What changed

The Reserve Bank of India (RBI) has published the results for its recent auctions of 91-day, 182-day, and 364-day Treasury Bills. The notified amounts were ₹15,000 Crore for 91-day bills, ₹12,000 Crore for 182-day bills, and ₹8,000 Crore for 364-day bills. Notably, the auction resulted in no accepted bids, with 'NA' indicated for cut-off price and implicit yield, and 'NIL' for total face value accepted across all tenors.

This outcome suggests a lack of market interest or a discrepancy in pricing expectations at the time of the auction. Treasury departments and financial institutions involved in government debt markets should note this unusual result. While no immediate compliance action is required, this event may signal potential shifts in market liquidity or investor sentiment regarding short-term government debt, warranting monitoring by financial market participants.

Source document (simplified)

Press Releases

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| Date : Mar 25, 2026 | | | | | | | | | | | | | | | | | | | | | |
| 91-Day, 182-Day and 364-Day T-Bill Auction Result: Cut-off | | | | | | | | | | | | | | | | | | | | | |
| | \| \| T-Bill \| 91-Day \| 182-Day \| 364-Day \|
\| I. \| Total Face Value Notified \| ₹15,000 Crore \| ₹12,000 Crore \| ₹8,000 Crore \|
\| II. \| Cut-off Price and Implicit Yield at Cut-Off Price \| NA \| NA \| NA \|
\| III. \| Total Face Value Accepted \| NIL \| NIL \| NIL \|
Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/2323 | | T-Bill | 91-Day | 182-Day | 364-Day | I. | Total Face Value Notified | ₹15,000 Crore | ₹12,000 Crore | ₹8,000 Crore | II. | Cut-off Price and Implicit Yield at Cut-Off Price | NA | NA | NA | III. | Total Face Value Accepted | NIL | NIL | NIL |
| | T-Bill | 91-Day | 182-Day | 364-Day | | | | | | | | | | | | | | | | |
| I. | Total Face Value Notified | ₹15,000 Crore | ₹12,000 Crore | ₹8,000 Crore | | | | | | | | | | | | | | | | |
| II. | Cut-off Price and Implicit Yield at Cut-Off Price | NA | NA | NA | | | | | | | | | | | | | | | | |
| III. | Total Face Value Accepted | NIL | NIL | NIL | | | | | | | | | | | | | | | | | | | | T-Bill | 91-Day | 182-Day | 364-Day |
| I. | Total Face Value Notified | ₹15,000 Crore | ₹12,000 Crore | ₹8,000 Crore |
| II. | Cut-off Price and Implicit Yield at Cut-Off Price | NA | NA | NA |
| III. | Total Face Value Accepted | NIL | NIL | NIL |
Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/2323 | | T-Bill | 91-Day | 182-Day | 364-Day | I. | Total Face Value Notified | ₹15,000 Crore | ₹12,000 Crore | ₹8,000 Crore | II. | Cut-off Price and Implicit Yield at Cut-Off Price | NA | NA | NA | III. | Total Face Value Accepted | NIL | NIL | NIL |
| | | T-Bill | 91-Day | 182-Day | 364-Day |
| I. | Total Face Value Notified | ₹15,000 Crore | ₹12,000 Crore | ₹8,000 Crore |
| II. | Cut-off Price and Implicit Yield at Cut-Off Price | NA | NA | NA |
| III. | Total Face Value Accepted | NIL | NIL | NIL |
Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/2323 | | T-Bill | 91-Day | 182-Day | 364-Day | I. | Total Face Value Notified | ₹15,000 Crore | ₹12,000 Crore | ₹8,000 Crore | II. | Cut-off Price and Implicit Yield at Cut-Off Price | NA | NA | NA | III. | Total Face Value Accepted | NIL | NIL | NIL | |
| | T-Bill | 91-Day | 182-Day | 364-Day | | | | | | | | | | | | | | | | | |
| I. | Total Face Value Notified | ₹15,000 Crore | ₹12,000 Crore | ₹8,000 Crore | | | | | | | | | | | | | | | | | |
| II. | Cut-off Price and Implicit Yield at Cut-Off Price | NA | NA | NA | | | | | | | | | | | | | | | | | |
| III. | Total Face Value Accepted | NIL | NIL | NIL | | | | | | | | | | | | | | | | | |