States to borrow Rs 1.78 lakh cr in April-June

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SME Times News Bureau | 06 Apr, 2021
States and Union Territories are likely to borrow Rs 1.78 lakh crore in the April-June quarter 2021.

In a statement on Tuesday, the RBI said: "The Reserve Bank of India, in consultation with the state governments/Union Territories (UTs), announces that the quantum of total market borrowings by the state governments/UTs for the quarter April-June 2021, is expected to be Rs 1,78,250 crore."

It said that the actual amount of borrowings and the details of the states or UTs participating would be intimated by way of press releases two/three days prior to the actual auction day and would depend on the requirement of the state governments and UTs, approval from the Centre under Article 293(3) of the Constitution, and the market conditions.

"RBI would endeavour to conduct the auctions in a non-disruptive manner, taking into account the market conditions and other relevant factors and distribute the borrowings evenly throughout the quarter," the statement said.

It reserves the right to modify the dates and the amount of auction in consultation with state governments and UTs, it said.