New Delhi: The Reserve Bank of India (RBI) on Friday released its indicative calendar for market borrowings by state governments and union territories (UTs) for the October-December 2025 quarter, unveiling a total of ₹2,81,865 crore slated for auctions. Leading the charge is Tamil Nadu with a tentative borrowing of ₹39,000 crore, followed closely by Uttar Pradesh (₹33,000 crore), Maharashtra (₹29,199 crore) and West Bengal (₹29,000 crore).
Gujarat (₹20,000 crore), Madhya Pradesh (₹15,640 crore), Rajasthan (₹14,455 crore), Karnataka (₹12,000 crore), Andhra Pradesh (₹11,900 crore) figure prominently among the largest borrowers, with multiple issuances through the quarter. Smaller states and UTs, such as Goa, Mizoram, Sikkim, Puducherry, and Tripura, are set to borrow modest amounts.
The auctions, to be conducted weekly, will spread across October, November, and December, with the highest mobilisation scheduled for October 28 at ₹30,900 crore. Other heavy borrowing weeks include November 25 (₹26,349 crore) and December 23 (₹26,855 crore).
The RBI emphasised that the calendar is indicative, with actual borrowing dependent on state requirements, market conditions, and approvals from the Government of India under Article 293(3) of the Constitution.
The central bank said it would ensure the borrowings are conducted “in a non-disruptive manner,” while distributing the load evenly across the quarter: October at around ₹86,160 crore, November at ₹93,159 crore, and December at ₹102,546 crore (based on tentative figures).
The total borrowing plan reflects states’ continued dependence on market funding to meet fiscal needs, with several states grappling with high expenditure on welfare schemes and infrastructure projects amid sluggish tax revenue growth.
The borrowing programme for this quarter will begin with an auction on October 7, where Andhra Pradesh, Gujarat, Maharashtra, Jammu & Kashmir, and Mizoram together are expected to raise ₹9,410 crore.
State-wise borrowings indicated in the RBI Calendar
| Rank | State/UT | Total Borrowing (₹ Crore) |
| 1 | Tamil Nadu | 39,000 |
| 2 | Uttar Pradesh | 33,000 |
| 3 | Maharashtra | 29,199 |
| 4 | West Bengal | 29,000 |
| 5 | Gujarat | 20,000 |
| 6 | Madhya Pradesh | 15,640 |
| 7 | Rajasthan | 14,455 |
| 8 | Karnataka | 12,000 |
| 9 | Andhra Pradesh | 11,900 |
| 10 | Bihar | 9,852 |
| 11 | Telangana | 9,600 |
| 12 | Odisha | 9,000 |
| 13 | Haryana | 8,500 |
| 14 | Chhattisgarh | 7,500 |
| 15 | Punjab | 5,093 |
| 16 | Assam | 4,500 |
| 17 | Kerala | 4,400 |
| 18 | Uttarakhand | 4,000 |
| 19 | Jharkhand | 4,000 |
| 20 | Jammu & Kashmir | 3,226 |
| 21 | Himachal Pradesh | 1,500 |
| 22 | Tripura | 1,300 |
| 23 | Goa | 1,100 |
| 24 | Sikkim | 1,000 |
| 25 | Nagaland | 800 |
| 26 | Meghalaya | 750 |
| 27 | Arunachal Pradesh | 575 |
| 28 | Puducherry | 500 |
| 29 | Mizoram | 325 |
| 30 | Manipur | 150 |
Andhra Pradesh is scheduled for market borrowings on the following dates in the October-December 2025 quarter, with tentative amounts
October 07, 2025: ₹1,900 Crore
November 04, 2025: ₹5,000 Crore
December 02, 2025: ₹5,000 Crore
Telangana is scheduled for market borrowings on the following dates, with tentative amounts:
October 14, 2025: ₹1,000 Crore
October 28, 2025: ₹1,000 Crore
November 11, 2025: ₹1,600 Crore
November 18, 2025: ₹1,000 Crore
November 25, 2025: ₹1,000 Crore
December 09, 2025: ₹2,000 Crore
December 23, 2025: ₹2,000 Crore
