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

**Executive Summary** The Reserve Bank of India (RBI) has announced the auction of Government of India Treasury Bills (91-Day, 182-Day, and 364-Day). The auction will be held on February 25, 2026, and the settlement date is February 26, 2026. Bids must be submitted electronically through the RBI's Core Banking Solution (E-Kuber) system. **Key Points / Main Content** * **Treasury Bill Auction Details:** * The auction includes 91-Day, 182-Day, and 364-Day Treasury Bills. * The notified amount for the auction is ₹34,000 crore (₹14,000 crore for 91-Day, ₹12,000 crore for 182-Day, and ₹8,000 crore for 364-Day). * The auction date is February 25, 2026 (Wednesday). * The settlement date is February 26, 2026 (Thursday). * **Bidding Process:** * The auction will be price-based using a multiple price method. * Bids must be submitted electronically on the RBI's Core Banking Solution (E-Kuber system). * Competitive bids must be submitted between 10:30 am and 11:30 am. * Non-competitive bids must be submitted between 10:30 am and 11:00 am. * **Eligibility & Allocation:** * 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 institutions 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). * **Payment & Results:** * Payment by successful bidders is due on February 26, 2026 (Thursday). * Auction results will be announced on the day of the auction. * **Technical Support:** * Physical bids are only accepted in the event of system failure and must be submitted before the auction timing ends. * The prescribed form for physical bids and can be downloaded from the RBI website (https://rbi.org.in/en/web/rbi/forms) * Core Banking Operations Team can be contacted for technical difficulties at email; Phone no: 022-69870466, 022-69870415. * IDMD auction team can be contacted for auction related difficulties at email; Phone no: 022-22702431, 022-22705125. **Impact Analysis** **Successful Bidders** * **Impact:** Required to make payments by the specified date. * **Action Required:** Ensure funds are available and transfer payments by February 26, 2026. **Retail Investors and Other Non-Competitive Bidders** * **Impact:** Opportunity to invest in treasury bills, with a limited allocation for retail investors. * **Action Required:** Submit bids through the RBI Retail Direct portal or as per the eligibility criteria for non-competitive bidding, adhering to the specified timelines. **RBI Core Banking Operations Team** * **Impact:** Potential increase in workload due to the need to address technical issues. * **Action Required:** Monitor the auction process and respond to any support requests. **IDMD Auction Team** * **Impact:** Potential increase in workload due to the need to address auction-related difficulties. * **Action Required:** Monitor the auction process and respond to any support requests.

Key Entities Referenced