The Reserve Bank of India has extended its Benchmark Issuance Strategy (BIS) to include six more states and one union territory, starting from Q3: FY 2026-27. The BIS was initially introduced for nine states in Q1: FY 2026-27.
The Reserve Bank of India (RBI) introduced the Benchmark Issuance Strategy (BIS) on a pilot basis in Q1: FY 2026-27 for nine states, namely Andhra Pradesh, Bihar, Chhattisgarh, Keralam, Madhya Pradesh, Maharashtra, Rajasthan, Telangana, and Uttar Pradesh. Subsequently, nine other states and one union territory were included under the BIS framework from Q2: FY 2026-27. These additional states are Himachal Pradesh, Jharkhand, Manipur, Meghalaya, Odisha, Punjab, Sikkim, Uttarakhand, West Bengal and Delhi.
Based on experience gained and concurrence received from these six more states and one union territory, the BIS framework is being extended to States of Assam, Goa, Haryana, Mizoram, Nagaland, Tripura, and UT of Jammu and Kashmir, starting from Q3: FY 2026-27. The RBI has prepared an indicative calendar for market borrowing during the quarter October – December 2026 for these states, which can be found in Annex 1.
The details for remaining states and union territories will be announced after consultation with them, pending approval from the Government of India under Article 293(3) of the Constitution of India and considering market conditions.
The total expected market borrowings by the State Governments/UTs for the quarter October – December 2026 is ₹3,60,820 crore.
Source:
Reserve Bank of India
