Document title: 91-Day, 182-Day and 364-Day T-Bill Auction Result: Cut-off
Issuing authority: Reserve Bank of India (RBI)
Reference number: Press Release 2026-2027/874
Date: 12 August 2026
Policy rates and liquidity
The RBI conducted an auction of Treasury Bills with tenors of 91 days, 182 days and 364 days. The total face value notified was ₹9,000 crore for the 91‑day issue, ₹8,000 crore for the 182‑day issue and ₹7,000 crore for the 364‑day issue. All notified amounts were fully subscribed, with the total face value accepted matching the notified values for each tenor. The cut‑off price for the 91‑day T‑Bill was 98.7050, implying a yield‑to‑maturity (YTM) of 5.2624 %. For the 182‑day T‑Bill, the cut‑off price was 97.3123, corresponding to a YTM of 5.5390 %. For the 364‑day T‑Bill, the cut‑off price was 94.6130, yielding a YTM of 5.7094 %.
Capital markets and flows
The auction results indicate robust demand in the government securities market, as the entire notified face value for each tenor was accepted. The uniform acceptance across all three tenors reflects strong investor appetite for short‑term sovereign debt instruments at the prevailing yield levels.
Regulatory and policy measures
The auction outcome was communicated through Press Release 2026‑2027/874, issued by Deputy General Manager Ajit Prasad of the RBI Communications Department. No additional regulatory or policy actions were announced in this release.
The RBI’s successful auction and full subscription of the notified amounts demonstrate effective liquidity management and support for the short‑term funding needs of the government. This content may not be financially relevant.