**Executive Summary:**
The Reserve Bank of India (RBI) announces the auction of Government of India Treasury Bills, including 91-day, 182-day, and 364-day bills, scheduled for September 24, 2025, with settlement on September 25, 2025. The total notified amount for the auction is ₹21,000 crore. Bids must be submitted electronically via the E-Kuber system on the auction date.
**Key Points / Main Content:**
* **Auction Details:**
* The auction includes 91-day, 182-day, and 364-day Treasury Bills.
* The total notified amount for the auction is ₹21,000 crore, with ₹10,000 crore allocated to 91-day bills, ₹6,000 crore to 182-day bills, and ₹5,000 crore to 364-day bills.
* Auction Date: September 24, 2025 (Wednesday).
* Settlement Date: September 25, 2025 (Thursday).
* **Terms and Conditions:**
* The sale is subject to the terms and conditions specified in General Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025, as amended.
* State Governments, Union Territories with legislature, eligible Provident Funds in India, designated Foreign Central Banks, and other specified entities can participate on a non-competitive basis.
* Allocation for non-competitive bids is outside the notified amount.
* Individuals can participate on a non-competitive basis as retail investors, with a maximum allocation of 5% 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).
* **Bidding Process:**
* The auction is price-based using a multiple price method.
* Bids should be submitted electronically on the Reserve Bank of India's Core Banking Solution (E-Kuber system) on September 24, 2025.
* Bidding Timings:
* Competitive Bids: 10:30 am - 11:30 am
* Non-Competitive Bids: 10:30 am - 11:00 am
* Results will be announced on the day of the auction.
* **Payment:**
* Payment by successful bidders is due on Thursday, September 25, 2025.
* **Physical Bids:**
* Physical bids are accepted only in the event of system failure.
* Physical bids should be submitted to the Public Debt Office before the auction timing ends, in the prescribed form.
**Impact Analysis:**
**Stakeholder: Government of India**
**Impact:** Opportunity to raise funds through the issuance of Treasury Bills.
**Action Required:** Ensure timely notification and adherence to specified terms and conditions.
**Stakeholder: Banks and Financial Institutions**
**Impact:** Opportunity to invest in Government of India Treasury Bills.
**Action Required:** Submit bids electronically via the E-Kuber system within the specified timeframe.
**Stakeholder: Retail Investors**
**Impact:** Opportunity to invest in Government of India Treasury Bills on a non-competitive basis.
**Action Required:** Submit bids through the Retail Direct portal (https://rbiretaildirect.org.in) or via the E-Kuber system within the specified timeframe.
**Stakeholder: RBI**
**Impact:** Manage the auction process and ensure efficient allocation of Treasury Bills.
**Action Required:** Conduct the auction as per the outlined schedule and communicate results to participants.
Key Entities Referenced
Reserve Bank of India: Central bank conducting the auction of Government of India Treasury Bills.
Treasury Bills: Government of India Treasury Bills being auctioned.
General Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025: Governing document specifying terms and conditions for the sale of Treasury Bills.
Retail Direct portal (https://rbiretaildirect.org.in): Portal through which individual investors can participate in the auction.
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
September 19, 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 10,000
September 24, September 25, 2025
2 182-Day 6,000
2025 (Wednesday) (Thursday)
3 364-Day 5,000
Total 21,000
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, September 24, 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, September 25, 2025.
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: 2025-2026/1134 Deputy General Manager
(Communications)