Indicative Calendar of Market borrowings by State Governments/ Union Territories for the Quarter October – December 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 commencing Q1: FY 2026-27 involving nine States, viz., Andhra Pradesh, Bihar, Chhattisgarh, Keralam, Madhya Pradesh, Maharashtra, Rajasthan, Telangana, and Uttar Pradesh. Subsequently, nine other States and one Union Territory (UT), namely Himachal Pradesh, Jharkhand, Manipur, Meghalaya, Odisha, Punjab, Sikkim, Uttarakhand, West Bengal and Delhi were included under BIS framework from Q2: FY 2026-27 . Based on experience gaine

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