Policy Rates and Liquidity

The RBI announced an Open Market Operations (OMO) sale on 17 September 2026 with a notified aggregate face value of ₹50,000 crore. Bids received from participants totalled ₹66,590 crore, indicating demand that exceeded the supply by ₹16,590 crore. The RBI accepted the full notified amount of ₹50,000 crore.

Capital Markets and Flows

The auction was conducted across five tenor buckets with the following detailed outcomes:

  • Tenor 1 (₹9,240 crore): 8 bids were accepted; total bid amount was ₹7,005 crore. The cut‑off yield was 6.6007% and the cut‑off price was 102.25 rupees. Weighted average yield stood at 6.5834% with a weighted average price of 102.29 rupees (no partial allotment reported).
  • Tenor 2 (₹8,740 crore): 14 bids were accepted; total bid amount was ₹7,255 crore. The cut‑off yield was 6.7023% and the cut‑off price was 100.24 rupees. Weighted average yield was 6.6644% and weighted average price 100.35 rupees, with a partial allotment rate of 68.46% of competitive bids at the cut‑off.
  • Tenor 3 (₹4,255 crore): 10 bids were accepted; total bid amount was ₹1,005 crore. The cut‑off yield was 6.8191% and the cut‑off price was 102.50 rupees. Weighted average yield was 6.8036% and weighted average price 102.55 rupees (no partial allotment reported).
  • Tenor 4 (₹16,685 crore): 29 bids were accepted; total bid amount was ₹12,645 crore. The cut‑off yield was 6.8589% and the cut‑off price was 96.34 rupees. Weighted average yield was 6.7980% and weighted average price 96.54 rupees (no partial allotment reported).
  • Tenor 5 (₹7,970 crore): 28 bids were accepted; total bid amount was ₹3,250 crore. The cut‑off yield was 6.9080% and the cut‑off price was 99.05 rupees. Weighted average yield was 6.8935% and weighted average price 99.11 rupees (no partial allotment reported).

Overall, the cut‑off yields across tenors ranged from 6.6007% to 6.9080%, while cut‑off prices varied between 96.34 and 102.50 rupees. Weighted average yields were tightly clustered between 6.58% and 6.89%, and weighted average prices hovered around the 100‑102 rupee mark.

The auction settlement took place on 18 September 2026, completing the allocation of the full ₹50,000 crore.