The Aryavarth Express:
New Delhi: The Reserve Bank of India’s Central Board of Directors has approved the Bank’s budget for the 2026-27 accounting year and its Medium-Term Strategy Framework, Utkarsh 3.0, covering 2026-29.
The 622nd meeting of the Board was held on Friday in Patna under the chairmanship of Sanjay Malhotra. According to an RBI press release, the Board reviewed emerging global and domestic economic conditions, including geopolitical developments and their impact on financial markets, before approving both the annual budget and the medium-term strategy framework.
Top RBI executives and government representatives attended the high-level session, including Deputy Governors T. Rabi Sankar, Swaminathan J., Poonam Gupta, Shirish Chandra Murmu, and Central Board Directors Anuradha Thakur (Secretary, Department of Economic Affairs), Revathy Iyer, Sachin Chaturvedi, and Ravindra H. Dholakia.
State Government Securities Auctions
Earlier this month, the RBI reported that several state governments collectively raised Rs 45,960 crore through the auction of State Government Securities (SGS). Key highlights include:
Karnataka: Largest borrower, raised Rs 10,000 crore through a mix of fresh securities and re-issues, including 7.31% SGS 2033, 7.38% SGS 2034, and 7.48% SGS 2037.
Tamil Nadu: Raised Rs 8,000 crore via fresh issuances and re-issued securities such as 7.23% SGS 2033 and 7.63% SGS 2056.
Madhya Pradesh: Borrowed Rs 5,800 crore across tenors of 10, 14, and 21 years.
Uttar Pradesh and West Bengal: Each raised Rs 3,500 crore through various securities.
Andhra Pradesh: Rs 3,000 crore via 13-, 15-, and 17-year securities.
Haryana: Rs 3,000 crore across 4-, 12-, and 18-year tenors.
Delhi, Gujarat, Kerala, Jammu & Kashmir, Tripura, Mizoram, Sikkim, and Punjab also participated with smaller issuances ranging from Rs 120 crore to Rs 2,000 crore.
The auctions reflect continued fiscal activity by state governments under RBI supervision, supporting both budgetary needs and financial market stability.
