The RBI has released the indicative calendar for state government borrowings for October–December 2026 under the Benchmark Issuance Strategy (BIS). Eighteen states and one UT will participate.
RBI Publishes Q4 FY26 State Borrowing Calendar
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. The schedule is issued under the pilot phase of the Benchmark Issuance Strategy (BIS), aimed at improving transparency and investor predictability.
Initially launched with nine states in Q1 FY2026–27, the BIS has now expanded to include nine additional states and one Union Territory — Himachal Pradesh, Jharkhand, Manipur, Meghalaya, Odisha, Punjab, Sikkim, Uttarakhand, West Bengal, and Delhi. The calendar outlines expected borrowing dates and tenors, facilitating advance planning for primary dealers and institutional investors.
For legal practitioners, this structured calendar aids in tracking public debt issuance and advising clients on subscription, allotment, and compliance frameworks. It also reflects a shift toward predictable fiscal management by sub-sovereign entities, with implications for debt sustainability and credit risk assessments.
