**Executive Summary**
This press release, dated December 29, 2025, from the Reserve Bank of India (RBI), outlines the calendar for the auction of Government of India Treasury Bills for the quarter ending March 2026. The release specifies the dates of auction and issue, along with the notified amounts for 91-day, 182-day, and 364-day Treasury Bills. The RBI retains the flexibility to modify the schedule based on market conditions and government requirements, with any changes to be communicated via press releases.
**Key Points / Main Content**
* **Auction Calendar (January-March 2026):**
* The calendar includes auction dates in January, February, and March 2026, with corresponding issue dates.
* Auctions are scheduled for January 7, 14, 21, 28, February 4, 11, 18, 25, March 4, 11, 18, and 25.
* **Notified Amounts (₹ crore):**
* Treasury Bills of 91-day, 182-day and 364-day tenures will be auctioned on these dates.
* The amounts vary for 91-day (₹9,000-15,000 crore), 182-day (₹12,000 crore) and 364-day (₹8,000 crore) tenures.
* Total notified amount for the quarter is ₹3,84,000 crore.
* **Flexibility and Changes:**
* RBI retains the right to modify the auction schedule based on government requirements and market conditions.
* Changes to the schedule will be communicated through press releases.
* **Terms and Conditions:**
* The auctions will be governed by the terms and conditions specified in the General Notification No. F.No.4(2)-B(W&M)/2018 dated March 26, 2025, issued by the Government of India, as amended from time to time.
**Impact Analysis**
**Government of India**
* **Impact:** Provides a schedule for raising funds through Treasury Bills for the specified quarter.
* **Action Required:** Monitor the auction schedule and communicate any changes in funding requirements to RBI.
**Market Participants (Banks, Financial Institutions, Investors)**
* **Impact:** Provides a framework for planning investments in Treasury Bills.
* **Action Required:** Review the auction calendar and adjust investment strategies accordingly. Stay informed of any schedule changes announced by RBI.
**Reserve Bank of India**
* **Impact:** Requires the RBI to manage the auction process and communicate any changes to the schedule.
* **Action Required:** Conduct the auctions as per the calendar, monitor market conditions, and adjust the schedule as necessary, informing the market via press releases.
Key Entities Referenced
Treasury Bills: Government of India short-term debt instruments, auctioned as per the calendar in the press release.
Reserve Bank of India: Responsible for releasing the calendar for the issuance of Treasury Bills.
General Notification No. F.No.4(2)-B(W&M)/2018 dated March 26, 2025: Specifies the terms and conditions for the auction of Treasury Bills, as amended from time to time.
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
December 29, 2025
Calendar for Auction of Government of India Treasury Bills
(For the Quarter ending March 2026)
Reserve Bank of India, in consultation with the Government of India, hereby, releases
the calendar for issuance of Treasury Bills for the quarter ending March 2026 as under:
Notified Amount for Auction of Treasury Bills
(January-March 2026)
(₹ crore)
Date of Auction Date of Issue 91 Days 182 Days 364 Days Total
January 07, 2026 January 08, 2026 9,000 12,000 8,000 29,000
January 14, 2026 January 15, 2026 9,000 12,000 8,000 29,000
January 21, 2026 January 22, 2026 9,000 12,000 8,000 29,000
January 28, 2026 January 29, 2026 9,000 12,000 8,000 29,000
February 04, 2026 February 05, 2026 9,000 12,000 8,000 29,000
February 11, 2026 February 12, 2026 14,000 12,000 8,000 34,000
February 18, 2026 February 20, 2026 14,000 12,000 8,000 34,000
February 25, 2026 February 26, 2026 14,000 12,000 8,000 34,000
March 04, 2026 March 05, 2026 14,000 12,000 8,000 34,000
March 11, 2026 March 12, 2026 14,000 12,000 8,000 34,000
March 18, 2026 March 20, 2026 14,000 12,000 8,000 34,000
March 25, 2026 March 27, 2026 15,000 12,000 8,000 35,000
Total 1,44,000 1,44,000 96,000 3,84,000
2. Reserve Bank of India, in consultation with the Government of India, will have the flexibility
to modify the indicated amount and timing for auction of Treasury Bills depending upon the
requirements of the Government of India, evolving market conditions and other relevant
factors, after giving due notice to the market. Thus, the calendar is subject to change, if
circumstances so warrant, including for reasons such as intervening holidays. Such
changes, if any, will be communicated through press releases.
3. The auction of Treasury Bills will be subject to the terms and conditions specified in the
General Notification No. F.No.4(2)-B(W&M)/2018 dated March 26, 2025 issued by the
Government of India, as amended from time to time.
(Brij Raj)
Press Release: 2025-2026/1795 Chief General Manager