The auction calendar of market borrowings by 26 state governments (excluding Arunachal Pradesh and Meghalaya) and two UTs for Q4 FY2026, released by the RBI on January 2, 2026, has placed the total market borrowing at Rs. 5.0 trillion. This implies a growth of 8.9% relative to the gross issuance of Rs. 4.6 trillion in Q4 FY2025 (as per the RBI Monthly Bulletin). 

While the states had actually borrowed Rs. 4.3 trillion in Q4 FY2025, the RBI Monthly Bulletin mentions that quarter’s gross borrowing at Rs. 4.6 trillion. This takes into account Rs. 247 billion that states had borrowed on December 31, 2024, which was settled on the following day (the settlement of SGS auctions happens on a T+1 basis), thereby spilling over into Q4 FY2025.

EXHIBIT: Gross SGS issuance by all state governments/UTs and YoY growth