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

**Executive Summary** Reserve Bank of India announces the auction of Government of India Treasury Bills, including 91-day, 182-day, and 364-day bills. The auction will take place on January 7, 2026, with settlement on January 8, 2026. Bids must be submitted electronically via the E-Kuber system. **Key Points / Main Content** * **Auction Details:** * Treasury bills of 91-day, 182-day, and 364-day durations are being auctioned. * Notified amount totals ₹29,000 crore (₹9,000 crore for 91-day, ₹12,000 crore for 182-day, and ₹8,000 crore for 364-day). * Auction Date: January 7, 2026 (Wednesday) * Settlement Date: January 8, 2026 (Thursday) * **Eligibility and Participation:** * Subject to terms in General Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2018. * 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 for eligible participants and individuals (retail investors), outside of the notified amount. * Retail investor allocation is capped at 5% of the notified amount, with the option to bid through the Retail Direct portal. * **Bidding Process:** * Auction is price-based, using a multiple price method. * Bids must be submitted electronically through the Reserve Bank of India's E-Kuber system on January 7, 2026. * Competitive bids: 10:30 am - 11:30 am * Non-Competitive bids: 10:30 am - 11:00 am * **Results and Payment:** * Auction results will be announced on the day of the auction. * Successful bidders must make payments by January 8, 2026. * **Contingency and Support:** * Physical bids are accepted only in the event of system failure, submitted to the Public Debt Office before auction timing ends, in the prescribed form. * Download the form from RBI website (https://rbi.org.in/en/web/rbi/forms). * Contact Core Banking Operations Team for technical difficulties. Contact IDMD auction team for other auction-related difficulties. **Impact Analysis** **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, managing funds and potentially earning returns. * **Action Required:** Participate in the auction by submitting bids through the E-Kuber system or, in case of system failure, via physical bids. **Retail Investors** * **Impact:** Opportunity to invest in Government of India Treasury Bills via non-competitive bidding, with a maximum allocation of 5% of the notified amount. * **Action Required:** Submit bids through the E-Kuber system or the Retail Direct portal (https://rbiretaildirect.org.in). **Reserve Bank of India (RBI)** * **Impact:** Manages the auction process, including receiving bids, determining successful bidders, and settling payments. * **Action Required:** Ensure the smooth operation of the auction through the E-Kuber system and provide necessary support to participants. **Successful Bidders** * **Impact:** Required to make payments by January 8, 2026, to acquire the allocated Treasury Bills. * **Action Required:** Make payment on or before the settlement date.

Key Entities Referenced