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

**Executive Summary** This press release from the Reserve Bank of India, dated January 23, 2026, announces the auction of Government of India Treasury Bills, including 91-day, 182-day, and 364-day bills. The auction will be held on January 28, 2026, and the settlement date is January 29, 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 maturities will be auctioned. * The notified amounts are ₹9,000 crore, ₹12,000 crore, and ₹8,000 crore respectively, totaling ₹29,000 crore. * Auction Date: January 28, 2026 (Wednesday). * Settlement Date: January 29, 2026 (Thursday). * **Terms and Conditions:** * The sale is subject to the terms and conditions outlined in the General Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025, issued by the Government of India. * **Participation:** * State Governments, Union Territories with legislature, eligible Provident Funds, designated Foreign Central Banks, and any institution specified by the Bank can participate on a non-competitive basis. * Allocation for non-competitive bids will be outside the notified amount. * Retail investors can participate on a non-competitive basis, with allocation restricted to a maximum of 5% of the notified amount through the Retail Direct portal (https://rbiretaildirect.org.in). * **Bidding Process:** * The auction is Price based, using a multiple price method. * Bids should be submitted electronically on the Reserve Bank of India's Core Banking Solution (E-Kuber system). * **Bidding Timings:** * 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. * Payment by successful bidders is due on Thursday, January 29, 2026. * **System Failure:** * In the event of system failure, physical bids can be submitted to the Public Debt Office before the auction ends. * A prescribed form must be used, which can be downloaded from the RBI website. **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:** The auction provides an opportunity to invest in Government of India Treasury Bills on a non-competitive basis, with allocation outside the notified amount. * **Action Required:** Submit bids electronically via the E-Kuber system within the stipulated timelines on January 28, 2026, or submit physical bids if the system fails. **Retail Investors** * **Impact:** Provides an opportunity to invest in Government of India Treasury Bills on a non-competitive basis, with allocation restricted to a maximum of 5% of the notified amount * **Action Required:** Can place bids as per the non-competitive scheme through the Retail Direct portal (https://rbiretaildirect.org.in) or submit bids electronically via the E-Kuber system within the stipulated timelines on January 28, 2026, or submit physical bids if the system fails. **Successful Bidders** * **Impact:** Will acquire Government of India Treasury Bills based on their successful bids. * **Action Required:** Make payment for the treasury bills on Thursday, January 29, 2026.

Key Entities Referenced