**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. The auction will be held on December 24, 2025, with settlement on December 26, 2025. Bids must be submitted electronically through the E-Kuber system.
**Key Points / Main Content**
* **Auction Details:**
* Treasury Bills: 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 24, 2025 (Wednesday)
* Settlement Date: December 26, 2025 (Friday)
* **Eligibility and Conditions:**
* Governed by General Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025, as amended.
* Eligible participants: 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 outside the notified amount.
* Retail investors can participate on a non-competitive basis.
* Retail investor allocation is capped at 5% of the notified amount.
* Individual investors can use the Retail Direct portal (https://rbiretaildirect.org.in) for non-competitive bids.
* **Bidding Process:**
* Auction Type: Price-based using multiple price method.
* Bids to be submitted electronically via RBI's E-Kuber system on December 24, 2025.
* Bidding Timings:
* Competitive Bids: 10:30 am - 11:30 am
* Non-Competitive Bids: 10:30 am - 11:00 am
* **Post-Auction:**
* Results will be announced on the day of the auction.
* Payment by successful bidders is due on December 26, 2025.
* Physical bids are accepted only in the event of system failure and must be submitted to the Public Debt Office before the auction timing ends.
**Impact Analysis**
**Government of India**
* **Impact:** The auction helps the Government raise funds through the issuance of Treasury Bills.
* **Action Required:** Monitor auction results and manage funds accordingly.
**Reserve Bank of India (RBI)**
* **Impact:** Responsible for conducting the auction and managing the process.
* **Action Required:** Ensure the smooth execution of the auction, process bids, and announce results.
**State Governments, Union Territories, Eligible Provident Funds, Foreign Central Banks, and Other Specified Institutions**
* **Impact:** Opportunity to invest in Government of India Treasury Bills.
* **Action Required:** Submit bids through the E-Kuber system within the specified timeframe, adhering to the guidelines.
**Retail Investors**
* **Impact:** Opportunity to invest in Treasury Bills through the non-competitive bidding process.
* **Action Required:** Submit bids through the E-Kuber system or the Retail Direct portal, adhering to the allocation limits.
Key Entities Referenced
Reserve Bank of India: Central bank of India, announcing the auction of Government of India Treasury Bills.
Treasury Bills: 91-Day, 182-Day and 364-Day Treasury Bills auctioned by the Reserve Bank of India.
General Notification F.No.4(2)-B(W&M)/2018: Governs the terms and conditions of the Treasury Bills 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
December 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 7,000
December 24, 2025 December 26, 2025
2 182-Day 6,000
(Wednesday) (Friday)
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 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 Friday, December 26, 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, 022-2
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: 2025-2026/1741 Deputy General Manager
(Communications)