RBI to auction treasury bills worth ₹23,000 crore on October 28

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RBI treasury bill auction

Highlights

RBI to auction treasury bills worth ₹23,000 crore on October 28, 2026—₹8,000 crore of 91-day bills, ₹8,000 crore of 182-day bills and ₹7,000 crore of 364-day bills.
The auction will be conducted on the e-Kuber platform. The deadline for competitive bids is 11:30 a.m., while non-competitive bids must be submitted by 11:00 a.m.
For individual investors, the non-competitive allocation will be capped at 5% of the notified amount; bids can also be placed through the Retail Direct portal.

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

Auction size and process

According to a press release from the Reserve Bank of India, the auction will comprise ₹8,000 crore of 91-day treasury bills, ₹8,000 crore of 182-day treasury bills and ₹7,000 crore of 364-day treasury bills. The auction will be held on Wednesday, October 28, 2026, and successful bids will be settled on Thursday, October 29, 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 use the multiple-price method.

Competitive bids must be submitted through the e-Kuber system between 10:30 a.m. and 11:30 a.m., while non-competitive bids may be submitted between 10:30 a.m. and 11:00 a.m. The auction results will be announced the same day, and successful bidders must make payment on October 29, 2026.

Investor participation and retail access

State governments, union territories with legislatures, eligible provident funds in India, designated foreign central banks, and other persons or institutions specified by the RBI may participate on a non-competitive basis. This allocation will be over and above the notified amount.

Individuals may also participate as retail investors on a non-competitive basis, although their allocation will be capped at 5% of the notified amount. Individual investors can also bid under the non-competitive scheme through the Retail Direct portal.

Physical bids will be accepted only in the event of a system failure and must be submitted to the Public Debt Office before the prescribed deadline. The RBI has also provided separate contact arrangements for technical or auction-related difficulties to ensure a smooth process for institutional and retail participants.

Our previous report outlined the Centre’s disinvestment programme and noted that most of the funds raised during FY 2016–2027 came from market-based instruments such as ETFs, public offerings and buybacks. The article also highlighted the relatively limited contribution from strategic sales, while noting that disinvestment proceeds for the current year could exceed the budget estimate if a major deal, such as the IDBI Bank stake sale, is completed.

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