Indicative Calendar of Market borrowings by State Governments/ Union Territories for the Quarter October – December 2026
Distilled Policy Brief
- The Reserve Bank extended the Benchmark Issuance Strategy framework to six more States and one Union Territory, bringing the total participation for the October – December 2026 quarter.
- The total quantum of market borrowings by the State Governments and Union Territories for the quarter October – December 2026 is expected to be ₹3,60,820 crore.
🎯 Prelims High-Yield Examination Points
State Government market borrowings are subject to approval from the Government of India under Article 293(3) of the Constitution of India.
⚖️ Mains Analytical & Syllabus Linkages
Analyze the implications of the Reserve Bank's Benchmark Issuance Strategy on enhancing transparency and debt management for State Governments.
🎯 UPSC Prelims Practice Drill
Consider the following statements regarding the Benchmark Issuance Strategy (BIS) introduced by the Reserve Bank: 1. The strategy was introduced with the objective of enhancing transparency and providing greater clarity to investors in state government market borrowings. 2. The actual amount of borrowings and participating States/UTs are contingent upon, among other things, the approval from the Government of India under Article 293(3) of the Constitution of India. Which of the statements given above is/are correct?
- [A] 1 only
- [B] 2 only
- [C] Both 1 and 2
- [D] Neither 1 nor 2
▶ Reveal Official Answer & Analytical Explanation
Both statements are correct. The Reserve Bank introduced the Benchmark Issuance Strategy (BIS) specifically to enhance transparency and provide greater clarity to investors. Furthermore, the actual amount of borrowings and the participating States/UTs depend on several factors, including the requirement of the State Governments/UTs, prevailing market conditions, and the mandatory approval from the Government of India under Article 293(3) of the Constitution of India.
🏛️ Historical Twin PYQ Anchor (2021)
Consider the following statements regarding the "National Clean Air Programme (NCAP)": 1. It is implemented by the Ministry of Environment, Forest and Climate Change. 2. Central Pollution Control Board acts as the sole regulatory executive body.