India finalizes ₹6.77 lakh crore government borrowing programme for second half of FY26

Delhi: India announced a ₹6.77 lakh crore government borrowing programme for the second half of fiscal year 2025-26, developed jointly by the Government of India and Reserve Bank of India.

The borrowing will proceed through dated securities, including ₹10,000 crore in Sovereign Green Bonds across 22 weekly auctions scheduled until March 6, 2026. Furthermore, the securities will span eight different maturity periods ranging from 3 to 50 years.

The 10-year securities will account for the largest share at 28.4% of total borrowing, while 15-year bonds will represent 14.2% and 5-year securities will comprise 13.3%. Additionally, 40-year bonds will make up 11.1%, with both 30-year and 50-year securities each representing 9.2% of the programme.

Meanwhile, 7-year securities will constitute 8.1% and 3-year bonds will form 6.6% of the total borrowing allocation.

Government borrowing programme includes treasury bill issuances

The third quarter of FY 2025-26 will see weekly Treasury Bill issuances totalling ₹19,000 crore over 13 weeks. Specifically, the government will issue ₹7,000 crore in 91-day Treasury Bills, ₹6,000 crore in 182-day bills, and ₹6,000 crore in 364-day bills, respectively.

The government retained flexibility through a greenshoe option, allowing additional subscriptions up to ₹2,000 crore for each security mentioned in auction notifications. Moreover, switching and buyback operations will continue to manage redemption profiles effectively.

The Reserve Bank of India established a Ways and Means Advances limit of ₹50,000 crore for the second half of FY 2025-26 to address temporary mismatches between government payments and receipts.