•   Internal Debt comprises borrowing from citizens, banks, business houses, etc within the country.

•   It includes borrowings through treasury bills including treasury bills issued to State Governments, commercial banks and other investors, as well as non-negotiable, non-interest bearing rupee securities issued to international financial institutions.

•   Government securities are debt instruments issued by the government to borrow money. The RBI is the debt manager for the government.

•   The two key categories are

o  treasury bills – short-term instruments which mature in 91 days, 182 days, or 364 days, and

o  dated securities – long-term instruments, which mature anywhere between 5 years and 40 years.