The Government borrowing plan for the second half of FY 2026-27 has been set at ₹7,86,000 crore, according to the Government of India. The plan, finalised in consultation with the Reserve Bank of India (RBI), includes ₹15,000 crore of Sovereign Green Bonds (SGrBs).
For the full financial year, the government is expected to raise ₹15,99,506 crore through dated securities. This is below the Budget Estimate of ₹17,20,000 crore for FY 2026-27.
₹7.86 Lakh Crore Borrowing Across Eight Maturities
The H2 borrowing programme will be conducted through 23 weekly auctions. Securities with maturities of 3, 5, 7, 10, 15, 30, 40 and 50 years will be used for the borrowing programme.
The maturity-wise share of borrowing, including Sovereign Green Bonds, has been set at 6.9% for 3-year securities, 12.1% for 5-year, 9.1% for 7-year, 26.3% for 10-year, 17.6% for 15-year, 9.2% for 30-year, 8.9% for 40-year and 9.9% for 50-year securities.
The government will also continue switching and buyback operations to smoothen the redemption profile. It can retain an additional subscription of up to ₹2,000 crore against each security covered by the auction notifications under the greenshoe option.
Treasury Bills and WMA Limit for H2
During the third quarter of FY 2026-27, the government expects to raise ₹23,000 crore per week through Treasury Bills across 13 auction weeks.
The weekly T-Bill programme comprises ₹8,000 crore through 91-day T-Bills, another ₹8,000 crore through 182-day T-Bills and ₹7,000 crore through 364-day T-Bills.
Separately, the RBI has set the Ways and Means Advances (WMA) limit at ₹50,000 crore for H2 FY 2026-27. The facility is intended to address temporary mismatches in government accounts, if required.
Government Announces ₹2.99 Lakh Crore Treasury Bill Auction Calendar for Q3 FY27
The Government of India, in consultation with the Reserve Bank of India (RBI), has released the Treasury Bill auction calendar for October-December 2026. A total of ₹2,99,000 crore will be raised through 13 weekly auctions during the quarter.
The notified amount includes ₹1,04,000 crore through 91-day Treasury Bills, ₹1,04,000 crore through 182-day Treasury Bills and ₹91,000 crore through 364-day Treasury Bills. Each weekly auction will offer ₹23,000 crore, comprising ₹8,000 crore each of 91-day and 182-day T-Bills and ₹7,000 crore of 364-day T-Bills.
Auctions will begin on October 7, 2026, with the corresponding issue on October 8, and continue weekly through December 30, with the final issue scheduled for December 31. The government and RBI can modify the notified amount or auction timing based on funding requirements, market conditions and other relevant factors, with changes to be communicated through press releases.
Q1. How much will the government borrow in H2 FY 2026-27?
The Government of India plans to borrow ₹7,86,000 crore during the second half of FY 2026-27.
Q2. How much of the H2 borrowing will come from Sovereign Green Bonds?
The government plans to issue ₹15,000 crore through Sovereign Green Bonds.
Q3. What is the expected full-year market borrowing for FY 2026-27?
Market borrowing through dated securities is expected to total ₹15,99,506 crore during FY 2026-27.
Q4. How many auctions will cover the H2 borrowing programme?
The ₹7,86,000 crore H2 borrowing programme will be completed through 23 weekly auctions.
Q5. What is the RBI’s WMA limit for H2 FY 2026-27?
The RBI has fixed the Ways and Means Advances limit at ₹50,000 crore for H2 FY 2026-27.
