The Reserve Bank of India (RBI) has indicated the issuance of gross State Government Securities (SGS) at Rs. 3.6 trillion in Q3 FY2027 in the auction calendar released by it on October 1, 2026. This is a sharp 25.9% higher than the Rs. 2.9 trillion raised by states in Q3 FY2026. With redemptions estimated at Rs. 1.3 trillion, the net SGS issuance in Q3 FY2027 stand at Rs. 2.3 trillion, reflecting a substantial YoY increase of 26.8%.

• The incremental gross borrowing of Rs. 742 billion in Q3 FY2027 is mainly driven by Maharashtra (Rs. 198 billion), West Bengal (WB; Rs. 183 billion) and Haryana (Rs. 135 billion), which together account for nearly 70% of the increase in this quarter. Seven additional states/UTs, namely Assam, Goa, Haryana, Mizoram, Nagaland, Tripura and Jammu & Kashmir have adopted the Benchmark Issuance Strategy (BIS) in Q3 FY2027.
• The total number of states/UTs that will now be following the BIS, stands at 26. These states/UTs have indicated borrowings of Rs. 2.8 trillion in Q3 FY2027, accounting for 77% of the quarter’s planned issuances.