India will auction Treasury Bills worth ₹24,000 crore on August 27

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Auction of Treasury Bills on August 27

Highlights

The Government of India will auction Treasury Bills worth ₹24,000 crore on August 27, with ₹9,000 crore for 91-day, ₹8,000 crore for 182-day, and ₹7,000 crore for 364-day bills.
Competitive bids will be accepted on the E-Kuber system from 10:30 am to 11:30 am, and non-competitive bids from 10:30 am to 11:00 am; results will be announced the same day, and payment must be made on August 28.
Non-competitive allocation for designated institutions will be outside the notified amount, while for retail investors it will be limited to a maximum of 5% of the total amount, ensuring their participation.

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

Auction Structure and Participation Rules

According to the Reserve Bank of India press release, the notified amount is set at ₹9,000 crore for the 91-day Treasury Bill, ₹8,000 crore for the 182-day Treasury Bill, and ₹7,000 crore for the 364-day Treasury Bill. This sale is 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.

State governments, Union Territories with legislatures, eligible provident funds in India, designated foreign central banks, and other persons or institutions specified by the bank may participate on a non-competitive basis, and their allocation will be outside the notified amount. Individual investors can also participate as retail investors on a non-competitive basis, with their allocation limited to a maximum of 5 percent of the notified amount.

Individual investors may also bid under the non-competitive scheme through the Retail Direct portal. The auction will be price-based using the multiple price method.

Schedule and Impact on Market Operations

Bids must be submitted electronically on the Reserve Bank of India's Core Banking Solution, E-Kuber system, on Thursday, August 27, 2026. Competitive bids will be accepted from 10:30 am to 11:30 am, while non-competitive bids will be accepted from 10:30 am to 11:00 am.

The auction results will be announced the same day, and successful bidders must make payment on Friday, August 28, 2026. Physical bids will only be accepted in case of system failure and must be submitted to the Public Debt Office in the prescribed form before the auction closing time.

This offering advances the process of raising funds from the market in line with the government's short-term borrowing calendar and maintains the scope for participation by both institutional and retail investors. The separate non-competitive arrangement for the retail segment supports individual investors' access to government securities.

Our previous report summarized ICRA's recent credit rating actions, which included updates on debt instruments such as securitisation transactions, wind energy projects, and non-convertible debentures (NCDs). The article highlighted that such rating decisions indicate the issuer's creditworthiness, risk profile, and signal pricing/capital allocation in the debt market.

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