36th Conference of State Finance Secretaries held on 27 October 2026 at RBI Mumbai

The 36^th Conference of State Finance Secretaries was held on October 27, 2026 at RBI, Mumbai. The theme of the Conference was ‘Role of Quality of Expenditure, Effective Cash and Prudent Debt Management in Enhancing States’ Fiscal Sustainability’. The Conference was attended by the Finance Secretaries of 27 States and three Union Territories as well as senior officials from the Ministry of Finance, Government of India, Controller General of Accounts and the Comptroller and Auditor General of India. Governor, Reserve Bank of India inaugurated the Conference.

The Governor emphasised the importance of maintaining the quality of expenditure to ensure the long-term fiscal health of the States. He also emphasised on the need for the States to adopt prudent borrowing strategies and efficient cash management practices. The Governor urged the States to onboard onto the Unified Lending Interface (ULI) and utilise Programmable Central Bank Digital Currency (P-CBDC) for Direct Benefit Transfers (DBT). He also advised States to make effective use of the State Level Bankers’ Committee (SLBC) forum. During the Conference, the Governor released a Booklet titled ‘Compendium on Cash and Debt Management for State Governments’. The Booklet summarises relevant concepts, operational processes and good cash and debt management practices in a concise and accessible format.

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The meeting reviewed, inter alia, market borrowings by the States, short-term financial accommodation to the States from Reserve Bank, adoption of Benchmark Issuance Strategy by the States, etc.

What is this meeting about?

The Conference of State Finance Secretaries is a meeting where the Reserve Bank of India (RBI), State Governments and central government officials discuss how states can manage their money, borrowing and expenditure more effectively. In simple words, it is a meeting about how states should spend public money, manage cash and control debt to maintain healthy finances.

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What happens in meeting?

States discuss how to spend money more effectively—for example, ensuring that funds allocated for infrastructure, healthcare, education and welfare schemes produce useful results.

State governments receive revenue and make payments at different times. They need to ensure sufficient cash is available to pay salaries, pensions, contractors and other expenses without keeping excessive idle funds.

States borrow money to finance expenditure and development projects. The meeting discusses borrowing strategies, interest costs and ways to manage outstanding debt prudently.

States may face temporary cash shortages when expenditure is due before revenue arrives. The conference reviews short-term financial accommodation available to states from the RBI.

The meeting also discusses the Benchmark Issuance Strategy, which involves issuing government securities in benchmark sizes and maturities to improve market liquidity and potentially make borrowing more efficient.

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