Changeflow GovPing Banking & Finance T-Bill Auction: ₹34k Cr Bids, 5.2–5.6% Yield
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T-Bill Auction: ₹34k Cr Bids, 5.2–5.6% Yield

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Summary

The Reserve Bank of India held a Treasury Bills auction on April 22, 2026, covering 91-day (₹12,000 crore notified), 182-day (₹6,000 crore notified), and 364-day (₹6,000 crore notified) tenors. Competitive bids received totalled ₹33,670.20 crore (91-day), ₹26,290.20 crore (182-day), and ₹12,150.20 crore (364-day), with cut-off yields of 5.2150%, 5.4700%, and 5.5990% respectively. Non-competitive bids of ₹20,762.96 crore (91-day) and ₹14,700 crore (182-day) were accepted in full; the 364-day non-competitive bid of ₹336.97 crore received partial acceptance at ₹300 crore.

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What changed

The RBI published full auction results for its April 22, 2026 Treasury Bills issuance across three tenors. Total competitive bids of ₹72,110.62 crore were received against a notified amount of ₹24,000 crore, indicating aggregate bid coverage of approximately 3.0x. Non-competitive bidding facilities resulted in near-full acceptance for shorter tenors (96.4% for 91-day, 93.5% for 182-day) but lower acceptance for 364-day (89.0%). Partial allotment was applied to 12 competitive bids across tenors, with the 364-day tenor seeing the highest partial allotment percentage at 76.2%.

Participants in future RBI T-bill auctions should note that competitive bid coverage remains strong and that yield cut-offs for 364-day bills (5.5990% YTM) continue to price above the shorter tenors, reflecting standard upward-sloping yield curve expectations. Non-competitive bidders in shorter tenors received near-equal allotments relative to their applications.

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Apr 23, 2026

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Press Releases

| () |
| Date : Apr 22, 2026 |
| Treasury Bills: Full Auction Result |
| | (Amount in ₹ crore) |
| Auction Results | | 91-Day | 182-Day | 364-Day |
| I. | Notified Amount | 12,000 | 6,000 | 6,000 |
| II. | Competitive Bids Received |
| (i) Number | 137 | 113 | 88 | |
| (ii) Amount | 33,670.200 | 26,290.200 | 12,150.200 | |
| III. | Cut-off price / Yield | 98.7165 | 97.3449 | 94.7116 |
| (YTM: 5.2150%) | (YTM: 5.4700%) | (YTM: 5.5990%) |
| IV. | Competitive Bids Accepted |
| (i) Number | 62 | 29 | 54 | |
| (ii) Amount | 11,400.000 | 5,700.000 | 5,700.000 | |
| V. | Partial Allotment Percentage of Competitive Bids | 7.0667% | 12.3798% | 76.2000% |
| (3 bids) | (7 bids) | (2 bids) |
| VI. | Weighted Average Price/Yield | 98.7222 | 97.3489 | 94.7289 |
| (WAY: 5.1916%) | (WAY: 5.4616%) | (WAY: 5.5797%) |
| VII. | Non-Competitive Bids Received |
| (i) Number | 10 | 5 | 3 | |
| (ii) Amount | 20,785.201 | 14,720.819 | 336.968 | |
| VIII. | Non-Competitive Bids Accepted |
| (i) Number | 10 | 5 | 3 | |
| (ii) Amount | 20,762.960 | 14,700.000 | 300.000 | |
| (iii) Partial Allotment Percentage | 96.4257 | 93.5107 | 89.0292 | |
Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2026-2027/120 | (Amount in ₹ crore) | Auction Results | | 91-Day | 182-Day | 364-Day | I. | Notified Amount | 12,000 | 6,000 | 6,000 | II. | Competitive Bids Received | (i) Number | 137 | 113 | 88 | (ii) Amount | 33,670.200 | 26,290.200 | 12,150.200 | III. | Cut-off price / Yield | 98.7165 | 97.3449 | 94.7116 | (YTM: 5.2150%) | (YTM: 5.4700%) | (YTM: 5.5990%) | IV. | Competitive Bids Accepted | (i) Number | 62 | 29 | 54 | (ii) Amount | 11,400.000 | 5,700.000 | 5,700.000 | V. | Partial Allotment Percentage of Competitive Bids | 7.0667% | 12.3798% | 76.2000% | (3 bids) | (7 bids) | (2 bids) | VI. | Weighted Average Price/Yield | 98.7222 | 97.3489 | 94.7289 | (WAY: 5.1916%) | (WAY: 5.4616%) | (WAY: 5.5797%) | VII. | Non-Competitive Bids Received | (i) Number | 10 | 5 | 3 | (ii) Amount | 20,785.201 | 14,720.819 | 336.968 | VIII. | Non-Competitive Bids Accepted | (i) Number | 10 | 5 | 3 | (ii) Amount | 20,762.960 | 14,700.000 | 300.000 | (iii) Partial Allotment Percentage | 96.4257 | 93.5107 | 89.0292 |
| (Amount in ₹ crore) |
| I. | Notified Amount | 12,000 | 6,000 | 6,000 |
| II. | Competitive Bids Received |
| (i) Number | 137 | 113 | 88 |
| (ii) Amount | 33,670.200 | 26,290.200 | 12,150.200 |
| IV. | Competitive Bids Accepted |
| (i) Number | 62 | 29 | 54 |
| (ii) Amount | 11,400.000 | 5,700.000 | 5,700.000 |
| (3 bids) | (7 bids) | (2 bids) |
| VII. | Non-Competitive Bids Received |
| (i) Number | 10 | 5 | 3 |
| (ii) Amount | 20,785.201 | 14,720.819 | 336.968 |
| VIII. | Non-Competitive Bids Accepted |
| (i) Number | 10 | 5 | 3 |
| (ii) Amount | 20,762.960 | 14,700.000 | 300.000 |
| (iii) Partial Allotment Percentage | 96.4257 | 93.5107 | 89.0292 |

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Classification

Agency
RBI
Published
April 22nd, 2026
Instrument
Notice
Branch
Executive
Legal weight
Non-binding
Stage
Final
Change scope
Minor
Document ID
Press Release: 2026-2027/120

Who this affects

Applies to
Banks Investors
Industry sector
9211 Government & Public Administration
Activity scope
Government securities auction Treasury bill issuance
Geographic scope
IN IN

Taxonomy

Primary area
Banking
Operational domain
Finance
Topics
Securities Government Contracting

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