RBI T-Bill Auction 91-364 Days Fully Subscribed

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

Issuing Authority: Reserve Bank of India, Department of Communication

Reference: Press Release 2026-2027/1171

Date: 23 September 2026

Policy Rates and Liquidity

The RBI disclosed the cut‑off prices and implied yields for the three Treasury Bill tenors. The 91‑day T‑Bill traded at a cut‑off price of 98.6740, corresponding to a yield‑to‑maturity of 5.3900 %. The 182‑day T‑Bill’s cut‑off price was 97.1800, yielding 5.8196 %. The 364‑day T‑Bill closed at 94.2749, with a yield of 6.0895 %. These yields reflect the prevailing short‑term interest rate environment and the RBI’s liquidity stance.

Capital Markets and Flows

The auction notified face values of ₹9,000 crore for the 91‑day, ₹8,000 crore for the 182‑day and ₹7,000 crore for the 364‑day Treasury Bills. All notified amounts were fully accepted, indicating strong demand from market participants across the tenors.

The fully subscribed auction and the disclosed yields demonstrate robust market appetite for short‑term government securities and provide insight into the RBI’s current liquidity management and short‑term rate positioning.