FILE PHOTO: A man walks past an installation of the Rupee logo and Indian currency coins outside the Reserve Bank of India (RBI) headquarters in Mumbai, India, April 9, 2025. REUTERS/Francis Mascarenhas/File Photo
| Photo Credit:
FRANCIS MASCARENHAS
The Reserve Bank of India has decided to introduce Benchmark Issuance Strategy (BIS) for market borrowings, on a pilot basis, for nine States based on their concurrence, starting FY27.
The nine States included in the pilot are Andhra Pradesh, Bihar, Chhattisgarh, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Telangana and Uttar Pradesh. The BIS strategy would involve issuing securities in specific benchmark tenor buckets as per the pre-announced calendar.
“As their cash and debt manager, Reserve Bank has been sensitizing States about adoption of BIS for their market borrowings. Adoption of this strategy is aimed at enhancing transparency and providing greater clarity to investors…Going forward, other States/UTs are expected to adopt the BIS,” RBI said in a statement.
The quantum of total market borrowings by the State Governments/UTs for the quarter April-June 2026, is expected to be ₹2,54,509 crore. The borrowing by States in the first quarter of FY27 is lower than the quantum of borrowing indicated in last year’s first quarter calendar of ₹2,73,255 crore.
In the first quarter of FY27, the nine States that have adopted the BIS will collectively borrow ₹1,53, 900 crore. The remaining States will collectively borrow ₹1,00,609 crore.
Published on April 3, 2026
