The Centre, in consultation with the Reserve Bank of India, has finalised its borrowing programme of ₹6.67 lakh crore for the second half (H2) of FY26. 

Total borrowing for the current financial year has been estimated at ₹14.82 lakh crore, with borrowings of ₹8 lakh crore planned for the first half of the current financial year. 

“The government plans to borrow ₹6.77 lakh crore in the second half of the fiscal 2025-26 (H2: FY 2025-26) through dated securities, including ₹10,000 crore through issuance of Sovereign Green Bonds (SGrBs),” said a release from the finance ministry. 

“The gross market borrowing of ₹6.77 lakh crore shall be completed through 22 weekly auctions till March 6, 2026. The market borrowing will be spread over 3, 5, 7, 10, 15-, 30-, 40- and 50-year securities,” it said, adding, “The share of borrowing (including SGrBs) under different maturities will be: 3-year (6.6%), 5-year (13.3%), 7-year (8.1%), 10-year (28.4%), 15-year (14.2%), 30-year (9.2%), 40-year (11.1%) and 50-year (9.2%).”  

The ministry said the government will continue to carry out the switching/buyback of securities to smooth the redemption profile.

"The government will continue to reserve the right to exercise the greenshoe option to retain an additional subscription of up to ₹2,000 crore against each of the securities indicated in the auction notifications," it added. 

The ministry said weekly borrowing through issuance of treasury bills in the third quarter (Q3) of FY26 is expected to be ₹19,000 crore for 13 weeks with issuance of ₹7,000 crore under 91 DTBs, ₹6,000 crore under 182 DTBs and ₹6,000 crore under 364 DTBs, respectively.

“To take care of temporary mismatches in government payments and receipts, the Reserve Bank of India has fixed the Ways and Means Advances (WMA) limit for H2 of FY 2025-26 at ₹50,000 crore,” it added.