A study from India’s central bank reveals that non-bank investors, including insurance companies and pension funds, purchased most government bonds issued post-pandemic. These investors acquired 58.4% of the government’s debt issuance from March 2020 onwards. This trend contrasts with other emerging economies where banks have been more involved in government bond acquisitions since the pandemic’s outset. The study also revealed that a 1% rise in the government bond supply could result in a ten bps yield increase.