RBI Announces State Borrowing Calendar for Q1 2026

January 2, 2026 – Mumbai: The Reserve Bank of India (RBI) has released the indicative market borrowing schedule for State Governments and Union Territories (UTs) for the first quarter of 2026, from January to March. The total projected borrowing is ₹4,99,821 crore.

The weekly auctions will be conducted in consultation with the States/UTs and will be subject to approvals from the Government of India under Article 293(3) of the Constitution. The final amounts and participants for each auction may vary depending on state requirements and market conditions.

Key Auctions in January 2026

• Jan 6: ₹30,100 crore – Major participants include Andhra Pradesh (₹6,500 cr), Karnataka (₹6,000 cr), Tamil Nadu (₹6,000 cr), Madhya Pradesh (₹4,000 cr), West Bengal (₹3,000 cr), among others.

• Jan 13: ₹36,190 crore – Karnataka leads with ₹10,000 cr, followed by Maharashtra (₹4,500 cr), Tamil Nadu (₹4,000 cr), Bihar (₹3,000 cr), and others.

• Jan 20: ₹38,600 crore – Karnataka (₹9,000 cr), Madhya Pradesh (₹5,000 cr), Tamil Nadu (₹4,000 cr), West Bengal (₹4,500 cr).

• Jan 27: ₹47,300 crore – Karnataka (₹7,000 cr), Madhya Pradesh (₹6,000 cr), Maharashtra (₹4,500 cr), Tamil Nadu (₹4,000 cr), West Bengal (₹4,000 cr).

Key Auctions in February 2026

• Feb 3: ₹42,800 crore – Karnataka (₹8,000 cr), Andhra Pradesh (₹5,500 cr), Madhya Pradesh (₹5,200 cr), Tamil Nadu (₹4,000 cr).

• Feb 10: ₹42,750 crore – Karnataka (₹7,000 cr), Madhya Pradesh (₹5,000 cr), Maharashtra (₹4,500 cr), Tamil Nadu (₹4,000 cr).

• Feb 17: ₹39,000 crore – Karnataka (₹8,000 cr), Maharashtra (₹4,500 cr), Tamil Nadu (₹4,000 cr), West Bengal (₹3,500 cr).

• Feb 24: ₹44,221 crore – Karnataka (₹8,000 cr), Madhya Pradesh (₹6,200 cr), Tamil Nadu (₹4,000 cr), West Bengal (₹3,500 cr).

Key Auctions in March 2026

• Mar 2: ₹35,805 crore – Karnataka (₹8,000 cr), Andhra Pradesh (₹5,500 cr), West Bengal (₹4,000 cr), Tamil Nadu (₹3,000 cr).

• Mar 10: ₹39,270 crore – Karnataka (₹8,000 cr), Madhya Pradesh (₹5,000 cr), Tamil Nadu (₹4,000 cr), West Bengal (₹3,500 cr).

• Mar 17: ₹43,800 crore – Karnataka (₹7,000 cr), Madhya Pradesh (₹6,000 cr), Tamil Nadu (₹4,000 cr), West Bengal (₹4,500 cr).

• Mar 24: ₹47,985 crore – Karnataka (₹7,000 cr), Madhya Pradesh (₹6,200 cr), West Bengal (₹5,500 cr), Tamil Nadu (₹4,000 cr).

• Mar 27: ₹12,000 crore – Gujarat (₹1,000 cr), Maharashtra (₹4,000 cr), Tamil Nadu (₹2,000 cr), Uttar Pradesh (₹2,000 cr).

The RBI emphasizes that the auctions will be conducted evenly throughout the quarter to ensure market stability. Any changes to dates or amounts will be communicated in advance via press releases.