**Executive Summary**
This press release from the Reserve Bank of India, dated January 23, 2026, announces the auction of Government of India Treasury Bills with tenors of 91-day, 182-day, and 364-day. The auction will take place on January 28, 2026, with settlement on January 29, 2026. Bids must be submitted electronically via the E-Kuber system.
**Key Points / Main Content**
* **Auction Details:**
* Treasury Bills to be auctioned: 91-Day, 182-Day, and 364-Day.
* Total notified amount: ₹29,000 crore (91-Day: ₹9,000 crore, 182-Day: ₹12,000 crore, 364-Day: ₹8,000 crore).
* Auction date: January 28, 2026 (Wednesday).
* Settlement date: January 29, 2026 (Thursday).
* **Bidding Process:**
* The auction will be price-based, using a multiple price method.
* Bids must be submitted electronically on the Reserve Bank of India's E-Kuber system.
* Bidding timings:
* Competitive: 10:30 am - 11:30 am
* Non-Competitive: 10:30 am - 11:00 am
* **Eligibility and Conditions:**
* Sale is subject to the terms in General Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025.
* State Governments, Union Territories with legislature, eligible Provident Funds, designated Foreign Central Banks, and specified institutions can participate on a non-competitive basis.
* Retail investors can participate on a non-competitive basis, with allocation restricted to 5% of the notified amount.
* Individual investors can also bid non-competitively via the Retail Direct portal (https://rbiretaildirect.org.in).
* **Contingency:**
* In the event of system failure, physical bids can be submitted to the Public Debt Office before the auction timing ends. The form can be downloaded from RBI website (https://rbi.org.in/en/web/rbi/forms).
* **Results and Payment:**
* Results will be announced on the day of the auction.
* Payment by successful bidders is due on January 29, 2026.
**Impact Analysis**
**Government of India**
* **Impact:** The auction provides a mechanism for the government to raise funds through the issuance of Treasury Bills.
* **Action Required:** The government needs to manage the funds raised effectively and ensure timely repayment.
**Reserve Bank of India (RBI)**
* **Impact:** The RBI is responsible for conducting the auction and managing the settlement process.
* **Action Required:** The RBI must ensure the smooth operation of the auction and settlement process.
**State Governments, Union Territories, Provident Funds, Foreign Central Banks, and Other Institutions**
* **Impact:** These entities have the opportunity to invest in Government of India Treasury Bills.
* **Action Required:** They need to submit bids within the specified timeframe and comply with the terms and conditions of the auction.
**Retail Investors**
* **Impact:** Retail investors can participate on a non-competitive basis.
* **Action Required:** They need to submit bids and follow the rules for non-competitive bidding, including the allocation limit of 5% of the notified amount. They can bid through the Retail Direct portal.
Key Entities Referenced
Reserve Bank of India: Central bank conducting the auction of Treasury Bills.
Treasury Bills: Subject of the auction; specifically 91-Day, 182-Day, and 364-Day Treasury Bills.
General Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025: Governs the terms and conditions of the Treasury Bill sale.
non-competitive scheme through the Retail Direct portal: Scheme allowing individual investors to bid for Treasury Bills.
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
January 23, 2026
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 9,000
January 28, 2026 January 29, 2026
2 182-Day 12,000
(Wednesday) (Thursday)
3 364-Day 8,000
Total 29,000
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, January 28, 2026, 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 Thursday, January 29, 2026.2
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-
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: 2025-2026/1985 Deputy General Manager
(Communications)