Document title: Treasury Bills: Full Auction Result
Issuing authority: Reserve Bank of India (RBI)
Reference number: Press Release 2026-2027/1125
Date: 16 September 2026
Policy Rates and Liquidity
The RBI disclosed cut‑off prices and yields for the 91‑day, 182‑day and 364‑day Treasury Bills. The cut‑off price was 98.7007 ₹ (yield to maturity 5.2801 %) for the 91‑day issue, 97.2128 ₹ (YTM 5.7500 %) for the 182‑day issue and 94.3200 ₹ (YTM 6.0386 %) for the 364‑day issue. The weighted average yields (WAY) were 5.2673 % for 91‑day, 5.7167 % for 182‑day and 6.0113 % for 364‑day securities, indicating the effective cost of borrowing for the government.
Capital Markets and Flows
The auction notified amounts were ₹9,000 crore (91‑day), ₹8,000 crore (182‑day) and ₹7,000 crore (364‑day), totalling ₹24,000 crore. Competitive bids received amounted to ₹24,176.500 crore (82 bids) for 91‑day, ₹16,118.750 crore (76 bids) for 182‑day and ₹16,171.000 crore (103 bids) for 364‑day securities, giving a total competitive bid volume of ₹56,466.250 crore. The RBI accepted 37 competitive bids for 91‑day, 56 for 182‑day and 75 for 364‑day, allocating ₹8,550 crore, ₹7,600 crore and ₹6,650 crore respectively, which represent partial allotment percentages of 13.9165 %, 74.0885 % and 35.4286 % of the competitive bids.
Non‑competitive bids were also received: 12 bids totalling ₹15,104.865 crore for 91‑day, 4 bids totalling ₹409.601 crore for 182‑day and 3 bids totalling ₹358.387 crore for 364‑day. All non‑competitive bids were accepted, with allotments of ₹15,088.650 crore (96.5220 % of the requested amount) for 91‑day, ₹400 crore (97.6560 %) for 182‑day and ₹350 crore (97.6598 %) for 364‑day.
Overall, the auction attracted bids amounting to approximately ₹72,339 crore, of which about ₹38,639 crore were allotted, reflecting strong demand for short‑term government securities. The RBI’s September 2026 Treasury Bills auction demonstrated robust market participation, with competitive yields ranging from 5.28 % to 6.04 % and substantial non‑competitive allocations, underscoring continued liquidity in the government securities market.