"We believe net market borrowing of the Centre will be around Rs 8.2 lakh crore and with repayments of Rs 3.8 lakh crore, gross borrowing are expected at Rs 12 lakh crore (73 per cent of the FD). Interestingly, in FY22, RBI has done OMOs of around Rs 2.6 lakh crore that did support a large Government borrowing programme without disruptions. In FY23, sans the support of such OMOs, but with Rs 1.5 lakh crore expected through inclusion in bond index and credit off take also picking up recently, there will still be northward pressure on bond yields," SBI said.