**Executive Summary**
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 take place on December 24, 2025, with a settlement date of December 26, 2025. Bids must be submitted electronically via the E-Kuber system on the auction date.
**Key Points / Main Content**
* **Auction Details:**
* Treasury Bills: 91-Day, 182-Day, and 364-Day.
* Notified Amount: ₹19,000 crore total (₹7,000 crore for 91-Day, ₹6,000 crore each for 182-Day and 364-Day).
* Auction Date: December 24, 2025 (Wednesday).
* Settlement Date: December 26, 2025 (Friday).
* **Terms and Conditions:**
* Subject to the terms in General Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025, as amended.
* **Eligibility for Non-Competitive Bidding:**
* State Governments, Union Territories with legislature, eligible Provident Funds, designated Foreign Central Banks, and specified persons/institutions can participate on a non-competitive basis.
* Individuals, including retail investors, can participate non-competitively.
* Retail investors’ allocation is capped at 5% of the notified amount and can be placed through the Retail Direct portal.
* **Bidding Process:**
* Price-based auction using multiple price method.
* Bids to be submitted electronically on the RBI's E-Kuber system.
* Bidding Timings:
* Competitive: 10:30 am - 11:30 am.
* Non-Competitive: 10:30 am - 11:00 am.
* **Payment and Results:**
* Payment by successful bidders is due on December 26, 2025.
* Auction results will be announced on the auction day.
* **Physical Bids:**
* Only accepted in the event of system failure, submitted to the Public Debt Office.
* **Forms:**
* Can be downloaded from the RBI website.
**Impact Analysis**
**Stakeholder: Bidders (including State Governments, Union Territories, Provident Funds, Foreign Central Banks, Individuals, Retail Investors)**
* **Impact:** Opportunity to invest in Government of India Treasury Bills via competitive or non-competitive bidding. Subject to auction rules, timelines, and eligibility criteria.
* **Action Required:** Prepare and submit bids electronically on the E-Kuber system within specified timings on December 24, 2025. Ensure payment by December 26, 2025 if the bid is successful.
Key Entities Referenced
Reserve Bank of India: Announces auction of Government of India Treasury Bills.
Government of India Treasury Bills: Bills being auctioned by Reserve Bank of India.
General Notification F.No.4(2)-B(W&M)/2018: Specifies the terms and conditions for the sale of Treasury Bills.
Retail Direct portal: Portal through which individual investors can participate on non-competitive basis in the treasury bill auction.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व बैंक
RESERVE BANK OF INDIA
वेबसाइट
:
www.rbi.org.in/hindi
संचार वर्भाग, केंद्रीय कायाालय, शहीद भगत ससिंह मागा, फोटा, म िंबई - 400 001
Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort,
ई-मेल/email : helpdoc@rbi.org.in Mumbai - 400 001 फोन/Phone: 022 - 2266 0502
December 19, 2025
Auction of 91-Day, 182-Day and 364-Day Treasury Bills
Reserve Bank of India announces the auction of Government of India Treasury Bills
as per the following details:
Notified
Sr.
Treasury Bill Amount Auction Date Settlement Date
No.
(₹ crore)
1 91-Day 7,000
December 24, 2025 December 26, 2025
2 182-Day 6,000
(Wednesday) (Friday)
3 364-Day 6,000
Total 19,000
The sale will be subject to the terms and conditions specified in the General
Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025, issued by 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 in this regard can participate on non-
competitive basis, the allocation for which will be outside the notified amount. Individuals
can also participate on non-competitive basis, as retail investors. For retail investors, the
allocation will be restricted to a maximum of 5 percent 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).
The auction will be Price based using multiple price method. Bids for the auction
should be submitted in electronic format on the Reserve Bank of India’s Core Banking
Solution (E-Kuber system) on Wednesday, December 24, 2025, during the below given
timings:
Category of Bids Timing
Competitive 10:30 am - 11:30 am
Non-Competitive 10:30 am - 11:00 am
Results will be announced on the day of the auction.
Payment by successful bidders will have to be made on Friday, December 26, 2025.
Only in the event of system failure, physical bids would be accepted. Such physical
bids should be submitted to the Public Debt Office (email; Phone no: 022-22603456, 022-2
22603457,022-22603190), before the auction timing ends, in the prescribed form. The
form can be downloaded from RBI website (https://rbi.org.in/en/web/rbi/forms). In case of
technical difficulties, Core Banking Operations Team should be contacted at email;
Phone no: 022-69870466, 022-69870415. For other auction related difficulties, IDMD
auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).
Ajit Prasad
Press Release: 2025-2026/1741 Deputy General Manager
(Communications)