RBI releases full results of Treasury bill auction

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RBI Treasury bill results

Highlights

95 competitive bids totaling INR 15,676.740 crore were received for the 91-day Treasury bill, with a cut-off yield of 5.9337%.
The 182-day bill had a cut-off yield of 6.5493% for INR 7,600 crore, while the 364-day bill had a cut-off yield of 6.6900% for INR 6,650 crore.
In the non-competitive segment, INR 25,741.400 crore was accepted for the 91-day bill, INR 2,990 crore for the 182-day bill and INR 2,350 crore for the 364-day bill.

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

Auction results and yield levels

According to press release 2026-2027/1399 issued by the Reserve Bank of India, 95 competitive bids totaling INR 15,676.740 crore were received for the 91-day Treasury bill, of which 58 bids worth INR 7,600 crore were accepted. The cut-off price was 98.5422, the yield to maturity was 5.9337%, and the weighted average yield was 5.9094%.

For the 182-day Treasury bill, 77 competitive bids totaling INR 21,225.170 crore were received, and 48 bids worth INR 7,600 crore were accepted. The cut-off price in this category was 96.8376 and the yield to maturity was 6.5493%. For the 364-day bill, 111 competitive bids totaling INR 15,310.000 crore were received, of which 68 bids worth INR 6,650 crore were accepted; the cut-off yield was 6.6900%.

Demand levels and allocation signals

For all three tenors, the value of competitive bids received exceeded the notified amount, indicating strong demand for short-term government securities. The partial allotment percentages for the 91-day, 182-day and 364-day bills were 97.1013%, 52.7415% and 54.4444%, respectively, with partial allotments made to 1, 1 and 3 bids, respectively.

In the non-competitive segment, 13 bids totaling INR 25,802.082 crore were received for the 91-day bill, of which INR 25,741.400 crore was accepted. The non-competitive amounts accepted for the 182-day and 364-day bills were INR 2,990.000 crore and INR 2,350.000 crore, respectively, reflecting sustained demand for safe short-term instruments across the banking and investment system.

Our previous report focused on the RBI’s October monetary policy meeting, where market expectations of a possible repo rate hike were elevated amid rising retail inflation, Brent crude above $100 per barrel and pressure on the rupee. The report also noted that investors would be watching both the rate decision and signals about further policy tightening, as such steps can affect borrowing costs and overall financial conditions.

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