- Total indicative borrowings for Oct–Dec 2025: Rs. 2,81,865 crore.
- Weekly auctions of State Development Loans (SDLs) to be conducted by RBI.
- Participation and amounts by States/UTs are tentative and subject to confirmation.
- Final auction details to be announced via RBI press releases 2–3 days prior to each auction.
News Update
The Reserve Bank of India (RBI), in consultation with State Governments and Union Territories (UTs), has released the
indicative calendar of market borrowings for the quarter October–December 2025.
The total borrowings are projected at Rs. 2,81,865 crore, to be raised through
weekly auctions of State Development Loans (SDLs).
Indicative Calendar & Weekly Auctions
RBI will publish the weekly auction schedule indicating the States/UTs that have confirmed participation and the
tentative amounts. This advance visibility helps market participants manage liquidity and plan their bids more
effectively.
Final Confirmation & Conditions
- Actual amounts and participants confirmed via press releases 2–3 days before each auction.
- Borrowings subject to Government of India approval under Article 293(3) of the Constitution.
- Amounts may vary depending on market conditions and State/UT needs.
RBI’s Auction Approach
RBI will aim to conduct auctions in a non-disruptive manner, distributing borrowings
evenly across the quarter to reduce volatility and ensure stability in bond markets.
Right to Modify
RBI reserves the right to modify auction dates and amounts in consultation with States/UTs.
This ensures flexibility to align with cash-flow needs and overall market stability.
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