The government will raise Rs 6.77 lakh crore in the second half of FY 2025-26 through dated securities, including Rs 10,000 crore from Sovereign Green Bonds, the Ministry of Finance said on Friday. The borrowing plan, finalised in consultation with the Reserve Bank of India (RBI), will be executed between October 2025 and March 2026.
Weekly auctions across maturities
According to the ministry, the programme will be carried out through 22 weekly auctions scheduled up to March 6, 2026. The debt will be raised across securities with maturities ranging from 3 years to 50 years.
The share of borrowing under different maturities is set at 6.6 per cent for 3-year, 13.3 per cent for 5-year, 8.1 per cent for 7-year, 28.4 per cent for 10-year, 14.2 per cent for 15-year, 9.2 per cent for 30-year, 11.1 per cent for 40-year and 9.2 per cent for 50-year securities. The allocation includes the green bond issuance.
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The government will retain the right to exercise a greenshoe option, allowing it to accept an additional Rs 2,000 crore in subscription against each security indicated in auction notifications.
Buyback and Treasury Bills
To manage repayments, the government will continue switching and buyback of securities to smoothen the redemption profile. For the third quarter of FY26, borrowing through Treasury Bills is expected to average Rs 19,000 crore weekly. This will comprise Rs 7,000 crore from 91-day bills, Rs 6,000 crore from 182-day bills and Rs 6,000 crore from 364-day bills.
WMA limit set at Rs 50,000 crore
To address short-term mismatches in receipts and payments, the RBI has fixed the Ways and Means Advances (WMA) limit for the second half of the fiscal at Rs 50,000 crore.
