On a cumulative basis, SGS issuance stands at Rs. 1.1 trillion in Q1 FY2027 till date, ~12% higher than Rs. 1.0 trillion raised in the same period last year. Notably, the actual borrowings were 21% below the Rs. 1.5 trillion planned for this period. 

Separately, the average monthly investments of state governments in 14-day intermediate treasury bills (ITBs) eased to Rs. 1.6 trillion in May 2026 from Rs. 2.0 trillion in April 2026. However, the investment in auction treasury bills (ATBs) increased to Rs. 877 billion from Rs. 685 billion in the same period.