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

**Executive Summary** This document is a press release from the Reserve Bank of India (RBI) announcing the auction of Government of India Treasury Bills, including 91-Day, 182-Day, and 364-Day bills. The auction will take place on December 10, 2025, with settlement on December 11, 2025. Bids must be submitted electronically via the RBI's E-Kuber system. **Key Points / Main Content** * **Auction Details:** * The RBI will auction Treasury Bills of the following tenors and amounts: * 91-Day: ₹7,000 crore * 182-Day: ₹6,000 crore * 364-Day: ₹6,000 crore * Total: ₹19,000 crore * The auction is subject to the terms and conditions outlined in the General Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025, issued by the Government of India. * **Eligibility & Bidding:** * Eligible participants include State Governments, Union Territories with legislature, eligible Provident Funds in India, designated Foreign Central Banks, and other specified entities. * Individuals can participate on a non-competitive basis as retail investors, with a maximum allocation of 5% of the notified amount, through the Retail Direct portal. * The auction will be price based using the multiple price method. * **Bidding Process:** * Bids must be submitted electronically through the RBI's E-Kuber system on Wednesday, December 10, 2025. * Bidding Timings: * Competitive Bids: 10:30 am - 11:30 am * Non-Competitive Bids: 10:30 am - 11:00 am * **Settlement & Payment:** * Payment by successful bidders is due on Thursday, December 11, 2025. * Results of the auction will be announced on the day of the auction. * **Physical Bids:** * Physical bids are only accepted in the event of system failure and must be submitted to the Public Debt Office before the auction timing ends. The form can be downloaded from RBI website. * **Contact Information:** * Technical difficulties can be addressed to the Core Banking Operations Team. * Auction-related queries can be directed to the IDMD auction team. **Impact Analysis** **Stakeholder:** Government of India * **Impact:** The Government raises funds through the auction of treasury bills. * **Action Required:** None explicitly stated. **Stakeholder:** Reserve Bank of India (RBI) * **Impact:** The RBI conducts the auction and manages the process. * **Action Required:** Conduct the auction as per the specified guidelines. **Stakeholder:** Banks and Financial Institutions * **Impact:** Opportunity to invest in Government of India Treasury Bills. * **Action Required:** Submit bids electronically through the E-Kuber system within the specified timings. **Stakeholder:** Retail Investors * **Impact:** Opportunity to invest in Treasury Bills on a non-competitive basis. * **Action Required:** Submit bids through the Retail Direct portal (if desired) within the specified timings. **Stakeholder:** State Governments, Union Territories with legislature, eligible Provident Funds in India, designated Foreign Central Banks and any person or institution specified by the Bank * **Impact:** Opportunity to invest in Government of India Treasury Bills on a non-competitive basis. * **Action Required:** Submit bids electronically through the E-Kuber system within the specified timings.

Key Entities Referenced