The Government of India will borrow Rs 7.86 lakh crore from the market during the second half of financial year 2026-27, including Rs 15,000 crore through Sovereign Green Bonds, the Ministry of Finance announced on Friday.
The borrowing programme, finalised in consultation with the Reserve Bank of India (RBI), will cover the October 2026-March 2027 period. The government plans to complete the borrowing through 23 weekly auctions of dated securities.
For the full financial year, the Centre now expects to borrow Rs 15.995 lakh crore through dated securities, lower than the Rs 17.20 lakh crore Budget Estimate for FY 2026-27.
The securities issued during the second half will range from three-year to 50-year maturities. The largest share, 26.3 per cent, will be raised through 10-year securities, followed by 15-year securities at 17.6 per cent and five-year securities at 12.1 per cent.
The government will also continue switching and buying back securities to manage its redemption profile. It has retained the option to accept up to an additional Rs 2,000 crore per security through the greenshoe facility during auctions.
Separately, the Centre plans to borrow Rs 23,000 crore a week through Treasury Bills during the third quarter, covering 13 auction weeks. This will comprise Rs 8,000 crore each in 91-day and 182-day T-Bills and Rs 7,000 crore in 364-day T-Bills.
The RBI has also fixed the Ways and Means Advances limit at Rs 50,000 crore for the second half of FY27, providing a temporary funding buffer to manage mismatches between government receipts and expenditure.
The borrowing calendar comes as the RBI has been absorbing substantial excess liquidity from the banking system through open-market bond sales and other liquidity-management operations.
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