Auction of 91-Day, 182-Day and 364-Day Treasury Bills

**Executive Summary** The Reserve Bank of India (RBI) announces the auction of Government of India Treasury Bills, including 91-day, 182-day, and 364-day bills. The auction will be held on December 24, 2025, with settlement on December 26, 2025. Bids must be submitted electronically via the E-Kuber system. **Key Points / Main Content** * **Auction Details:** * Treasury Bills being auctioned: 91-Day, 182-Day, and 364-Day. * Notified Amounts: ₹7,000 crore (91-Day), ₹6,000 crore (182-Day), ₹6,000 crore (364-Day), totaling ₹19,000 crore. * Auction Date: December 24, 2025 (Wednesday). * Settlement Date: December 26, 2025 (Friday). * **Terms and Conditions:** * The sale is subject to terms specified in General Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025, as amended. * **Participants:** * Eligible participants include State Governments, Union Territories with legislature, eligible Provident Funds, designated Foreign Central Banks, and other specified entities. * These entities can participate on a non-competitive basis, with allocation outside the notified amount. * Individuals can participate competitively and non-competitively as retail investors. * Retail investor allocation is capped at 5% of the notified amount. * Individual investors can also place bids through the Retail Direct portal. * **Bidding Process:** * The auction is price-based using a multiple price method. * Bids must be submitted electronically via the RBI's E-Kuber system on December 24, 2025. * Bidding Timings: * Competitive Bids: 10:30 am - 11:30 am. * Non-Competitive Bids: 10:30 am - 11:00 am. * **Payment and Results:** * Results will be announced on the auction day. * Successful bidders must make payments on December 26, 2025. * **Physical Bids:** * Physical bids are accepted only in the event of system failure. * They must be submitted to the Public Debt Office before the auction timing ends. * The bid form is available on the RBI website. * **Contact Information:** * For technical difficulties, contact the Core Banking Operations Team via email or phone. * For other auction-related issues, contact the IDMD auction team via email or phone. **Impact Analysis** **Stakeholder: Reserve Bank of India (RBI)** **Impact:** Responsible for organizing and conducting the auction process. **Action Required:** Ensure smooth operation of the E-Kuber system and respond to participant inquiries. **Stakeholder: Government of India** **Impact:** Auctioning Treasury Bills to manage finances. **Action Required:** Monitor the auction results and adjust future issuances as needed. **Stakeholder: Banks and Financial Institutions** **Impact:** Can participate in the auction to manage their investment portfolios. **Action Required:** Submit bids within the specified timings and payment upon successful bidding. **Stakeholder: Retail Investors** **Impact:** Opportunity to invest in government securities with a portion reserved for non-competitive bidding. **Action Required:** Submit bids, either competitively or non-competitively (including via Retail Direct portal), and ensure funds are available for settlement. **Stakeholder: State Governments, Union Territories, Eligible Provident Funds, Designated Foreign Central Banks and other Specified Entities** **Impact:** Opportunity to invest on a non-competitive basis. **Action Required:** Submit bids on non-competitive basis within the specified timings and payment upon successful bidding.

Key Entities Referenced