The Government of India, in consultation with the Reserve Bank of India (RBI), has finalized its borrowing programme for the second half (H2) of FY 2025-26, with plans to raise ₹6.77 lakh crore through dated securities and Treasury Bills.
Key Highlights of H2 Borrowing
Total Gross Market Borrowing: ₹6.77 lakh crore
Sovereign Green Bonds (SGrBs): ₹10,000 crore included within the total borrowing
Number of Weekly Auctions: 22, to be completed by 6 March 2026
Tenure-wise Borrowing Share:
3-year: 6.6%
5-year: 13.3%
7-year: 8.1%
10-year: 28.4%
15-year: 14.2%
30-year: 9.2%
40-year: 11.1%
50-year: 9.2%
The government will continue switching/buyback operations to smoothen the redemption profile and manage market liquidity. Additionally, a greenshoe option allows for retaining an extra subscription of up to ₹2,000 crore per security in the auctions.
Treasury Bills Issuance
For the third quarter (Q3) of FY 2025-26, weekly T-Bill issuance is expected at ₹19,000 crore, divided as:
91-day T-Bills: ₹7,000 crore
182-day T-Bills: ₹6,000 crore
364-day T-Bills: ₹6,000 crore
This ensures short-term liquidity management for government payments and receipts.
Ways and Means Advances (WMA)
The RBI has fixed the WMA limit at ₹50,000 crore for H2 FY 2025-26 to address temporary mismatches in the government’s cash flows.
The full press release and detailed calendar of auctions are available on the official websites of the Finance Ministry and the Reserve Bank of India.
