 was marginally higher at 1.33 per cent. Concurrently, Wholesale Price Index (WPI) inflation, which stood at 0.19 per cent in September 2025, transitioned into deflationary territory at -1.02 per cent in October and -0.13 per cent in November 2025, before rebounding to 0.96 per cent by December 2025. Furthermore, the Consumer Food Price Index (CFPI) remained negative throughout the third quarter, with the December 2025 print at -2.71 per cent (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 e 4.0 P 1.33 2.0 0.96 0.0 -2.0 -2.71 -4.0 -6.0 222222222333333333333444444444444555555555555 222222222222222222222222222222222222222222222 -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 CPI CFPI WPI Source: Ministry of Statistics and Programme Implementation; and Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade. 1.4 During Q3 of FY 2025-26, India’s merchandise trade outcomes improved modestly on the export front, though these gains were offset by an expansion in imports vis-à-vis the corresponding quarter of the previous year. Merchandise exports rose by 1.4 per cent (y- o-y), driven primarily by a 2.7 per cent increase in non-oil exports. Conversely, merchandise imports expanded by 7.9 per cent, reflecting a growth of 14.3 per cent in non-oil imports, which effectively outweighed a 10.5 per cent contraction in oil imports. Consequently, the merchandise trade deficit widened by 16.8 per cent, rising from US$ 78.8 billion in Q3 of 2024-25 to US$ 92.0 billion in Q3 of 2025-26. 1.5 Foreign investment flows exhibited a shift in composition during Q3 of 2025-26 relative to the corresponding quarter of the previous year. Net Foreign Direct Investment (FDI) outflows widened from US$ 2.8 billion in Q3 of 2024-25 to US$ 3.7 billion in Q3 of 2025-26. In contrast, net Foreign Portfolio Investment (FPI) outflows moderated from US$ 11.4 billion in the previous year to a negligible outflow of US$ 0.2 billion in Q3 of 2025-26 (Table 1.1). Table 1. 1: Foreign Investment Inflows during Q3: FY 2025-26 (US$ Billion) Year 2024-25 2025-26 Net FDI -2.8 -3.7 Net FPI -11.4 -0.2 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 ₹8.56 lakh crore during April–December 2025, accounting for 54.9 per cent of the full-year revised estimate of ₹15.58 lakh crore. This is lower than the 58.2 per cent recorded during the corresponding period of the previous year. 2.2 According to provisional estimates, revenue receipts amounted to ₹24.79 lakh crore as of end-December 2025. Of this, net tax revenue accounted for ₹19.39 lakh crore, while non- tax revenue stood at ₹5.40 lakh crore. Non-debt capital receipts were estimated at ₹0.46 lakh crore during the same period. During Apr-Dec 2025, Government expenditure reached ₹33.81 lakh crore, representing 68.1 per cent of the revised estimate. Of the total expenditure, ₹25.93 lakh crore was incurred on revenue account, while ₹7.88 lakh crore was spent on capital account. More details are available in Table 2.1 below: Table 2.1: Fiscal Outcome up to December FY 2025-26 (Amount in ₹ crore) Revised Actual Percentage of Actual to Revised Items Estimate up to Estimate 2025-26 Dec, 2025 Current 2024-25 (COPPY) Revenue Receipts 3342323 2479109 74.17% 74.18% Tax Revenue (Net) 2674661 1939254 72.50% 72.08% Non-Tax Revenue 667662 539855 80.86% 84.30% Non-Debt Capital Receipts 64027 46047 71.92% 46.26% Total Expenditure 4964842 3380998 68.10% 68.53% Revenue Expenditure 3869087 2593063 67.02% 68.87% Capital Expenditure 1095755 787935 71.91% 67.29% Revenue Deficit 526764 113954 21.63% 41.97% Primary Deficit 284154 -55217 -19.43% 24.51% Fiscal Deficit 1558492 855842 54.91% 58.24% Note - COPPY: Corresponding Period of the Previous Year. Figures are provisional. B. 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 ₹3.55 lakh crore during the quarter, representing 24.3 per cent 3of the full-year RE. The status on gross and net market borrowings in Q3: FY 2025-26 and Q3: FY 2024-25 are presented in Table 2.2. Table 2.2: Issuance of Dated Securities (Amount in ₹ crore) Q3: FY Q3: FY Q3 as % of Item 2025-26 RE 2024-25 2025 -26 2024 -25 2025-26 RE 2024-25 Gross Amount 1461000 355000 1400697 382000 24.30% 27.27% Repayments 328166 98178 237820 153880 29.92% 64.70% Switches: Borrowing 158484 34723 146794 31552 21.91% 21.49% Repayment 164105 34408 146995 31424 20.97% 21.38% Net -5620 315 -201 129 Buyback 86775 88164 49388 Net Issuance 1040439 257137 1074512 178861 24.71% 16.65% Note: (i) Repayment of 2024-25 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 and FY 2025-26 RE. 2.4 During Q3 of FY 2025–26, the Government conducted 12 weekly auctions of dated securities, mobilising gross borrowings of ₹3,55,000 crore. Net market borrowings during the quarter amounted to ₹2,57,137 crore, compared with ₹1,78,861 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 27.0 per cent, followed by 15-year government securities, which contributed 13.5 per cent of the total issuances during Q3 of FY 2025–26. 4Table 2.3: Issuances of Dated Securities by Maturity Buckets / Maturities during FY 2022-23 to Q3: 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 FY 2025-26 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 2.5 Demand for Government Securities, as reflected in the bid-to-cover ratio across maturities remained robust and mostly remained above 2 during Q3: 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 Q3: FY 2025-26 Tenor (Yr) Range of Bid- Range of Cutoff-Yield Cover Ratio 3 2.49-3.42 5.78-5.84 5 1.74-3.81 6.13-6.35 7 2.06-2.83 6.43-6.58 10 2.04-4.36 6.48-6.49 15 2.23-2.91 6.82-7.03 30 2.18-2.36 7.24-7.31 40 2.36-3.26 7.17-7.43 50 2.02-3.76 7.18-7.39 30-SGrB* 2.28-2.84 7.19-7.21 *Sovereign Green Bond 2.6 For FY 2025–26, net borrowing through Treasury Bills (T-Bills) was kept at zero for revised estimates. During Q3: FY 2025-26, gross T-Bills issuance amounted to ₹4,04,069 crore, while repayments totalled ₹3,93,219 crore, resulting in net issuance of ₹10,851 crore. In comparison, net issuance in Q3: FY 2024–25 stood at ₹12,802 crore. Detailed issuance data are presented in Table 2.5. Table 2.5: Issuance of Treasury Bills (Amount in ₹ crore) Q3 as % of 2025-26 2024-25 Item 2025-26 Q3 2024-25 RE Q3 2025-26 2024-25 RE 364 DTB Gross Amount 358198 92310 359389 90456 25.8 25.2 Repayment 359389 90456 457487 122417 25.2 26.8 Net Issuance -1191 1854 -98098 -31961 182 DTB Gross Amount 426884 92364 390787 95389 21.6 24.4 Repayment 403858 89000 446683 90884 22.0 20.3 Net Issuance 23026 3364 -55896 4505 91 DTB Gross Amount 832640 219395 760458 211746 26.3 27.8 Repayment 854476 213762 687745 171488 25.0 24.9 Net Issuance -21835 5632 72713 40258 All T-Bills Gross Amount 1617723 404069 1510634 397591 25.0 26.3 Repayment 1617723 393219 1591915 384789 24.3 24.2 Net Issuance 0 10851 -81281 12802 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 Q3: 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 5 5 5 2 2 2 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 0 0 0 2 2 2 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 /4 /3 /3 0 0 3 3 2 2 2 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 /1 /2 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 1 Source: CEIC and Reserve Bank of India 3.3 Systemic liquidity remained in surplus for most of Q3: FY 2025-26 but saw temporary tightening due to seasonal factors. Liquidity briefly turned deficit in October because of festive cash withdrawals, tax outflows, and RBI’s forex interventions. It improved to a surplus in November, supported by government spending, RBI operations, and the final CRR reduction. In December, liquidity remained in surplus initially but tightened mid- month due to advance tax payments. 3.4 In Q3: FY 2025–26, the Government of India mobilised net (-) ₹22,835 crore through competitive bidding in T-Bills and ₹ 33,686 crore under non-competitive bidding. Details of issuances and redemptions of T-Bills (tenor-wise) in Q3: FY 2025-26 are given in Table 3.1. 7Table 3.1: Issuance and Repayments of Treasury Bills during Q3: 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 01-10-2025 03-10-2025 7200 6000 6005 10177 5000 8877 -4848 08-10-2025 09-10-2025 14100 6000 10174 14800 5000 7789 2685 15-10-2025 16-10-2025 16400 8450 7244 16400 5000 8500 2194 23-10-2025 24-10-2025 19800 8500 6750 14100 8800 6341 5809 29-10-2025 30-10-2025 26000 6600 6725 26250 6700 6680 -304 06-11-2025 07-11-2025 12689 7000 6697 22162 6000 6646 -8423 12-11-2025 13-11-2025 12500 7000 7789 15000 6000 6267 22 19-11-2025 20-11-2025 15665 7000 6800 11900 7500 6100 3965 26-11-2025 27-11-2025 14006 7000 6456 12300 7000 6114 2048 03-12-2025 04-12-2025 20000 8514 6800 11500 9000 6106 8708 10-12-2025 11-12-2025 18000 7500 7600 22994 10200 7272 -7366 17-12-2025 18-12-2025 27691 6800 7270 17900 7800 6102 9959 24-12-2025 26-12-2025 15344 6000 6000 18280 5000 7662 -3598 Total 219395 92364 92310 213762 89000 90456 10851 Comp. Q3 90725 77864 76808 125689 64812 77732 -22835 Non-Comp. Q3 128670 14500 15503 88073 24188 12725 33686 8Section 4: Trends in Outstanding Debt 4.1 Total gross liabilities1 of the Government, as per provisional data, stood at ₹193.94 lakh crore at end December 2025 relative to ₹191.30 lakh crore at end September 2025 (Table 4.1). Public debt accounted for 91.3 per cent of total gross liabilities during the quarter. Table 4.1: Total Liabilities of Central Government (in ₹ crores) (#) End Dec 2025 End Sep 2025 Variation (%) Components (Provisional) (Provisional) (Dec 2025 over Sep 2025) A. Public Debt (A1 + A2) 17698160 17313845 2.2 A1. Internal Debt (a + b) 16761383 16388603 2.3 a. Marketable Securities (i + ii) 12734707 12466720 2.1 (i) Dated Securities 11969576 11712440 2.2 (ii) Treasury Bills 765131 754280 1.4 (iii) Cash Management Bills 0 0 b. Non-marketable Securities (i to vii) 4026676 3921883 2.7 (i) 14 Day Intermediate T-Bills 162149 97855 65.7 (ii) Compensation & Other Bonds$ 148012 147848 0.1 (iii) Securities issued to Intl. Fin. 107442 108439 -0.9 Institutions (iv) Securities against small savings 3297231 3255900 1.3 (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 936777 925242 1.2 (Current Rate of Exchange - CR) B. Public Account - Other Liabilities (a to 1911315 1946931 -1.8 d) (a) National Small Savings Fund 416317 380579 9.4 (b) State Provident Fund 262687 265035 -0.9 (c) Other Accounts 365769 359136 1.8 (d)Reserve Funds and Deposit (i + ii) 866542 942181 -8.0 (i) Bearing Interest 299069 298847 0.1 (ii) Not bearing interest 567474 643335 -11.8 C. Pakistan pre-partition debt (approx.) 300 300 - D. Total (net) Liabilities as reported in the 19324073 18979087 1.8 Union Budget (A1 + B – C + E) E. External Debt - Historical Rate of 651675 643853 1.2 Exchange (HR) F. Extra-Budgetary Resources (EBRs) 137869 137869 0.0 G. Cash Balance 353248 268590 31.5 H. Gross Liabilities as per FRBM Act 19393795 19129755 1.4 (A + B – C + F - G) Memo Items I. Securities issued by States to NSSF 256515 264360 -3.0 II NSSF Loans to other Public Agencies 35000 35300 -0.8 1 Includes total liabilities under the ‘Public Account’ and external debt valued at current exchange rates. 9End Dec 2025 End Sep 2025 Variation (%) Components (Provisional) (Provisional) (Dec 2025 over Sep 2025) III. Post Office Insurance Funds with Fund 160498 155633 3.1 Managers I. Net Adjusted Liabilities (H-I-II-III) 18941781 18674461 1.4 Source: Ministry of Finance and RBI. #: The numbers are provisional. Net Adjusted Liabilities includes External Debt at Current Exchange Rate. $: Includes Gold Monetisation Scheme and Sovereign Gold Bond. Note: EBR - Liabilities on account of Govt. Fully Serviced Bonds. Yield on Primary Issuances of G-Secs and Maturity of Outstanding Stock of Market Loans 4.2 The sovereign yield curve steepened during the quarter, driven by an increase in the 10- year benchmark yield amidst global uncertainties. The weighted average coupon on outstanding dated securities as of end-December 2025 was 7.19 per cent and the weighted average maturity of outstanding dated securities was 13.62 years. The weight average yield on issuance during Q3: FY 2025-26 stood at 6.70 per cent and the weighted average maturity of issuances remained at 17.93 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 10Issues during the year/ Qtr. Outstanding Stock* Fiscal Year Weighted Weighted Average Weighted Average Weighted Average Average Yield Coupon Maturity Maturity (years) (%) (%) (years) FY 2025-26 Q1 6.48 18.85 7.23 13.46 Q2 6.72 20.46 7.20 13.60 Q3 6.70 17.93 7.19 13.62 *: As at the end of period. 4.3 The maturity profile of outstanding Government debt (Dated Securities) as on end December 2025 may be seen at Table 4.3. The share of securities maturing in 20 years and beyond was 25.2 per cent, while those maturing within the next 1–5 years stood at 24.0 per cent. On the other hand, the proportion of debt maturing within 5-10 years was at 32.6 per cent at end-December 2025 in contrast to 33.6 per cent at end-September 2025. Overall, 28.6 per cent of the total outstanding debt is scheduled to mature over the next five years, implying that, on average, 5.7 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-December 2025 end-September 2025 Less than 1 year 478917 (4.1) 545067 (4.6) 1-5 years 2640280 (22.5) 2872646 (24.0) 5-10 years 3930503 (33.6) 3901041 (32.6) 10-20 years 1636166 (13.7) 1758122 (15.0) Above 20 years 3014641 (25.2) 2904603 (24.8) Total 11969561 11712424 Note: Figures in parentheses represent per cent of total. Ownership Pattern 4.4 The pattern of ownership in Central Government securities as of December 2025 indicates that holdings remained broadly stable and concentrated during December-2024 to December-2025, with commercial banks, insurance companies and the RBI together accounting for about three-fourths of outstanding securities. Commercial Banks' share decreased to 34.31 per cent in December 2025 compared to 37.98 per cent in December 2024. Insurance Companies’ portion remained stable at 25.89 per cent in December 2025 relative to 26.14 per cent in December 2024. FPIs holdings stood at 2.96 per cent by end-December 2025, while pension funds remained broadly steady at 4.77 per cent (Table 4.4). 114.5 As at the end of December 2025, Commercial Banks held the majority of T-Bills at 35.79 per cent, relative to 40.45 in December 2024. The ownership pattern further reflects a rise in ‘Others category’, which increased to 29.68 per cent from 25.29 per cent at end December 2024, driven mainly by a higher share held by the State Government (Table 4.5). Table 4.4: Ownership Pattern of Government of India Dated Securities (at quarter end) (Per cent of outstanding dated securities) 2024 2025 Category Dec Mar Jun Sep Dec 1. Commercial Banks 37.98 36.18 35.28 35.43 34.31 2. Co-operative Banks 1.36 1.29 1.29 1.32 1.33 3. Non-Bank PDs 0.65 0.76 0.59 0.60 0.55 4. Insurance Companies 26.14 25.81 25.95 25.81 25.89 5. Mutual Funds 3.11 2.68 2.46 2.77 2.74 6. Provident Funds 4.25 4.24 4.35 4.45 4.58 7. Pension Funds 5.05 4.91 4.96 4.90 4.77 8. Financial Institutions 0.64 0.71 0.74 0.76 0.76 9. Corporates 1.45 1.49 1.26 1.25 1.23 10. Foreign Portfolio Investors 2.81 3.12 2.80 2.97 2.96 11. RBI 10.55 12.78 14.21 13.54 14.52 12. Others 6.01 6.01 6.13 6.22 6.35 Table 4.5: Ownership Pattern of Treasury Bills (at quarter end) (Per cent of outstanding T-Bills) 2024 2025 Category Dec Mar Jun Sep Dec 1. Commercial Banks 40.45 46.58 42.87 39.45 35.79 2. Co-operative Banks 1.22 2.17 1.80 1.58 1.21 3. Non-Bank PDs 1.41 2.09 1.10 2.03 1.46 4. Insurance Companies 4.73 4.23 4.07 4.26 4.45 5. Mutual Funds 15.41 16.15 15.72 17.6 17.98 6. Provident Funds 0.04 0.20 0.09 0.07 0.09 7. Pension Funds 0.00 0.02 0.00 0.00 0.00 8. Financial Institutions 6.77 7.73 6.31 6.34 5.57 9. Corporates 4.56 4.50 3.77 3.80 3.74 10. Foreign Portfolio Investors 0.12 0.09 0.02 0.01 0.02 11. RBI 0.00 0.00 0.00 0.00 0.00 12. Others 25.29 16.23 24.26 24.85 26.98 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 steepened during the quarter (Chart 5.1), with the 10-year benchmark yield retracing towards pre-easing levels of March 2025. Yields across the sovereign curve increased during the quarter, driven by rise in the benchmark 10-year segment, resulting in a widening India-US interest rate differential. Domestic real rates moderated from their October peak as inflation trended upward. Chart 5.1: G-Sec Yield Curve Evolution 7.50 7.25 7.00 6.75 )tn e6.50 c re P6.25 ( d le iY6.00 5.75 5.50 5.25 Sep. 2025 Dec. 2025 Dec. 2024 5.00 012345678901234567890123456789012345678901234567890 11111111112222222222333333333344444444445 Tenor (Years) Note: Data corresponds to month end. Source: FBIL. 5.2 Major developments affecting the G-Sec market during the quarter are as under: (i) The Indian economy continued to display resilience, supported by robust domestic consumption during the festive season and moderating food prices which helped keep inflation subdued. Industrial activity strengthened in November and December. However, the trade deficit in October, driven by elevated precious metal imports, weighed on sentiment. (ii) The benign inflation enabled a 25bps reduction in the repo rate in December. Transmission of the December policy rate cut to T-Bill auction cut-offs remained muted relative to earlier cuts in April and June, reflecting market uncertainty. 13(iii) Liquidity conditions, which were comfortable at the start of the quarter following a phased 75 bps reduction in the Cash Reserve Ratio (CRR) during October–November, tightened from mid-December due to tax outflows and strong credit offtake amid slower deposit growth. The Weighted Average Call Rate (WACR) moved closer to the upper bound of the policy corridor from mid-December. (iv) FPI flows into FAR bonds reversed during the quarter, with inflows in October– November largely offset by outflows in December amid global uncertainties. FPIs also shifted allocations from medium-to-long tenor bonds towards shorter-duration instruments. (v) The US Treasury yield curve was flat across the maturity spectrum during the quarter with the 10-year Treasury par-yield closing at 4.18 per cent. Brent crude prices remained rangebound during the quarter amid subdued global demand momentum alongside increased supply from major producers (Chart 5.2). Chart 5.2: US 10-Yr par Yield, G-Sec 10-Yr Yield, CPI & Crude Oil price 7 80 6 75 5 70 le r tn e c4 65r a b r r e e p P3 $ S U 60 2 55 1 0 50 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 /tc O /tc O /tc O /tc O /tc O /v o N /v o N /v o N /v o N /c e D /c e D /c e D /c e D /c e D /1 /8 /5 1 /2 2 /9 2 /5 /2 1 /9 1 /6 2 /3 /0 1 /7 1 /4 2 /1 3 10 Yr. Yield (India) 10 Yr. Yield (US) CPI Inflation Brent Crude Oil Price (Right Scale) Source: US Treasury; Cogencis; MOSPI. 5.3 As of December 31, 2025, the par yield spread between 10-year and 1-year G-Secs stood at 115 bps, up from 105 bps on September 30, 2025. Similarly, the par yield spread between 30-year and 1-year securities changed from 164 bps on September 30, 2025, to 176 bps on December 31, 2025 (Chart 5.3). 14Chart 5.3: Yield Spread 31-Dec-2024 30-Sep-2025 31-Dec-2025 200 176 180 164 160 140 ) 115 s120 p 105 b ( d100 a e r p 80 S 59 61 60 34 36 40 26 26 20 8 3 0 10-1 year 30-10 years 30-1 year 10-5 years Source: FBIL. 5.4 As of December 31, 2025, the yield on 91-day T-Bills stood at 5.27 per cent, down from 5.40 per cent on September 30, 2025. The yields on 182-day and 364-day T-Bills also softened to 5.37 per cent and 5.52 per cent as of December 31, 2025, as compared to 5.51 per cent and 5.56 per cent, respectively, on September 30, 2025 (Chart 5.4). T-Bill yields softened in Q3: FY 2025-26 vis-à-vis Q3: FY 2024-25 also. Chart 5.4: T-Bill Yield Curve 7.00 6.63 6.68 6.67 6.66 6.65 6.66 6.67 6.68 6.75 6.54 6.58 6.39 6.45 6.39 6.40 6.50 6.25 tn6.00 e c re P 55 .. 57 05 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 5.51 5.51 5.51 5.52 5.25 5.42 5.46 5.26 5.27 5.30 5.34 5.37 5.00 5.29 5.20 5.15 4.75 4.50 s y a D 7 s y a D 4 1 h tn o M 1 s h tn o M 2 s h tn o M 3 s h tn o M 4 s h tn o M 5 s h tn o M 6 s h tn o M 7 s h tn o M 8 s h tn o M 9 s h tn o M 0 s h tn o M 1 s h tn o M 2 1 1 1 31-Dec-2024 30-Sep-2025 31-Dec-2025 Source: FBIL. 15B. 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 ₹40.25 lakh crore during Q3: FY 2025-26, showing a y-o-y increase of 5.30 per cent compared to ₹38.23 lakh crore during Q3: FY 2024-25 (Table 5.1). The share of Central Government dated securities in the total outright volume of transactions in Q3: FY 2025-26 was 86 per cent, as compared to 85 per cent during Q3: FY 2024-25. The share of Central Government securities in repo transactions increased to 81 per cent during Q3: FY 2025-26 compared to 80 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 Q3: FY 2025-26 was lower at 3.30 (3.45 during Q3: FY 2024-25). The annualised total turnover ratio (outright plus repo transactions) was 13.70 during Q3: FY 2025-26 vis-à-vis 11.72 during Q3: FY 2024-25. Table 5.1: Transactions Volume in Government Securities (₹ crore) Outright Repo Period G-Sec T-Bills SGS Total G-Sec T-Bills SGS Total Q3:FY 2024-25 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% 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 (%) 83% 10% 8% 100% 86% 4% 10% 100% 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% 8% 5% 100% 84% 2% 14% 100% Q2:FY 2025-26 34,26,701 3,50,357 2,37,764 40,14,822 98,85,576 1,90,363 19,59,115 1,20,35,054 Share (%) 85% 9% 6% 100% 82% 2% 16% 100% Q3:FY 2025-26 34,46,293 3,73,329 2,05,464 40,25,086 1,02,19,253 5,40,081 19,25,132 1,26,84,466 Share (%) 86% 9% 5% 100% 81% 4% 15% 100% Source: CCIL. Chart 5.1: Outright Trading Volume 60 G-Sec T-Bills SGS 50 e 40 r o r c h 30 k a l ₹ 20 10 0 Q3:FY Q4:FY Q1:FY Q2:FY Q3:FY Q4:FY Q1:FY Q2:FY Q3:FY 2023-24 2023-24 2024-25 2024-25 2024-25 2024-25 2025-26 2025-26 2025-26 Source: CCIL. 165.6 The top 10 traded Central G-Secs accounted for 80.1 per cent of the total outright trading volume in the secondary market during Q3: FY 2025-26 (75.2 per cent during Q2: FY 2025-26) (Table 5.2). The share of top 3 traded securities stood at 65.5 per cent of the total outright trading volume in the secondary market during Q3: FY 2025-26 (63.5 per cent during Q2: FY 2025-26). Table 5.2: Top 10 Traded Securities Q3: FY 2025-26 Q2: FY 2025-26 Q3: FY 2024-25 Security Volume Share in Security Volum Share in Share in Volume (₹ lakh Total e Total Total Security (₹ lakh crore) Outright (%) (₹ lakh Outright Outright crore) crore) (%) (%) 6.33% GS 2035 12.11 35.4 6.33% GS 2035 13.83 40.4 7.10% GS 2034 10.18 31.2 6.48% GS 2035 7.21 20.9 6.79% GS 2034 5.80 16.9 6.79% GS 2034 6.31 19.3 6.68% GS 2040 3.26 9.5 6.68% GS 2040 2.15 6.3 7.23% GS 2039 1.43 4.4 6.01% GS 2030 1.58 4.6 6.90% GS 2065 0.81 2.4 7.18% GS 2033 1.34 4.1 6.79% GS 2034 0.92 2.7 7.09% GS 2054 0.69 2 7.04% GS 2029 1.21 3.7 6.90% GS 2065 0.74 2.2 7.10% GS 2034 0.65 1.9 7.34% GS 2064 1.07 3.3 7.24% GS 2055 0.51 1.5 6.92% GS 2039 0.50 1.5 7.32% GS 2030 0.61 1.9 7.18% GS 2033 0.48 1.4 7.18% GS 2033 0.49 1.4 7.26% GS 2033 0.60 1.8 7.06% GS 2028 0.43 1.2 7.04% GS 2029 0.44 1.3 7.02% GS 2031 0.56 1.7 7.38% GS 2027 0.36 1.0 6.01% GS 2030 0.42 1.2 7.18% GS 2037 0.56 1.7 Total of top 10 27.60 80.1 25.78 75.2 23.86 73.1 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 70 25 63.163.0 60.1 21.6 21.7 60 20 19.6 la50 e r o r c15 to T f o40 h k tn e30 a10 c l ₹ 6.06.7 6.4 r e P20 15.2 18.319.5 18.5 5 5.0 4.2 12.111.7 4.0 10 2.11.82.3 6.4 5.3 6.8 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 Q3:FY 2024-25 Q2:FY 2025-26 Q3:FY 2025-26 Q3:FY 2024-25 Q2:FY 2025-26 Q3:FY 2025-26 Source: CCIL. 175.8 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 Q3: FY 2025-26. It is also observed that the share of trading activity in the 3-7 year segment and the above-10-year segment decreased during the quarter while the share of trading activity in less-than-3-year increased during the quarter vis-à-vis the previous quarter. 5.9 Private Sector Banks emerged as the dominant trading segment in the secondary market during Q3: FY 2025-26 with a share of 27.07 per cent in “buy” deals and 28.87 per cent in “sell” deals in the total outright trading activity (Table 5.3), followed by Foreign Banks, Public Sector Banks, Primary Dealers, Mutual Funds and Others. On a net basis, Foreign Banks, Primary Dealers and Private Sector Banks were net sellers while Co-operative Banks, Financial Institutions, Insurance Companies, Mutual Funds, Others and Public Sector Banks were net buyers in the secondary market. Table 5.3: Category-wise Share of Total Outright Trading Activity in G-Secs* (Per cent) Cate gory Oct-Dec 2025 Jul-Sep 2025 Oct-Dec 2024 Buy Sell Buy Sell Buy Sell Co-operative Banks 2.11 1.94 2.19 1.76 1.81 1.69 Financial Institutions 0.47 0.02 0.66 0.04 0.73 0.00 Foreign Banks 20.41 20.74 19.27 19.63 17.39 19.24 Insurance Companies 2.56 2.00 2.74 1.93 2.94 2.34 Mutual Funds 8.83 6.73 9.73 9.01 8.95 6.15 Others 8.23 6.23 7.63 6.08 5.94 5.05 Primary Dealers 14.81 18.12 15.11 18.99 16.49 21.05 Private Sector Banks 27.07 28.87 25.18 25.06 25.94 25.49 Public Sector Banks 15.51 15.36 17.49 17.49 19.81 18.99 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 Q3: 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 3-Oct-25 6-Oct-25 32000 32000 0 100.00 6.48 6-Oct-35 10.0 6.68% GS 2040 10-Oct-25 13-Oct-25 16000 16000 0 98.68 6.82 7-Jul-40 14.7 6.90% GS 2065 10-Oct-25 13-Oct-25 12000 12000 0 96.53 7.17 15-Apr-65 39.5 6.01% GS 2030 17-Oct-25 20-Oct-25 18000 18000 0 99.52 6.13 21-Jul-30 4.8 7.09% GS 2074 17-Oct-25 20-Oct-25 12000 12000 0 98.80 7.18 25-Nov-74 49.1 5.91% GS 2028 31-Oct-25 3-Nov-25 9000 9000 0 100.16 5.84 30-Jun-28 2.7 6.28% GS 2032 31-Oct-25 3-Nov-25 11000 0 0 - - 14-Jul-32 6.7 7.24% GS 2055 31-Oct-25 3-Nov-25 7000 7000 0 99.97 7.24 18-Aug-55 29.8 6.98% SGrB 2054 31-Oct-25 3-Nov-25 5000 5000 0 97.47 7.19 16-Dec-54 29.1 6.48% GS 2035 7-Nov-25 10-Nov-25 32000 32000 0 99.98 6.48 6-Oct-35 9.9 6.68% GS 2040 14-Nov-25 17-Nov-25 16000 16000 0 97.93 6.91 7-Jul-40 14.6 6.90% GS 2065 14-Nov-25 17-Nov-25 12000 12000 0 93.91 7.38 15-Apr-65 39.4 6.01% GS 2030 21-Nov-25 24-Nov-25 18000 18000 0 99.16 6.22 21-Jul-30 4.7 7.09% GS 2074 21-Nov-25 24-Nov-25 12000 12000 0 96.07 7.39 25-Nov-74 49.0 5.91% GS 2028 28-Nov-25 1-Dec-25 9000 9000 0 100.30 5.78 30-Jun-28 2.6 6.28% GS 2032 28-Nov-25 1-Dec-25 11000 11000 0 99.17 6.43 14-Jul-32 6.6 7.24% GS 2055 28-Nov-25 1-Dec-25 7000 7000 0 99.41 7.29 18-Aug-55 29.7 6.98% SGrB 2054 28-Nov-25 1-Dec-25 5000 5000 0 97.22 7.21 16-Dec-54 29.0 6.48% GS 2035 5-Dec-25 8-Dec-25 32000 32000 0 99.93 6.49 6-Oct-35 9.8 6.68% GS 2040 12-Dec-25 15-Dec-25 16000 16000 0 96.88 7.03 7-Jul-40 14.6 6.90% GS 2065 12-Dec-25 15-Dec-25 12000 12000 0 93.21 7.43 15-Apr-65 39.3 6.01% GS 2030 19-Dec-25 22-Dec-25 18000 18000 0 98.65 6.35 21-Jul-30 4.6 7.09% GS 2074 19-Dec-25 22-Dec-25 12000 12000 0 96.30 7.37 25-Nov-74 48.9 5.91% GS 2028 26-Dec-25 29-Dec-25 9000 9000 0 100.18 5.83 30-Jun-28 2.5 6.28% GS 2032 26-Dec-25 29-Dec-25 11000 11000 0 98.40 6.58 14-Jul-32 6.5 7.24% GS 2055 26-Dec-25 29-Dec-25 12000 12000 0 99.16 7.31 18-Aug-55 29.6 Total 366000 355000 19Statement 2: Treasury Bills Issued during Q3: FY 2025-26 Accepted Amount (₹ Crore) Cut off Date of Security Issue Date Non- Yield Auction Competitive Total Competitive (%) 364-Day 1-Oct-25 3-Oct-25 5984 22 6005 5.60 364-Day 8-Oct-25 9-Oct-25 5977 4197 10174 5.55 364-Day 15-Oct-25 16-Oct-25 5915 1329 7244 5.55 364-Day 23-Oct-25 24-Oct-25 5990 760 6750 5.58 364-Day 29-Oct-25 30-Oct-25 5988 737 6725 5.58 364-Day 6-Nov-25 7-Nov-25 5957 740 6697 5.59 364-Day 12-Nov-25 13-Nov-25 5980 1809 7789 5.57 364-Day 19-Nov-25 20-Nov-25 5986 814 6800 5.56 364-Day 26-Nov-25 27-Nov-25 5791 665 6456 5.53 364-Day 3-Dec-25 4-Dec-25 5815 985 6800 5.55 364-Day 10-Dec-25 11-Dec-25 5971 1629 7600 5.49 364-Day 17-Dec-25 18-Dec-25 5700 1570 7270 5.50 364-Day 24-Dec-25 26-Dec-25 5756 244 6000 5.54 182-Day 1-Oct-25 3-Oct-25 5993 7 6000 5.59 182-Day 8-Oct-25 9-Oct-25 5994 6 6000 5.55 182-Day 15-Oct-25 16-Oct-25 5990 2460 8450 5.55 182-Day 23-Oct-25 24-Oct-25 5993 2507 8500 5.59 182-Day 29-Oct-25 30-Oct-25 5988 612 6600 5.60 182-Day 6-Nov-25 7-Nov-25 5986 1014 7000 5.59 182-Day 12-Nov-25 13-Nov-25 5986 1014 7000 5.57 182-Day 19-Nov-25 20-Nov-25 5991 1009 7000 5.56 182-Day 26-Nov-25 27-Nov-25 5989 1011 7000 5.52 182-Day 3-Dec-25 4-Dec-25 5991 2523 8514 5.53 182-Day 10-Dec-25 11-Dec-25 5989 1511 7500 5.48 182-Day 17-Dec-25 18-Dec-25 5984 816 6800 5.50 182-Day 24-Dec-25 26-Dec-25 5992 8 6000 5.48 91-Day 1-Oct-25 3-Oct-25 6984 216 7200 5.49 91-Day 8-Oct-25 9-Oct-25 6981 7119 14100 5.43 91-Day 15-Oct-25 16-Oct-25 6985 9416 16400 5.44 91-Day 23-Oct-25 24-Oct-25 6990 12810 19800 5.46 91-Day 29-Oct-25 30-Oct-25 6973 19027 26000 5.46 91-Day 6-Nov-25 7-Nov-25 6969 5719 12689 5.45 91-Day 12-Nov-25 13-Nov-25 6980 5520 12500 5.43 91-Day 19-Nov-25 20-Nov-25 6967 8697 15665 5.38 91-Day 26-Nov-25 27-Nov-25 6980 7027 14006 5.36 91-Day 3-Dec-25 4-Dec-25 6972 13028 20000 5.35 91-Day 10-Dec-25 11-Dec-25 6984 11016 18000 5.27 91-Day 17-Dec-25 18-Dec-25 6981 20710 27691 5.28 91-Day 24-Dec-25 26-Dec-25 6980 8364 15344 5.26 Total 245397 158672 404069 20Statement 3: G-Secs outstanding balance as of end-December 2025 Sl. No. Name of security Coupon Date of Maturity Amount rate % issue date in ₹Crore 1 7.59% GS 2026 7.59 11-Jan-2016 11-Jan-2026 90786 2 7.27% GS 2026 7.27 8-Apr-2019 8-Apr-2026 34857 3 5.63% GS 2026 5.63 12-Apr-2021 12-Apr-2026 86505 4 6.99% GS 2026 6.99 17-Apr-2023 17-Apr-2026 34791 5 8.33% GS 2026 8.33 9-Jul-2012 9-Jul-2026 66016 6 6.97% GS 2026 6.97 6-Sep-2016 6-Sep-2026 52783 7 10.18% GS 2026 10.1 11-Sep-2001 11-Sep-2026 15000 8 7.33% GS 2026 7.33 30-Oct-2023 30-Oct-2026 48894 9 5.74% GS 2026 5.74 15-Nov-2021 15-Nov-2026 51151 10 8.15% GS 2026 8.15 24-Nov-2014 24-Nov-2026 64284 11 8.24% GS 2027 8.24 15-Feb-2007 15-Feb-2027 92509 12 6.79% GS 2027 6.79 15-May-2017 15-May-2027 110831 13 7.02% GS 2027 7.02 27-May-2024 27-May-2027 38000 14 7.38% GS 2027 7.38 20-Jun-2022 20-Jun-2027 109905 15 8.26% GS 2027 8.26 2-Aug-2007 2-Aug-2027 86382 16 8.28% GS 2027 8.28 21-Sep-2007 21-Sep-2027 84680 17 6.64% GS 2027 6.64 9-Dec-2024 9-Dec-2027 39000 18 7.17% GS 2028 7.17 8-Jan-2018 8-Jan-2028 103338 19 7.10% GOI SGrB 2028 7.1 27-Jan-2023 27-Jan-2028 8000 20 6.01% GS 2028 (C Align) 6.01 8-Aug-2003 25-Mar-2028 15000 21 7.06% GS 2028 7.06 10-Apr-2023 10-Apr-2028 97183 22 8.60% GS 2028 8.6 2-Jun-2014 2-Jun-2028 93825 23 6.13% GS 2028 6.13 4-Jun-2003 4-Jun-2028 11000 24 5.91% GS 2028 5.91 30-Jun-2025 30-Jun-2028 51000 25 FRB 2028 6.22 4-Oct-2021 4-Oct-2028 52816 26 7.37% GS 2028 7.37 23-Oct-2023 23-Oct-2028 59000 27 7.25% GOI SGrB 2028 7.25 13-Nov-2023 13-Nov-2028 5000 28 7.26% GS 2029 7.26 14-Jan-2019 14-Jan-2029 121709 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 99000 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 7.02% GS 2031 7.02 18-Jun-2024 18-Jun-2031 64000 46 6.10% GS 2031 6.1 12-Jul-2021 12-Jul-2031 152366 47 6.68% GS 2031 6.68 4-Sep-2017 17-Sep-2031 118723 48 FRB 2031 6.52 7-May-2018 7-Dec-2031 139916 49 6.79% GS 2031 6.79 30-Dec-2024 30-Dec-2031 63000 50 6.54% GS 2032 6.54 17-Jan-2022 17-Jan-2032 156000 51 8.28% GS 2032 8.28 15-Feb-2007 15-Feb-2032 131247 52 6.28% GS 2032 6.28 14-Jul-2025 14-Jul-2032 55000 21Sl. No. Name of security Coupon Date of Maturity Amount rate % issue date in ₹Crore 53 8.32% GS 2032 8.32 2-Aug-2007 2-Aug-2032 114915 54 7.26% GS 2032 7.26 22-Aug-2022 22-Aug-2032 148000 55 7.95% GS 2032 7.95 28-Aug-2002 28-Aug-2032 149380 56 8.33% GS 2032 8.33 21-Sep-2007 21-Sep-2032 1522 57 7.29% GOI SGrB 2033 7.29 27-Jan-2023 27-Jan-2033 8000 58 7.26% GS 2033 7.26 6-Feb-2023 6-Feb-2033 150000 59 7.57% GS 2033 7.57 20-May-2019 17-Jun-2033 147589 60 7.18% GS 2033 7.18 14-Aug-2023 14-Aug-2033 201000 61 FRB 2033 6.82 22-Jun-2020 22-Sep-2033 149482 62 8.24% GS 2033 8.24 10-Nov-2014 10-Nov-2033 117494 63 6.57% GS 2033 6.57 5-Dec-2016 5-Dec-2033 134408 64 7.24% GOI SGrB 2033 7.24 11-Dec-2023 11-Dec-2033 5000 65 7.10% GS 2034 7.1 8-Apr-2024 8-Apr-2034 180000 66 6.90% GOI SGrB 2034 6.9 5-Aug-2024 5-Aug-2034 1697 67 7.50% GS 2034 7.5 10-Aug-2004 10-Aug-2034 117917 68 6.19% GS 2034 6.19 1-Jun-2020 16-Sep-2034 146199 69 6.79% GS 2034 6.79 7-Oct-2024 7-Oct-2034 184000 70 FRB 2034 6.54 30-Aug-2021 30-Oct-2034 54800 71 6.79% GOI SGrB 2034 6.79 2-Dec-2024 2-Dec-2034 10000 72 7.73% GS 2034 7.73 12-Oct-2015 19-Dec-2034 112547 73 FRB 2035 6.66 25-Jan-2005 25-Jan-2035 350 74 6.22% GS 2035 6.22 2-Nov-2020 16-Mar-2035 126601 75 6.33% GS 2035 6.33 5-May-2025 5-May-2035 180000 76 6.64% GS 2035 6.64 12-Apr-2021 16-Jun-2035 159537 77 7.40% GS 2035 7.4 9-Sep-2005 9-Sep-2035 154196 78 6.48% GS 2035 6.48 6-Oct-2025 6-Oct-2035 96000 79 6.67% GS 2035 6.67 13-Sep-2021 15-Dec-2035 170154 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 8.3 2-Jul-2010 2-Jul-2040 93016 89 6.68% GS 2040 6.68 7-Jul-2025 7-Jul-2040 112000 90 8.83% GS 2041 8.83 12-Dec-2011 12-Dec-2041 91771 91 8.30% GS 2042 8.3 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 7.3 19-Jun-2023 19-Jun-2053 195000 104 7.37% GOI SGrB 2054 7.37 23-Jan-2024 23-Jan-2054 10000 105 7.09% GS 2054 7.09 5-Aug-2024 5-Aug-2054 148000 106 6.98% GOI SGrB 2054 6.98 16-Dec-2024 16-Dec-2054 25000 22Sl. No. Name of security Coupon Date of Maturity Amount rate % issue date in ₹Crore 107 7.24% GS 2055 7.24 18-Aug-2025 18-Aug-2055 52000 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 6.8 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 7.4 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 241038 117 6.90% GS 2065 6.9 15-Apr-2025 15-Apr-2065 148000 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 170000 Total 11969561 23Statement 4: Maturity Profile of Government Securities as of end-December 2025 Year of Maturity Amount in ₹ Crore 2025-26 90786 2026-27 546790 2027-28 595137 2028-29 600308 2029-30 696982 2030-31 887710 2031-32 825252 2032-33 626817 2033-34 754973 2034-35 934111 2035-36 759887 2036-37 434515 2037-38 172000 2038-39 18645 2039-40 293168 2040-41 205016 2041-42 91771 2042-43 105700 2043-44 118393 2044-45 98959 2045-46 98000 2046-47 105500 2049-50 84540 2050-51 251858 2051-52 211055 2052-53 161967 2053-54 205000 2054-55 173000 2055-56 152969 2059-60 83462 2060-61 353259 2061-62 157283 2062-63 158708 2063-64 240000 2064-65 241038 2065-66 148000 2073-74 117000 2074-75 170000 Total 11969561 24Statement 5: Calendar for Auction of Treasury Bills – January-March, 2026 (Amount in ₹ Crore) Notified Amount for Auction of Treasury Bills (January-March, 2026) 182 Date of Auction Date of Issue 91 Days 364 Days Total Days January 07, 2026 January 08, 2026 9,000 12,000 8,000 29,000 January 14, 2026 January 15, 2026 9,000 12,000 8,000 29,000 January 21, 2026 January 22, 2026 9,000 12,000 8,000 29,000 January 28, 2026 January 29, 2026 9,000 12,000 8,000 29,000 February 04, 2026 February 05, 2026 9,000 12,000 8,000 29,000 February 11, 2026 February 12, 2026 14,000 12,000 8,000 34,000 February 18, 2026 February 20, 2026 14,000 12,000 8,000 34,000 February 25, 2026 February 26, 2026 14,000 12,000 8,000 34,000 March 04, 2026 March 05, 2026 14,000 12,000 8,000 34,000 March 11, 2026 March 12, 2026 14,000 12,000 8,000 34,000 March 18, 2026 March 20, 2026 14,000 12,000 8,000 34,000 March 25, 2026 March 27, 2026 15,000 12,000 8,000 35,000 Total 91,000 78,000 78,000 2,47,000 ************************* 25