By Dharamraj Dhutia and Nikunj Ohri

MUMBAI (Reuters) -India’s central bank has asked states to spread their borrowings across tenures rather than focusing on long-term bonds and to communicate fundraising plans more precisely to the markets, according to four sources aware of the discussions.

Indian states are set to borrow a record 12 trillion rupees ($135.95 billion) in fiscal 2026, and yields on their bonds have risen between 30-60 basis points so far this year, disrupting markets.

The Reserve Bank of India manages borrowings for the federal and state governments. A spokesperson from the RBI did not reply to a Reuters email seeking comment.

The sources requested anonymity as they were not authorised to speak to the media.

In a meeting this week with state government officials, the

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