RBI T-Bill Auction Cut-off Prices Announced

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

Issuing authority: Reserve Bank of India

Reference number: Press Release: 2026-2027/776

Date: July 29, 2026

Policy Rates and Liquidity

The RBI announced the cut‑off prices for the three Treasury bill tenors. The 91‑day T‑Bill cut‑off price was 98.6861, implying a yield‑to‑maturity of 5.3402 %. The 182‑day T‑Bill cut‑off price was 97.2846, with a YTM of 5.5977 %. The 364‑day T‑Bill cut‑off price was 94.5863, corresponding to a YTM of 5.7393 %. These yields reflect the prevailing market rates for short‑term government securities.

Capital Markets and Flows

The auction notified a total face value of ₹9,000 crore for the 91‑day bill, ₹8,000 crore for the 182‑day bill, and ₹7,000 crore for the 364‑day bill. The entire notified amounts were accepted, indicating full subscription at the cut‑off prices. The auction was conducted by the RBI’s Department of Communication, and the release was signed by Ajit Prasad, Deputy General Manager.

The RBI’s full‑subscription auction and the disclosed cut‑off yields provide a clear benchmark for short‑term funding costs, reinforcing the central bank’s liquidity management stance.