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

**Executive Summary** This press release from the Reserve Bank of India announces the auction of Government of India Treasury Bills with tenors of 91, 182, and 364 days. The auction will be conducted on December 17, 2025, with settlement on December 18, 2025. Bids must be submitted electronically via the E-Kuber system on the auction date. **Key Points / Main Content** * **Auction Details:** * Treasury bills of 91-day, 182-day, and 364-day tenors will be auctioned. * The notified amounts are ₹7,000 crore for 91-day, ₹6,000 crore for 182-day, and ₹6,000 crore for 364-day Treasury Bills. * The total notified amount is ₹19,000 crore. * The auction date is December 17, 2025 (Wednesday). * The settlement date is December 18, 2025 (Thursday). * **Eligibility & Regulations:** * The sale is subject to the terms and conditions specified in General Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025, issued by the Government of India, as amended from time to time. * State Governments, Union Territories with legislature, eligible Provident Funds in India, designated Foreign Central Banks and any person or institution specified by the Bank can participate on a non-competitive basis. * Allocation for non-competitive bids will be outside the notified amount. * Retail investors can participate on a non-competitive basis, with a maximum allocation of 5% of the notified amount. * Individual investors can also place bids as per the non-competitive scheme through the Retail Direct portal (https://rbiretaildirect.org.in). * **Bidding Process:** * The auction will be price-based using a multiple price method. * Bids must be submitted electronically on the RBI's E-Kuber system. * Bidding timings: * Competitive bids: 10:30 am - 11:30 am * Non-Competitive bids: 10:30 am - 11:00 am * **Post-Auction:** * Results will be announced on the day of the auction. * Payment by successful bidders is due on Thursday, December 18, 2025. * **Contingency & Support:** * In case of system failure, physical bids can be submitted to the Public Debt Office before the auction timing ends in the prescribed form which can be downloaded from the RBI website (https://rbi.org.in/en/web/rbi/forms). * For technical difficulties, the Core Banking Operations Team can be contacted. * For other auction related difficulties, the IDMD auction team can be contacted. **Impact Analysis** **Stakeholder: Bidders (including banks, institutions, and individuals)** * **Impact:** Opportunity to invest in Government of India Treasury Bills. * **Action Required:** Submit bids electronically through the E-Kuber system within the specified timeframe on December 17, 2025. If system failure occurs, submit physical bids to the Public Debt Office before the auction timing ends. **Stakeholder: Reserve Bank of India (RBI)** * **Impact:** Managing the auction process and regulating the sale of Treasury Bills. * **Action Required:** Conduct the auction as per the specified terms and conditions, announce results, and facilitate the settlement process. Provide support for bidders experiencing technical difficulties. **Stakeholder: Government of India** * **Impact:** Raising funds through the issuance of Treasury Bills. * **Action Required:** N/A

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