Indicative Calendar of Market borrowings by State Governments/ Union Territories for the Quarter July – September 2026

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June 25, 2026 Indicative Calendar of Market borrowings by State Governments/ Union Territories for the Quarter July – September 2026 With an objective to enhancing transparency and providing greater clarity to the investors, Reserve Bank introduced the Benchmark Issuance Strategy (BIS) on a pilot basis from Q1: FY 2026-27 involving nine states, viz., Andhra Pradesh, Bihar, Chhattisgarh, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Telangana, and Uttar Pradesh. The strategy involves issuing securities in specific benchmark tenor buckets as per the pre-announced calendar. Based on experience gained so far and concurrence received from another nine States and one Union Territory, the BIS framework is being extended to Delhi, Himachal Pradesh, Jharkhand, Manipur, Meghalaya, Odisha, Punjab, Sikkim, Uttarakhand, and West Bengal, starting from Q2: FY 2026-27. In consultation with 18 States and Union Territory of Delhi which have adopted BIS, the indicative calendar for their market borrowing during the quarter July – September 2026 has been prepared and is given at Annex 1. The calendar for market borrowing for remaining states/UTs, prepared in consultation with the respective State Government/UTs, is given at Annex 2. Going forward, these states/UTs are also expected to adopt BIS. The quantum of total market borrowings by the State Governments/UTs for the quarter July – September 2026, is expected to be ₹3,18,816 crore. The actual amount of borrowings and the details of the States/UTs participating would be intimated by way of press releases two/ three days prior to the actual auction day and would depend on the requirement of the State Governments/UTs, approval from the Government of India under Article 293(3) of the Constitution of India and the prevailing market conditions. Reserve Bank would endeavour to conduct the auctions in a non-disruptive manner, taking into account the market conditions and other relevant factors and distribute the borrowings evenly throughout the quarter. Reserve Bank reserves the right to modify the dates and the amount of auction in consultation with the respective State Governments/UTs. (Brij Raj) Press Release: 2026-2027/551 Chief General Manager प्रेस प्रकाशनी PRESS RELEASE भारतीय ररज़र्व बैंक RESERVE BANK OF INDIA र्ेबसाइट : www.rbi.org.in/hindi संचार वर्भाग, केंद्रीय कायावलय, शहीद भगत ससंह मागव, फोटव, म ंबई - 400 001 Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort, ई-मेल/email : helpdoc@rbi.org.in Mumbai - 400 001 फोन/Phone: 022 - 2266 0502 Annex 1 Indicative Calendar of Market Borrowings by State Governments /Union Territories for the Quarter July – September 2026 Auction Date Settlement Date Gross Amount (in ₹ crore) State / UT Maturity Bucket (Years) Amount (in ₹ crore) June 30, 2026 (Tuesday) July 01, 2026 (Wednesday) 12,600 Andhra Pradesh 11-15 1,000 21-25 1,600 Punjab 02-05 1,000 11-15 500 Rajasthan 16-20 750 >25 750 Telangana 11-15 1,000 16-20 2,000 21-25 2,000 >25 2,000 July 07, 2026 (Tuesday) July 08, 2026 (Wednesday) 17,350 Bihar 06-10 800 21-25 1,200 Chhattisgarh 06-10 250 16-20 250 Himachal Pradesh 11-15 700 Jharkhand 06-10 300 Kerala 06-10 800 11-15 1,000 Madhya Pradesh 16-20 1,600 >25 2,000 Manipur 11-15 250 Sikkim 11-15 200 Uttar Pradesh 06-10 1,000 16-20 1,000 21-25 1,000 Uttarakhand 16-20 300 West Bengal 02-05 1,000 16-20 1,500 >25 2,200 July 14, 2026 (Tuesday) July 15, 2026 (Wednesday) 16,700 Andhra Pradesh 06-10 1,000 16-20 1,200 >25 1,600 Maharashtra 06-10 2,400 16-20 2,200 >25 1,000 Meghalaya 11-15 300 Punjab 06-10 1,000 16-20 1,000 Rajasthan 06-10 700 21-25 800 Telangana 06-10 1,800 >25 1,700 July 21, 2026 (Tuesday) July 22, 2026 (Wednesday) 18,400 Bihar 11-15 1,000 16-20 1,000 Chhattisgarh 11-15 500 21-25 500 Delhi 06-10 500 11-15 500 Kerala 16-20 1,000 21-25 1,200 Madhya Pradesh 06-10 1,000 11-15 1,400 21-25 2,000 Odisha 16-20 1,000 Uttar Pradesh 11-15 1,000 16-20 1,600 Uttarakhand 21-25 400 West Bengal 06-10 1,600 21-25 2,200 July 28, 2026 (Tuesday) July 29, 2026 (Wednesday) 14,100 Andhra Pradesh 11-15 1,000 21-25 1,600 Maharashtra 02-05 1,000 11-15 2,400 21-25 1,600 Punjab 02-05 1,000 11-15 1,000 Rajasthan 16-20 1,500 >25 2,000 Telangana >25 1,000 August 04, 2026 (Tuesday) August 05, 2026 (Wednesday) 19,850 Bihar 06-10 800 21-25 1,200 Chhattisgarh 06-10 500 16-20 500 Himachal Pradesh 16-20 400 21-25 300 Jharkhand 06-10 300 Kerala 06-10 800 11-15 1,000 Madhya Pradesh 16-20 1,600 >25 2,000 Manipur 11-15 250 Odisha 02-05 1,000 11-15 1,000 Sikkim 11-15 200 Uttar Pradesh 06-10 1,000 16-20 1,000 21-25 1,000 Uttarakhand 11-15 300 West Bengal 02-05 1,000 16-20 1,500 >25 2,200 August 11, 2026 (Tuesday) August 12, 2026 (Wednesday) 15,300 Andhra Pradesh 06-10 1,000 16-20 1,200 >25 1,600 Maharashtra 06-10 2,400 16-20 2,200 >25 1,000 Meghalaya 11-15 400 Punjab 06-10 700 16-20 800 Rajasthan 06-10 700 21-25 800 Telangana 06-10 1,000 >25 1,500 August 18, 2026 (Tuesday) August 19, 2026 (Wednesday) 19,200 Bihar 11-15 1,000 16-20 1,000 Chhattisgarh 11-15 500 21-25 500 Delhi 06-10 500 11-15 500 Kerala 16-20 1,000 21-25 1,200 Madhya Pradesh 06-10 1,000 11-15 1,400 21-25 2,000 Odisha 06-10 1,000 16-20 1,000 Uttar Pradesh 11-15 1,000 16-20 1,600 Uttarakhand 21-25 300 West Bengal 06-10 1,500 21-25 2,200 August 25, 2026 (Tuesday) August 27, 2026 (Thursday) 15,100 Andhra Pradesh 11-15 1,000 21-25 1,600 Maharashtra 02-05 1,000 11-15 2,400 21-25 1,600 Punjab 02-05 1,000 11-15 1,000 Rajasthan 16-20 1,500 >25 2,000 Telangana 11-15 700 16-20 800 21-25 500 September 01, 2026 (Tuesday) September 02, 2026 (Wednesday) 20,116 Bihar 06-10 800 21-25 1,200 Chhattisgarh 06-10 500 16-20 500 Himachal Pradesh 11-15 700 Jharkhand 11-15 300 16-20 300 Kerala 06-10 800 11-15 1,000 Madhya Pradesh 16-20 1,600 >25 2,000 Manipur 06-10 216 Odisha 02-05 1,000 11-15 1,000 Sikkim 11-15 200 Uttar Pradesh 06-10 1,000 16-20 1,000 21-25 1,000 Uttarakhand 11-15 300 West Bengal 02-05 1,000 16-20 1,500 >25 2,200 September 08, 2026 (Tuesday) September 09, 2026 (Wednesday) 15,800 Andhra Pradesh 06-10 1,000 16-20 1,200 >25 1,600 Maharashtra 06-10 2,400 16-20 2,200 >25 1,000 Meghalaya 06-10 400 Punjab 06-10 1,000 16-20 1,000 Rajasthan 06-10 700 21-25 800 Telangana 06-10 1,500 >25 1,000 September 15, 2026 (Tuesday) September 16, 2026 (Wednesday) 19,600 Bihar 11-15 1,000 16-20 1,000 Chhattisgarh 11-15 500 21-25 500 Delhi 06-10 500 11-15 500 Kerala 16-20 1,000 21-25 1,200 Madhya Pradesh 06-10 1,000 11-15 1,400 21-25 2,000 Odisha 06-10 1,000 16-20 1,000 Uttar Pradesh 11-15 1,000 16-20 1,600 Uttarakhand 16-20 400 21-25 300 West Bengal 06-10 1,500 21-25 2,200 September 22, 2026 (Tuesday) September 23, 2026 (Wednesday) 15,600 Andhra Pradesh 11-15 1,000 21-25 1,600 Maharashtra 02-05 1,000 11-15 2,400 21-25 1,600 Punjab 02-05 1,000 11-15 1,000 Rajasthan 16-20 1,500 >25 2,000 Telangana 11-15 800 16-20 1,000 21-25 700 September 29, 2026 (Tuesday) September 30, 2026 (Wednesday) 16,700 Bihar 06-10 800 21-25 1,200 Chhattisgarh 06-10 250 16-20 250 Jharkhand 11-15 200 16-20 200 Kerala 06-10 800 11-15 1,000 Madhya Pradesh 16-20 1,600 >25 2,000 Sikkim 02-05 200 16-20 200 Uttar Pradesh 06-10 1,000 16-20 1,000 21-25 1,000 Uttarakhand 21-25 300 West Bengal 02-05 1,000 16-20 1,500 >25 2,200 Total 2,36,416 Annex 2 Indicative Calendar of Market Borrowings by State Governments /Union Territories for the Quarter July – September 2026 Auction Date Settlement Date Gross Amount (in ₹ crore) State/UT Amount (in ₹ crore) June 30, 2026 (Tuesday) July 01, 2026 (Wednesday) 1,000 Assam 1,000 July 07, 2026 (Tuesday) July 08, 2026 (Wednesday) 3,600 Goa 100 Jammu and Kashmir 500 Tamil Nadu 3,000 July 14, 2026 (Tuesday) July 15, 2026 (Wednesday) 8,400 Gujarat 2,000 Haryana 3,300 Mizoram 100 Tamil Nadu 3,000 July 21, 2026 (Tuesday) July 22, 2026 (Wednesday) 4,100 Assam 1,000 Goa 100 Tamil Nadu 3,000 July 28, 2026 (Tuesday) July 29, 2026 ((Wednesday) 8,300 Goa 100 Gujarat 2,000 Haryana 2,700 Jammu and Kashmir 500 Tamil Nadu 3,000 August 04, 2026 (Tuesday) August 05, 2026 (Wednesday) 7,000 Assam 1,000 Gujarat 2,500 Jammu and Kashmir 500 Tamil Nadu 3,000 August 11, 2026 (Tuesday) August 12, 2026 (Wednesday) 6,600 Goa 100 Haryana 3,000 Jammu and Kashmir 500 Tamil Nadu 3,000 August 18, 2026 (Tuesday) August 19, 2026 (Wednesday) 4,450 Assam 1,000 Goa 100 Mizoram 100 Puducherry 250 Tamil Nadu 3,000 August 25, 2026 (Tuesday) August 27, 2026 (Thursday) 8,200 Goa 100 Gujarat 2,000 Haryana 2,500 Jammu and Kashmir 600 Tamil Nadu 3,000 September 01, 2026 (Tuesday) September 02, 2026 (Wednesday) 4,100 Assam 1,000 Goa 100 Tamil Nadu 3,000 September 08, 2026 (Tuesday) September 09, 2026 (Wednesday) 10,200 Goa 100 Gujarat 2,000 Haryana 4,500 Jammu and Kashmir 600 Tamil Nadu 3,000 September 15, 2026 (Tuesday) September 16, 2026 (Wednesday) 4,400 Assam 1,200 Goa 100 Mizoram 100 Tamil Nadu 3,000 September 22, 2026 (Tuesday) September 23, 2026 (Wednesday) 8,100 Goa 100 Gujarat 2,000 Haryana 3,000 Tamil Nadu 3,000 September 29, 2026 (Tuesday) September 30, 2026 (Wednesday) 3,950 Goa 200 Jammu and Kashmir 500 Puducherry 250 Tamil Nadu 3,000 Total 82,400