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

**Executive Summary** This document announces the auction of 91-Day, 182-Day, and 364-Day Treasury Bills by the Reserve Bank of India. The auction is scheduled for March 04, 2026, with payment due on March 05, 2026. Bids are to be submitted electronically via the E-Kuber system. **Key Points / Main Content** * **Treasury Bill Auction Details:** * 91-Day Treasury Bill: Notified Amount ₹14,000 crore * 182-Day Treasury Bill: Notified Amount ₹12,000 crore * 364-Day Treasury Bill: Notified Amount ₹8,000 crore * Total Notified Amount: ₹34,000 crore * **Auction and Settlement Dates:** * Auction Date: Wednesday, March 04, 2026 * Settlement Date: Thursday, March 05, 2026 * **Eligibility and Participation:** * Participation is subject to 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, designated Foreign Central Banks, and other persons/institutions specified by the Bank. * Individuals can participate on a non-competitive basis as retail investors. * For retail investors, allocation is limited to a maximum of 5% of the notified amount. * Individual investors can also bid through the Retail Direct portal. * **Bidding Process:** * The auction will be price-based using a multiple price method. * Bids must be submitted in electronic format on the Reserve Bank of India's Core Banking Solution (E-Kuber system). * Competitive Bids timing: 10:30 am - 11:30 am on March 04, 2026. * Non-Competitive Bids timing: 10:30 am - 11:00 am on March 04, 2026. * Results will be announced on the auction day. * **Payment:** * Payment by successful bidders is due on Thursday, March 05, 2026. * **Contingency for System Failure:** * Physical bids will be accepted only in the event of system failure. * Physical bids must be submitted to the Public Debt Office before the auction timing ends, using the prescribed form. * The bid form can be downloaded from the RBI website. **Impact Analysis** **State Governments, Union Territories with legislature, Eligible Provident Funds, Designated Foreign Central Banks, and Specified Persons/Institutions** * **Impact:** These entities are eligible to participate in the auction of Treasury Bills. They will need to adhere to the terms and conditions for bidding. * **Action Required:** Submit bids electronically via the E-Kuber system within the specified timings on March 04, 2026. Ensure payment is made on March 05, 2026. **Individual Investors (Retail Investors)** * **Impact:** Individuals can participate as retail investors on a non-competitive basis, with a maximum allocation of 5% of the notified amount. They can also utilize the Retail Direct portal. * **Action Required:** If participating non-competitively, submit bids through the E-Kuber system or the Retail Direct portal within the specified timings on March 04, 2026. Ensure payment is made on March 05, 2026. **Reserve Bank of India (RBI)** * **Impact:** Responsible for conducting the auction, managing the E-Kuber system, processing bids, announcing results, and facilitating payment. * **Action Required:** Ensure the smooth conduct of the auction and provide necessary support for technical difficulties and inquiries. **Public Debt Office** * **Impact:** Will receive and process physical bids in the event of system failure. * **Action Required:** Be prepared to receive and process physical bids submitted in the prescribed form before the auction timing ends on March 04, 2026, in case of system failure. **Core Banking Operations Team and IDMD Auction Team** * **Impact:** Will provide technical support related to the E-Kuber system and auction difficulties. * **Action Required:** Respond to inquiries and provide assistance for technical difficulties related to the Core Banking Solution and other auction-related issues.

Key Entities Referenced