RBI 91-Day T-Bill Fully Subscribed 8,000 Cr

Document title: 91-Day, 182-Day and 364-Day T‑Bill Auction Result: Cut‑off

Issuing authority: Reserve Bank of India

Reference: Press Release 2026-2027/1439

Date: 04 November 2026

Policy rates and liquidity

The Reserve Bank of India conducted an auction of Treasury Bills with tenors of 91 days, 182 days and 364 days to manage market liquidity. The total face value notified was ₹8,000 crore for the 91‑day and 182‑day issues and ₹7,000 crore for the 364‑day issue. The 91‑day T‑Bill was fully subscribed, with the entire ₹8,000 crore accepted at a cut‑off price of 98.5511, corresponding to a yield to maturity of 5.8970 %. The 182‑day T‑Bill received no bids, resulting in zero acceptance and no cut‑off price being published. The 364‑day T‑Bill was also fully subscribed, with ₹7,000 crore accepted at a cut‑off price of 93.7820, yielding 6.6485 %.

Capital markets and flows

The auction results indicate strong investor demand for the shortest (91‑day) and longest (364‑day) Treasury Bill tenors, while the intermediate 182‑day tenor attracted no participation. The full subscription of the 91‑day and 364‑day issues reflects robust appetite for government securities in the money‑market segment, whereas the lack of bids for the 182‑day issue suggests a temporary disinterest or pricing mismatch for that tenor.

The RBI’s liquidity operation through the Treasury Bill auction demonstrates effective absorption of excess liquidity in the short‑term and long‑term segments, with the 182‑day segment remaining inactive in this cycle.