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, including 91-day, 182-day, and 364-day bills. The auction will be price-based using the multiple price method and conducted on February 18, 2026, with settlement on February 20, 2026. Payment by successful bidders is also due on February 20, 2026. **Key Points / Main Content** * **Auction Details:** * Treasury Bills being auctioned: 91-Day, 182-Day, and 364-Day. * Total notified amount: ₹34,000 crore (₹14,000 crore, ₹12,000 crore, and ₹8,000 crore respectively). * Auction date: Wednesday, February 18, 2026. * Settlement date: Friday, February 20, 2026. * **Bidding Process:** * Auction is price based using multiple price method. * Bids must be submitted electronically on the RBI's Core Banking Solution (E-Kuber system) on February 18, 2026. * Bidding Timings: * Competitive Bids: 10:30 am - 11:30 am. * Non-Competitive Bids: 10:30 am - 11:00 am. * **Eligibility and Allocation:** * Eligible participants include State Governments, Union Territories with legislature, eligible Provident Funds, designated Foreign Central Banks, and any institution specified by the Bank. * Individuals can also participate as retail investors on a non-competitive basis. * Retail investors' allocation is restricted to a maximum of 5% of the notified amount through non-competitive scheme through the Retail Direct portal. * **Terms and Conditions:** * 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, issued by the Government of India, as amended from time to time. * **System Failure:** * In the event of a system failure, physical bids will be accepted and submitted to the Public Debt Office (email; Phone no: 022-22603456, 022-22603457,022-22603190) before the auction timing ends, in the prescribed form downloaded from RBI website (https://rbi.org.in/en/web/rbi/forms). * **Contact Information:** * For technical difficulties: Core Banking Operations Team (email; Phone no: 022-69870466, 022-69870415). * For auction related difficulties: IDMD auction team (email; Phone no: 022-22702431, 022-22705125). **Impact Analysis** **Government of India** * **Impact:** Benefits from raising funds through the auction of Treasury Bills. * **Action Required:** Ensure that funds raised from successful auctions are managed effectively to support government expenditure and fiscal objectives. **Reserve Bank of India (RBI)** * **Impact:** Required to manage the auction process efficiently and in accordance with established guidelines. * **Action Required:** Oversee the smooth execution of the auction, including bid submission, settlement, and result announcement. **Banks, Financial Institutions, and Other Eligible Participants** * **Impact:** Have the opportunity to invest in Government of India Treasury Bills, which can impact their investment portfolios and returns. * **Action Required:** Assess the auction details, decide on bidding strategies (competitive or non-competitive), submit bids through E-Kuber or physical form if needed, and arrange for payment if their bids are successful. **Retail Investors** * **Impact:** Have the opportunity to invest in Government of India Treasury Bills through the retail direct portal. * **Action Required:** Assess the auction details, decide on bidding strategies (competitive or non-competitive), submit bids through Retail Direct portal, and arrange for payment if their bids are successful.

Key Entities Referenced