RBI released the indicative market borrowing calendar for State Governments and UTs for October–December 2026 under the Benchmark Issuance Strategy (BIS) pilot.
Benchmark Issuance Strategy Pilot Expanded
The Reserve Bank of India has published the indicative calendar of market borrowings by State Governments and Union Territories for the quarter October–December 2026. This initiative is part of the ongoing pilot of the Benchmark Issuance Strategy (BIS), which began in Q1 FY 2026–27.
The BIS currently includes 18 states and one UT—Andhra Pradesh, Bihar, Chhattisgarh, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Telangana, Uttar Pradesh, Himachal Pradesh, Jharkhand, Manipur, Meghalaya, Odisha, Punjab, Sikkim, Uttarakhand, West Bengal, and one UT. The strategy aims to standardize borrowing patterns, enhance transparency, and improve investor participation in state debt markets.
Legal practitioners in public finance and capital markets will benefit from this forward-looking schedule, enabling clients to anticipate supply-side pressures and plan investment or hedging strategies accordingly. The BIS reflects a shift toward disciplined fiscal operations and market-based borrowing reforms.
