RBI expands Benchmark Issuance Strategy to seven additional states and UTs
What happened
The Reserve Bank of India extended its Benchmark Issuance Strategy to six additional states—Assam, Goa, Haryana, Mizoram, Nagaland, and Tripura—and the Union Territory of Jammu and Kashmir for Q3 FY 2026–27. Expected total market borrowings by state governments and union territories for October–December 2026 will reach ₹3,60,820 crore.
Why it matters
The framework enhances transparency and predictable debt supply for institutional investors by distributing issuances evenly throughout the quarter. Structuring regional borrowing schedules helps mitigate market disruptions and smooth yield volatility during state bond auctions.
Bigger picture
This expansion marks the third phase of an RBI pilot launched in Q1 FY 2026–27 with nine states, which subsequently added nine states and Delhi in Q2. Incorporating nearly all regional governments under a standardized borrowing calendar strengthens institutional public debt management in India.
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