**Executive Summary**
The Reserve Bank of India (RBI) has announced an auction of Government of India Treasury Bills for 91-day, 182-day, and 364-day tenures. The auction will take place on February 25, 2026, and settlement will be on February 26, 2026. Bids must be submitted electronically via the RBI's E-Kuber system.
**Key Points / Main Content**
* **Auction Details:**
* Treasury Bills offered: 91-Day, 182-Day, and 364-Day.
* Notified amount: ₹14,000 crore (91-Day), ₹12,000 crore (182-Day), ₹8,000 crore (364-Day). Total: ₹34,000 crore.
* Auction Date: Wednesday, February 25, 2026.
* Settlement Date: Thursday, February 26, 2026.
* **Bidding Process:**
* Auction Type: Price-based using multiple price method.
* Submission: Bids must be submitted electronically on the RBI's E-Kuber system.
* Bidding Timings: Competitive and Non-Competitive bids: 10:30 am - 11:30 am for Competitive bids; 10:30 am - 11:00 am for Non-Competitive bids.
* Physical bids will only be accepted in the event of system failure and submitted to the Public Debt Office.
* **Eligibility:**
* Subject to terms and conditions in General Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025.
* Entities eligible for non-competitive bidding: State Governments, Union Territories with legislature, eligible Provident Funds in India, designated Foreign Central Banks, and any person or institution specified by the Bank.
* Retail investors can participate on a non-competitive basis.
* Allocation for retail investors is restricted to a maximum of 5% of the notified amount.
* **Settlement and Payment:**
* Payment by successful bidders is due on Thursday, February 26, 2026.
* Auction results will be announced on the day of the auction.
**Impact Analysis**
**Stakeholder: Bidders (Banks, Financial Institutions, Individuals)**
*Impact:* Bidders have the opportunity to invest in Government of India Treasury Bills with varying maturities.
*Action Required:* Prepare and submit electronic bids through the RBI's E-Kuber system within the specified timeframes on February 25, 2026. Successful bidders must make payments on February 26, 2026.
**Stakeholder: Retail Investors**
*Impact:* Retail investors have the opportunity to invest on non-competitive basis, and are restricted to a maximum of 5% of the notified amount. Individual investors can also place bids as per the non-competitive scheme through the Retail Direct portal.
*Action Required:* Prepare and submit bids through the Retail Direct portal.
**Stakeholder: Reserve Bank of India**
*Impact:* Conduct the auction of Treasury Bills and manage the bidding process.
*Action Required:* Ensure the smooth operation of the auction on February 25, 2026, and the settlement on February 26, 2026.
Key Entities Referenced
Reserve Bank of India: Central bank responsible for conducting the auction of Government of India Treasury Bills.
Government of India Treasury Bills: Securities being auctioned, including 91-Day, 182-Day and 364-Day bills.
General Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025: The primary notification governing the terms and conditions of the treasury bill auctions.
E-Kuber system: Reserve Bank of India's Core Banking Solution, the electronic platform for submitting bids.
Retail Direct portal (https://rbiretaildirect.org.in): Portal through which individual investors can place non-competitive bids.
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
February 20, 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 14,000
February 25, 2026 February 26, 2026
2 182-Day 12,000
(Wednesday) (Thursday)
3 364-Day 8,000
Total 34,000
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, February 25, 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, February 26, 2026.
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 form2
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: 2025-2026/2147 Deputy General Manager
(Communications)