The central government has announced plans to raise ₹3.36 trillion through Treasury Bills during the second quarter of FY27, according to the Reserve Bank of India. The borrowing will be distributed across three tenors: ₹1.26 trillion through 91-day Treasury Bills, ₹1.12 trillion through 182-day Treasury Bills, and ₹98,000 crore through 364-day Treasury Bills. Market participants indicated that the indicative borrowing was along expected lines, as reported by Business Standard.
The RBI has scheduled 14 weekly auctions between July 1 and September 30, 2026, to facilitate this borrowing program. Each auction will comprise ₹9,000 crore of 91-day Treasury Bills, ₹8,000 crore of 182-day Treasury Bills, and ₹7,000 crore of 364-day Treasury Bills, taking the weekly notified amount to ₹24,000 crore. The first auction of the quarter is scheduled for July 1, with the central bank retaining flexibility to modify notified amounts and auction schedules based on government requirements, market conditions, and other relevant factors.
The RBI has committed to providing advance notice to the market before making any changes to the borrowing calendar, including those arising from intervening holidays. Any modifications to the borrowing schedule will be communicated through separate press releases, ensuring transparency in the government's funding operations. This structured approach provides market participants with clear visibility into the government's borrowing requirements and helps maintain orderly market conditions during the quarter.
