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Central government market borrowing (G-Secs), year by year

Q: Why does central borrowing matter for banks?

Banks are the largest holders of G-Secs because the bonds are SLR-eligible and risk-free. A heavier borrowing calendar adds to the supply of government paper the system must absorb, which can push up yields and move the mark-to-market on banks' bond portfolios. The 10-year G-Sec yield set at these auctions is also the anchor for lending and deposit pricing, so the size of the Centre's borrowing programme feeds directly into bank treasury income and credit costs.

Quick answerCentral government market borrowing is the money the Union government raises by issuing dated Government Securities (G-Secs), auctioned by the RBI on its behalf to fund the fiscal deficit. G-Secs are SLR-eligible and define the risk-free yield curve. Gross dated issuance jumped to about Rs 13.7 lakh crore in FY2020-21 (COVID), hit a record near Rs 15.4 lakh crore in FY2023-24, eased to roughly Rs 14.0 lakh crore in FY2024-25 and is budgeted near Rs 14.8 lakh crore for FY2025-26. G-Secs are the sovereign counterpart to states’ State Development Loans (SDLs). Figures are approximate and revised periodically; the latest year is budgeted.

The chart shows approximate gross dated G-Sec issuance (Rs lakh crore) by fiscal year; the table below carries the same figures, so the page is readable without JavaScript — for accessibility and AI answer engines.

Gross dated G-Sec issuance by fiscal year

Fiscal year	Gross dated G-Sec (Rs lakh crore)	Note
FY2019-20	7.1	Pre-pandemic baseline
FY2020-21	13.7	COVID-19 — gross borrowing surged to fund relief & lost revenue
FY2021-22	11.3	Eased as the economy recovered
FY2022-23	14.2	Stepped up again amid a large fiscal deficit
FY2023-24	15.4	Record gross dated G-Sec issuance
FY2024-25	14.0	Eased on fiscal consolidation (actual ~Rs 14.0 lakh crore)
FY2025-26	14.8	Budgeted gross — provisional, subject to revision

Figures are official estimates, rounded and approximate, drawn from Union Budget receipts, the RBI issuance calendar / market-borrowing data and the RBI Handbook of Statistics; FY2024-25 is an actual and FY2025-26 is the budgeted gross, both subject to revision in later vintages. For exact latest figures see the source linked below.

What it means for bankers

The Centre’s borrowing programme is the single biggest driver of the G-Sec yield curve that anchors all rupee lending. Because G-Secs are SLR-eligible and risk-free, banks are their largest holders — so a heavier calendar (gross issuance near Rs 15 lakh crore a year) adds to the supply of paper the system must absorb, which can lift yields and swing the mark-to-market on bank bond books. The size of the programme tracks the fiscal deficit and adds to government debt, and it sits alongside the states’ SDL issuance in the total government-paper supply, all against the backdrop of inflation and the repo rate and prevailing liquidity.

Key terms in this dataPlain-English definitions of the terms behind this dashboard — see the full Indian banking glossary. SLR · Repo rate

More live dataExplore BankPulse’s other live RBI dashboards: State Development Loans · G-Sec Yields · Government Debt-to-GDP · Fiscal Deficit.

Central government borrowing FAQ

What is central government market borrowing?

Central government market borrowing is the money the Union government raises by issuing dated securities — Government Securities, or G-Secs — to fund its fiscal deficit. The RBI conducts these auctions on the government's behalf as its debt manager. G-Secs are sovereign bonds, are SLR-eligible (banks can count them toward the Statutory Liquidity Ratio) and set the risk-free benchmark yield curve; they are the central counterpart to states' SDLs.

How much does the Centre borrow through G-Secs each year?

Gross dated G-Sec issuance jumped to roughly Rs 13.7 lakh crore in FY2020-21 during COVID-19, rose to a record near Rs 15.4 lakh crore in FY2023-24, eased to about Rs 14.0 lakh crore in FY2024-25 on fiscal consolidation, and is budgeted near Rs 14.8 lakh crore for FY2025-26. Figures are approximate and rounded; the latest year is budgeted and revised over time.

How is central borrowing different from State Development Loans (SDLs)?

G-Secs are issued by the central government and carry the sovereign's credit, so they are the most liquid rupee bonds and define the risk-free yield curve. SDLs are issued by individual states and typically yield about 35 to 70 bps more than comparable central G-Secs. Both are RBI-auctioned and SLR-eligible, and together make up most of the government paper banks hold.

Why does central borrowing matter for banks?

Banks are the largest holders of G-Secs because they are SLR-eligible and risk-free. A heavier borrowing calendar adds to the supply of government paper the system must absorb, which can lift yields and swing the mark-to-market on bank bond books. The 10-year G-Sec yield set at these auctions also anchors lending and deposit pricing, so the size of the borrowing programme feeds straight into bank treasury income and credit costs.

Methodology & sources: see how BankPulse dashboards are sourced, verified & updated · machine-readable JSON feed.

Last reviewed 19 Jun 2026 by Vikram Jain

Source: Union Budget receipts, the RBI issuance calendar / market-borrowing data and the RBI Handbook of Statistics on the Indian Economy, rbi.org.in. Figures are official estimates, rounded and approximate, revised periodically; FY2025-26 is budgeted. We never reproduce source text verbatim. Reviewed by Vikram Jain. Last updated 19 Jun 2026, 21:35 IST.