Reserve Bank of India accepts ₹24,000 crore across three Treasury bill auctions
What happened
The Reserve Bank of India completed auctions for short-term Treasury bills across three tenors, accepting the full notified face value of ₹24,000 crore. The central bank allocated ₹9,000 crore in 91-day T-bills at a cut-off yield of 5.2624%, ₹8,000 crore in 182-day T-bills at 5.5390%, and ₹7,000 crore in 364-day T-bills at 5.7094%. Total competitive demand reached ₹66,809.28 crore across 316 bids.
Why it matters
Competitive demand significantly exceeded notified amounts across all tenors, attracting 3.2 times the notified amount for 91-day bills, 2.7 times for 182-day bills, and 2.1 times for 364-day bills. Weighted average yields settled below cut-off yields across all three durations—at 5.2533%, 5.5257%, and 5.6945% respectively—indicating strong pricing participation during the auction.
Bigger picture
The auction results outline an upward-sloping yield profile across India's sovereign short-term maturities, rising from 5.2624% at three months to 5.7094% at one year. Competitive bids required partial allotments across all three tenors, with allotment percentages ranging from 9.0000% for 364-day bills to 59.5336% for 91-day bills.
Watch next
Traders and institutional investors will monitor upcoming Reserve Bank of India press releases for future scheduled Treasury bill issuance sizes, auction calendars, and short-term liquidity management operations.