RBI Releases H2 Government Securities Issuance Calendar and September Bulletin

The Reserve Bank of India on Friday released a dense cluster of market-facing notifications that together sketch the borrowing architecture for the second half of the financial year, publishing the dated securities calendar, the Treasury Bill schedule, the state government auction roster for next week, and the Ways and Means Advances limit for the Centre, alongside the September edition of its monthly Bulletin (RBI).

The centrepiece is the indicative calendar for Government of India dated securities running from October 2026 through March 2027. The first auction window, straddling September 28 and October 2, will offer ₹33,000 crore across three-, seven- and 30-year papers, with a dedicated ₹3,000 crore tranche of 30-year Sovereign Green Bonds. The calendar then settles into a fortnightly rhythm: 15- and 50-year securities in one week, a 10-year benchmark the next, followed by five- and 40-year papers, before the three-, seven- and 30-year combination returns with another green bond slice. The pattern repeats through January, providing primary dealers and institutional investors a predictable maturity ladder for the remainder of the fiscal year (RBI).

Running in parallel, the Treasury Bill calendar for the quarter ending December 2026 sets weekly auctions of ₹23,000 crore, split evenly between 91-day and 182-day bills at ₹8,000 crore each and 364-day bills at ₹7,000 crore. The first auction is slated for October 7 with issuance the following day, and the schedule extends through 13 weekly cycles to December 30. The central bank retained the standard flexibility clause, noting that amounts and timing may be adjusted after due notice depending on government cash requirements and market conditions (RBI).

On the state financing side, state governments have notified an aggregate ₹22,200 crore face-value auction for Tuesday, September 29, to be conducted on the RBI’s Core Banking Solution (E-Kuber) platform. Competitive bids will be accepted between 10:30 a.m. and 11:30 a.m., while non-competitive bids — capped at 10 per cent of each stock’s notified amount with a one per cent per-bidder ceiling — must be placed by 11:00 a.m. Retail investors can participate through the RBI Retail Direct portal. Results will be declared the same day, with settlement on September 30 (RBI).

For the Centre’s own cash management, the Ways and Means Advances limit has been fixed at ₹50,000 crore for the October-to-March half-year. The RBI may trigger fresh market loan floatation once the government utilises 75 per cent of that limit. The interest rate on WMA draws will be the prevailing repo rate, with overdrafts priced at two percentage points above repo. The central bank reserved the right to revise the limit at any time (RBI).

The September Bulletin, released simultaneously, carries three analytical articles. The State of the Economy piece pegs first-quarter growth at 7.8 per cent, noting that high-frequency indicators through August signal continued resilience, a narrowing merchandise trade deficit on strong exports, and headline inflation edging up to 4.8 per cent in August on food, fuel and core pressures. System liquidity has swung into surplus following FCNR(B) deposit inflows, while a moderate current account deficit and robust foreign direct investment have pushed foreign exchange reserves to an all-time high (RBI).

A second article, authored by Saurabh Ghosh, Prabhat Kumar, Madhuresh Kumar and Monica, dissects the credit-deposit divergence that has pushed the system-wide CD ratio above 80 per cent since FY2023. The study argues that in a modern monetary framework deposits are created endogenously with lending, so the CD ratio by itself may not signal funding vulnerability. It attributes the recent rise to liability-side adjustments — cheaper borrowings and higher capital — rather than deposit mobilisation constraints, and finds prudential targets adequately satisfied at the aggregate level (RBI).

The third article examines private corporate investment, tracking growth in 2025-26 and the outlook for the current fiscal year. Together, the three pieces frame the macroeconomic backdrop against which the borrowing calendars will be executed.

Rounding out the day’s releases, the Guwahati regional office advertised a single contract pharmacist position at ₹400 per hour for a maximum of five hours daily, with applications due by June 3, 2021 — a date that appears to belong to an earlier recruitment cycle (RBI).

What remains to be seen is how the green bond tranches are absorbed in a rising-rate environment and whether the predictable T-bill supply keeps short-term yields anchored as the Centre’s cash balances fluctuate through the festival and harvest seasons.