**Executive Summary**
This document is a press release from the Reserve Bank of India (RBI) announcing the auction of Government of India Treasury Bills. The auction, including 91-day, 182-day and 364-day treasury bills, will be conducted on November 19, 2025, with settlement on November 20, 2025. Bids must be submitted electronically via the E-Kuber system.
**Key Points / Main Content**
* **Auction Details:**
* Treasury bills of 91-day (₹7,000 crore), 182-day (₹6,000 crore), and 364-day (₹6,000 crore) will be auctioned.
* The total notified amount for the auction is ₹19,000 crore.
* The auction date is November 19, 2025 (Wednesday), and the settlement date is November 20, 2025 (Thursday).
* **Participation and Bidding:**
* The sale is subject to the terms and conditions in General Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025.
* State Governments, Union Territories, Provident Funds, Foreign Central Banks, and entities specified by the RBI can participate on a non-competitive basis.
* Individuals can also participate on a non-competitive basis, with retail investors' allocation restricted to 5% of the notified amount.
* Individual investors can place bids through the Retail Direct portal.
* The auction is price-based, using a multiple price method.
* Bids must be submitted electronically on the E-Kuber system on November 19, 2025, during specified timings.
* Competitive bids: 10:30 am - 11:30 am.
* Non-Competitive bids: 10:30 am - 11:00 am.
* **Results and Payment:**
* Results will be announced on the day of the auction.
* Successful bidders must make payment on November 20, 2025.
* **Contingency:**
* In the event of system failure, physical bids can be submitted to the Public Debt Office before the auction ends.
* **Contact Information:**
* For technical difficulties, contact the Core Banking Operations Team via email or phone (022-69870466, 022-69870415).
* For other auction-related difficulties, contact the IDMD auction team via email or phone (022-22702431, 022-22705125).
**Impact Analysis**
**Stakeholder: Reserve Bank of India (RBI)**
* **Impact:** Responsible for conducting the auction of Government of India Treasury Bills.
* **Action Required:** Manage the auction process, ensure compliance with regulations, and address technical issues.
**Stakeholder: Government of India**
* **Impact:** Receives funding through the sale of Treasury Bills.
* **Action Required:** Monitor the auction results and manage debt obligations.
**Stakeholder: State Governments, Union Territories, Provident Funds, Foreign Central Banks, and Specified Institutions**
* **Impact:** Opportunity to invest in Government of India Treasury Bills.
* **Action Required:** Submit bids through the E-Kuber system following the specified guidelines and timelines.
**Stakeholder: Retail Investors**
* **Impact:** Opportunity to invest in Government of India Treasury Bills via non-competitive bidding.
* **Action Required:** Submit bids through the Retail Direct portal, adhering to the 5% allocation limit.
**Stakeholder: Successful Bidders**
* **Impact:** Required to make payments on November 20, 2025 for allocated Treasury Bills.
* **Action Required:** Ensure timely payment for the allotted Treasury Bills.
Key Entities Referenced
Reserve Bank of India: Announces the auction of Government of India Treasury Bills and manages the E-Kuber system for bidding.
Government of India Treasury Bills: Subject of the auction, specifically 91-Day, 182-Day and 364-Day Treasury Bills.
General Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025: Governs the terms and conditions of the Treasury Bill auction.
E-Kuber system: Core Banking Solution of Reserve Bank of India where bids for the auction should be submitted electronically.
Retail Direct portal: Portal through which individual investors can place bids as per the non-competitive scheme.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व ब ैंक
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
November 14, 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
November 19, 2025 November 20, 2025
2 182-Day 6,000
(Wednesday) (Thursday)
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, November 19, 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, November 20, 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: 2025-2026/1507 Deputy General Manager
(Communications)