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

**Executive Summary** This press release from the Reserve Bank of India (RBI), dated October 31, 2025, announces the auction of Government of India Treasury Bills. The auction includes 91-day, 182-day, and 364-day Treasury Bills, with the auction date being November 06, 2025, and the settlement date on November 07, 2025. Bids must be submitted electronically through the E-Kuber system. **Key Points / Main Content** * **Auction Details:** * Treasury Bills offered: 91-Day, 182-Day, and 364-Day. * Notified Amount: ₹19,000 crore total (₹7,000 crore for 91-Day, ₹6,000 crore each for 182-Day and 364-Day). * Auction Date: November 06, 2025 (Thursday). * Settlement Date: November 07, 2025 (Friday). * **Eligibility and Bidding:** * 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. * 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. * Participants can bid on a non-competitive basis; the allocation for which will be outside the notified amount. * Individuals can participate on a non-competitive basis as retail investors with allocation 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 (https://rbiretaildirect.org.in). * **Bidding Process:** * The auction will be price-based using a multiple price method. * Bids must be submitted electronically on the Reserve Bank of India's Core Banking Solution (E-Kuber system) on Thursday, November 06, 2025. * 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 and Physical Bids:** * Payment by successful bidders must be made on Friday, November 07, 2025. * Physical bids are only accepted in the event of system failure and must be submitted to the Public Debt Office before the auction timing ends. **Impact Analysis** **Stakeholder: Bidders (including banks, institutions, governments, and retail investors)** * **Impact:** Need to prepare and submit bids for the Treasury Bills auction according to the specified terms and conditions. * **Action Required:** Ensure compliance with eligibility criteria, submit bids electronically via the E-Kuber system within the specified timings, and prepare for payment if bids are successful. **Stakeholder: Reserve Bank of India (RBI)** * **Impact:** Responsible for conducting the auction and managing the bidding process. * **Action Required:** Ensure a smooth and efficient auction process, address any technical difficulties, and announce the results. **Stakeholder: Core Banking Operations Team and IDMD auction team** * **Impact:** Responsible for providing technical assistance and resolving auction-related difficulties * **Action Required:** Must be available to address any technical difficulties or auction-related queries from participants. Contact information provided for support.

Key Entities Referenced