**Executive Summary**
This document is a press release from the Reserve Bank of India (RBI) announcing the auction of Government of India Treasury Bills with 91-day, 182-day, and 364-day tenors. The auction will take place on December 03, 2025, with settlement on December 04, 2025. Bids must be submitted electronically through the RBI's E-Kuber system.
**Key Points / Main Content**
* **Auction Details:**
* Treasury Bills offered: 91-Day, 182-Day, and 364-Day.
* Total Notified Amount: ₹19,000 crore (₹7,000 crore for 91-Day, ₹6,000 crore each for 182-Day and 364-Day).
* Auction Date: December 03, 2025 (Wednesday).
* Settlement Date: December 04, 2025 (Thursday).
* **Participation and Bidding:**
* The sale is subject to the terms specified in the General Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025.
* Eligible participants include State Governments, Union Territories with legislature, eligible Provident Funds in India, designated Foreign Central Banks, and any person or institution specified by the Bank.
* Non-competitive bids are allowed; 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 bid non-competitively through the Retail Direct portal.
* **Auction Process:**
* The auction will be price-based, using a multiple price method.
* Bids must be submitted electronically via the RBI's E-Kuber system on December 03, 2025, between 10:30 am and 11:30 am for competitive bids, and between 10:30 am and 11:00 am for non-competitive bids.
* In the event of a system failure, physical bids are accepted; they must be submitted to the Public Debt Office before the auction timing ends.
* **Results and Payment:**
* Auction results will be announced on the auction day.
* Successful bidders must make payment on December 04, 2025.
**Impact Analysis**
**Stakeholder: Reserve Bank of India (RBI)**
* **Impact:** Responsible for conducting the auction and managing the process.
* **Action Required:** Ensure smooth operation of the E-Kuber system, announce results, and manage settlement.
**Stakeholder: Government of India**
* **Impact:** Issuer of the Treasury Bills, benefiting from the funds raised.
* **Action Required:** N/A
**Stakeholder: State Governments, Union Territories with legislature, eligible Provident Funds in India, designated Foreign Central Banks, individuals, and other specified institutions**
* **Impact:** Investment opportunity to manage funds and potentially earn returns.
* **Action Required:** Submit bids through the E-Kuber system within the specified timeframe if they want to participate in the auction.
**Stakeholder: Retail Investors**
* **Impact:** Opportunity to invest in government securities through competitive or non-competitive bidding.
* **Action Required:** Submit bids through the E-Kuber system or the Retail Direct portal within the specified timeframe if they want to participate in the auction.
Key Entities Referenced
Reserve Bank of India: The central bank of India, announcing the auction of Government of India Treasury Bills.
Government of India Treasury Bills: Securities being auctioned by the Reserve Bank of India on behalf of the Government of India.
General Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025: The notification specifying the terms and conditions applicable to the Treasury Bill auction.
Retail Direct portal: An online portal (https://rbiretaildirect.org.in) that retail investors can use to participate in the non-competitive scheme.
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
November 28, 2025
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 7,000
December 03, 2025 December 04, 2025
2 182-Day 6,000
(Wednesday) (Thursday)
3 364-Day 6,000
Total 19,000
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, December 03, 2025, 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, December 04, 2025.2
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: 2025-2026/1584 Deputy General Manager
(Communications)