Government bonds
Who absorbed government-bond supply
Who absorbed government-bond supply: 78.17% in 2025-26
78.17%
Data through 2025-26
Reserve Bank of India share of net supply. Negative shares represent a net reduction in holdings.
Notes
The table retains the source’s published periods. Missing observations are not zero and have not been interpolated.
Publication cadence: Financial year. Missing observations are not zero.
Bond-supply absorption
| Fiscal year | Name | Share of supply |
|---|---|---|
| 2021-22 | Rbi | 20.21% |
| 2021-22 | Commercial banks | 20.2% |
| 2021-22 | Insurance companies | 30.93% |
| 2021-22 | Provident and pension funds | 39.39% |
| 2021-22 | Mutual funds | 2.65% |
| 2021-22 | Foreign portfolio investors | −1.09% |
| 2021-22 | State governments | 2.93% |
| 2021-22 | Others | −15.23% |
| 2022-23 | Rbi | −3.76% |
| 2022-23 | Commercial banks | 41.8% |
| 2022-23 | Insurance companies | 26.58% |
| 2022-23 | Provident and pension funds | 13.2% |
| 2022-23 | Mutual funds | 2.05% |
| 2022-23 | Foreign portfolio investors | −0.17% |
| 2022-23 | State governments | 3.63% |
| 2022-23 | Others | 16.67% |
| 2023-24 | Rbi | −4.87% |
| 2023-24 | Commercial banks | 46.91% |
| 2023-24 | Insurance companies | 26.07% |
| 2023-24 | Provident and pension funds | 11.63% |
| 2023-24 | Mutual funds | 3.69% |
| 2023-24 | Foreign portfolio investors | 10.98% |
| 2023-24 | State governments | 2.13% |
| 2023-24 | Others | 3.46% |
| 2024-25 | Rbi | 18.37% |
| 2024-25 | Commercial banks | 18.56% |
| 2024-25 | Insurance companies | 23.79% |
| 2024-25 | Provident and pension funds | 11.05% |
| 2024-25 | Mutual funds | 0.06% |
| 2024-25 | Foreign portfolio investors | 12.4% |
| 2024-25 | State governments | 4.75% |
| 2024-25 | Others | 11.01% |
| 2025-26 | Rbi | 78.17% |
| 2025-26 | Commercial banks | −7.19% |
| 2025-26 | Insurance companies | 22.82% |
| 2025-26 | Provident and pension funds | 8.74% |
| 2025-26 | Mutual funds | −12% |
| 2025-26 | Foreign portfolio investors | 0.81% |
| 2025-26 | State governments | 6.33% |
| 2025-26 | Others | 2.32% |
data.indiadispatch.com
Source: Reserve Bank of India, India Dispatch Research
Cite this reading
India by the numbers, Who absorbed government-bond supply, 2025-26. 78.17%. Source: Reserve Bank of India. https://data.indiadispatch.com/capital-markets/bond-supply-absorption
Published content updated . This is separate from the source observation period.