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 with tenors of 91-day, 182-day, and 364-day. The auction will be held on January 14, 2026, and settlement will occur on January 16, 2026. Bids must be submitted electronically via the E-Kuber system on the auction date. **Key Points / Main Content** * **Treasury Bill Auction Details:** * 91-Day Treasury Bills: Notified amount of ₹9,000 crore. * 182-Day Treasury Bills: Notified amount of ₹12,000 crore. * 364-Day Treasury Bills: Notified amount of ₹8,000 crore. * Total Notified Amount: ₹29,000 crore. * **Terms and Conditions:** * The sale is subject to the terms and conditions specified in the General Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025, as amended. * State Governments, Union Territories with legislature, eligible Provident Funds, designated Foreign Central Banks, and RBI-specified entities can participate on a non-competitive basis. * Allocation for non-competitive bids will be outside the notified amount. * Individuals can participate on a non-competitive basis as retail investors, with allocation limited to 5% of the notified amount. * Retail investors can place bids via the Retail Direct portal. * **Bidding Process:** * The auction will be price-based, using a multiple price method. * Bids must be submitted electronically through the E-Kuber system on January 14, 2026. * **Bidding Timings:** * Competitive Bids: 10:30 am - 11:30 am * Non-Competitive Bids: 10:30 am - 11:00 am * **Results and Payment:** * Results will be announced on the day of the auction. * Payment by successful bidders must be made on January 16, 2026. * **System Failure Contingency:** * In the event of system failure, physical bids will be accepted. * Physical bids should be submitted to the Public Debt Office before the auction timing ends, in the prescribed form. * **Contact Information:** * RBI website: https://rbi.org.in/en/web/rbi/forms (for downloading physical bid forms) * Core Banking Operations Team (for technical difficulties): email; Phone no: 022-69870466, 022-69870415 * IDMD auction team (for auction related difficulties): email; Phone no: 022-22702431, 022-22705125 **Impact Analysis** **Government of India** * **Impact:** Affected as the issuer of the Treasury Bills, seeking to raise funds. * **Action Required:** To monitor the auction and manage the funds raised. **Reserve Bank of India (RBI)** * **Impact:** Responsible for conducting the auction and managing the bidding process. * **Action Required:** Ensure smooth auction execution, process bids, and announce results. **Banks and Financial Institutions** * **Impact:** Potential investors who can participate in the competitive bidding process. * **Action Required:** Assess investment opportunities, submit bids through E-Kuber within the specified time frame, and make payment if successful. **State Governments, Union Territories with Legislature, Eligible Provident Funds, Designated Foreign Central Banks, and Other RBI-Specified Entities** * **Impact:** Can participate on a non-competitive basis. * **Action Required:** Submit non-competitive bids by the specified deadline. **Retail Investors** * **Impact:** Can participate on a non-competitive basis with a maximum allocation of 5% of the notified amount. * **Action Required:** Place bids through the Retail Direct portal.

Key Entities Referenced