Reserve Bank of India Unveils State Borrowing Calendar for Q1 2026

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

The RBI will conduct weekly auctions in collaboration with the respective States and UTs, with approval from the Government of India under Article 293(3) of the Indian Constitution. The final borrowing amounts and the participants for each auction may fluctuate based on the requirements of the states and prevailing market conditions.

Key Auctions Scheduled for January 2026

On January 6, the first auction will feature a total of ₹30,100 crore, with significant contributions from Andhra Pradesh (₹6,500 crore), Karnataka (₹6,000 crore), Tamil Nadu (₹6,000 crore), Madhya Pradesh (₹4,000 crore), and West Bengal (₹3,000 crore), among others.

The following week, on January 13, the auction amount increases to ₹36,190 crore, led by Karnataka with ₹10,000 crore, followed by Maharashtra (₹4,500 crore), Tamil Nadu (₹4,000 crore), and Bihar (₹3,000 crore).

Subsequent auctions include ₹38,600 crore on January 20, with Karnataka again taking the lead at ₹9,000 crore, and ₹47,300 crore on January 27, with Karnataka contributing ₹7,000 crore.

Key Auctions Scheduled for February 2026

February's auctions will continue the trend, starting with ₹42,800 crore on February 3, where Karnataka will again feature prominently with ₹8,000 crore, alongside Andhra Pradesh (₹5,500 crore) and Madhya Pradesh (₹5,200 crore).

The auction on February 10 will total ₹42,750 crore, with Karnataka leading at ₹7,000 crore, followed by Madhya Pradesh (₹5,000 crore) and Maharashtra (₹4,500 crore).

February 17 will see an auction of ₹39,000 crore, with Karnataka once more in the forefront at ₹8,000 crore. The month will conclude with an auction of ₹44,221 crore on February 24, with Karnataka contributing ₹8,000 crore.

Key Auctions Scheduled for March 2026

March will feature multiple auctions, starting with ₹35,805 crore on March 2, where Karnataka (₹8,000 crore) and Andhra Pradesh (₹5,500 crore) will be key participants.

On March 10, the auction will total ₹39,270 crore, with Karnataka again leading at ₹8,000 crore, followed by Madhya Pradesh (₹5,000 crore) and Tamil Nadu (₹4,000 crore).

March 17 will see an auction of ₹43,800 crore, with Karnataka contributing ₹7,000 crore. The final auction of the quarter will occur on March 27, amounting to ₹12,000 crore, with Gujarat (₹1,000 crore) and Maharashtra (₹4,000 crore) participating.

The RBI has stated that the auctions will be evenly distributed throughout the quarter to maintain market stability. Any modifications to the auction dates or amounts will be communicated through official press releases.