Document title: Treasury Bills: Full Auction Result
Issuing authority: Reserve Bank of India (RBI)
Date: October 14, 2026
Policy Rates and Liquidity
The RBI conducted a full auction of Treasury Bills for three tenors – 91‑day, 182‑day and 364‑day. The cut‑off price for the 91‑day issue was ₹98.5920, corresponding to a yield‑to‑maturity (YTM) of 5.7281%. For the 182‑day issue the cut‑off price was ₹96.9592 (YTM 6.2896%), and for the 364‑day issue it was ₹93.9220 (YTM 6.4891%). The weighted average price across accepted competitive bids was ₹98.5997 for 91‑day, ₹96.9748 for 182‑day and ₹93.9628 for 364‑day, translating to weighted average yields (WAY) of 5.6964%, 6.2563% and 6.4427% respectively.
Capital Markets and Flows
Competitive bids received were 102 for the 91‑day, 76 for the 182‑day and 91 for the 364‑day Treasury Bills, amounting to ₹19,609.165 crore, ₹15,326.000 crore and ₹11,790.000 crore respectively. The RBI accepted 58 competitive bids for the 91‑day, 55 for the 182‑day and 71 for the 364‑day issues, allocating ₹7,600 crore each to the 91‑day and 182‑day tenors and ₹6,650 crore to the 364‑day tenor. Partial allotment percentages for competitive bids were 6.3340% (91‑day), 25.8000% (182‑day) and 18.5714% (364‑day).
Non‑competitive bids were submitted by 10 participants for the 91‑day issue (₹5,045.373 crore), 3 participants for the 182‑day issue (₹413.952 crore) and 3 participants for the 364‑day issue (₹369.832 crore). All non‑competitive bids were accepted, with allotment amounts of ₹5,024.890 crore, ₹400.000 crore and ₹350.000 crore respectively, reflecting partial allotment percentages of 95.1287%, 96.6296% and 94.6376%.
The auction results indicate robust participation in the government securities market, with competitive demand exceeding the notified amounts by more than double for each tenor and high acceptance rates for non‑competitive participants, supporting the RBI’s liquidity management objectives.