RBI Releases Indicative Calendar of Market Borrowings by State Governments/Union Territories for April – June 2024 Quarter

The Reserve Bank of India (RBI) has unveiled the indicative calendar of market borrowings by State Governments/Union Territories (UTs) for the upcoming quarter spanning April to June 2024. This detailed schedule, released in consultation with the concerned authorities, sheds light on the expected quantum of borrowings and the corresponding auction dates.

Overview of Market Borrowings

According to the indicative calendar, the total market borrowings by State Governments/UTs for the April – June 2024 quarter are anticipated to amount to ₹2,54,040 Crore. The calendar provides insights into the proposed dates of auctions and the expected quantum of borrowing by participating States/UTs.

Proposed Auction Dates and Borrowing Amounts

The calendar delineates the weekly schedule of auctions to be conducted throughout the quarter, offering a glimpse into the borrowing activities of different States/UTs. Notable highlights include:

- April 02, 2024: Andhra Pradesh, Himachal Pradesh, Maharashtra, Meghalaya, Punjab, Tamil Nadu, and Telangana among the participants.

- April 08, 2024: Andhra Pradesh, Assam, Gujarat, Haryana, Kerala, Maharashtra, Mizoram, Puducherry, Punjab, Tamil Nadu, Telangana, and Uttarakhand are slated to partake in the auction.

- April 16, 2024: Goa, Haryana, Kerala, Maharashtra, Nagaland, Rajasthan, Tamil Nadu, and Uttar Pradesh are among the States set to participate.

Transparency and Efficiency

The RBI emphasizes its commitment to conducting auctions in a non-disruptive manner, considering market conditions and relevant factors. The central bank aims to ensure a fair and transparent borrowing process while distributing borrowings evenly throughout the quarter.

Flexibility and Consultation

Acknowledging the dynamic nature of market conditions, the RBI reserves the right to modify auction dates and borrowing amounts in consultation with State Governments/UTs. This flexibility allows for responsive adjustments to ensure optimal market participation and efficient fund mobilization.

As the April – June 2024 quarter unfolds, stakeholders will closely monitor the execution of market borrowings by State Governments/UTs, keeping a keen eye on developments and their implications for fiscal management and market dynamics.

The indicative calendar serves as a vital tool for stakeholders, providing insights into the borrowing landscape and facilitating informed decision-making in the financial markets.