RBI will auction treasury bills worth ₹24,000 crore on June 24

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RBI Treasury Bill Auction

Highlights

RBI will auction Treasury Bills worth ₹12,000 crore for 91 days, and ₹6,000 crore each for 182-day and 364-day tenures on June 24, 2026.
Competitive bids will be accepted on the E-Kuber system from 10:30 AM to 11:30 AM, and non-competitive bids will be accepted from 10:30 AM to 11:00 AM; settlement of successful bids will take place on June 25, 2026.
Non-competitive investors permitted by the government may receive allocation beyond the notified amount, while the allocation for retail investors will be limited to a maximum of 5 percent.

This article was translated from the original. Read the original version by our correspondent here.

Auction Structure and Timeline

According to the press release from RBI, ₹12,000 crore will be auctioned for the 91-day Treasury Bill, ₹6,000 crore for the 182-day Treasury Bill, and ₹6,000 crore for the 364-day Treasury Bill. The auction will be held on Wednesday, June 24, 2026, and settlement for successful bidders will take place on Thursday, June 25, 2026.

The sale will be subject to the terms of the Government of India’s general notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025, as amended from time to time. The auction will be price-based and will follow the multiple price method.

Competitive bids must be submitted on the E-Kuber system between 10:30 a.m. and 11:30 a.m., while non-competitive bids will be accepted from 10:30 a.m. to 11:00 a.m. The auction results will be announced the same day, and physical bids will only be accepted in case of system failure.

Investor Participation and Market Impact

State governments, Union Territories with legislatures, eligible provident funds in India, designated foreign central banks, and other persons or institutions specified by RBI may participate on a non-competitive basis. Such allocations will be outside the notified amount, allowing for broader investor participation in the government borrowing program.

Individual investors may also participate on a non-competitive basis in the retail category. Allocation for retail investors will be limited to a maximum of 5 percent of the notified amount, and they may bid through the Retail Direct portal.

This auction is significant for the money market and government securities market, as the supply of short-term paper affects liquidity management, yield signals, and short-term investment strategies of institutional investors. RBI has also provided separate contact points for technical or auction-related difficulties.

Our earlier report discussed the easing of oil and fertilizer prices amid prospects of a U.S.-Iran agreement, highlighting the reduction in macroeconomic pressures on India and the outlook for policy flexibility. It also underscored potential investor responses to RBI’s measures to ease dollar flows, as well as signs of near-term stability despite risks such as monsoon, employment, and demographics.

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