Document title: Treasury Bills: Full Auction Result
Issuing authority: Reserve Bank of India
Date: September 23, 2026
Policy rates and liquidity
The Reserve Bank of India conducted a full auction of Treasury Bills with tenors of 91 days, 182 days and 364 days. The notified amounts were ₹9,000 crore for the 91‑day, ₹8,000 crore for the 182‑day and ₹7,000 crore for the 364‑day bills, totalling ₹24,000 crore. The cut‑off prices were ₹98.6740, ₹97.1800 and ₹94.2749 respectively, translating to yields to maturity of 5.3900%, 5.8196% and 6.0895%. The weighted‑average prices were marginally higher at ₹98.6793, ₹97.1969 and ₹94.2946, giving weighted‑average yields of 5.3682%, 5.7837% and 6.0672% respectively.
Capital markets and flows
Competitive bids received a total of 258 bids amounting to ₹48,729.150 crore across the three tenors (106 bids for 91‑day, 68 for 182‑day and 112 for 364‑day). Of these, 58, 54 and 82 bids were accepted, representing accepted amounts of ₹8,550.000 crore, ₹7,600.000 crore and ₹6,650.000 crore respectively. Partial allotment percentages for competitive bids were 5.1233% for the 91‑day, 57.7706% for the 182‑day and 96.0000% for the 364‑day bills.
Non‑competitive bids were also received: 6 bids for the 91‑day, 4 for the 182‑day and 5 for the 364‑day bills, totalling ₹2,369.300 crore, ₹1,010.297 crore and ₹999.671 crore respectively. All non‑competitive bids were accepted, with final allotments of ₹2,350.000 crore, ₹1,000.000 crore and ₹950.000 crore. The partial allotment percentages for non‑competitive bids were 95.8875% for the 91‑day, 97.4904% for the 182‑day and 87.5720% for the 364‑day bills.
The auction results indicate robust demand for government securities across all tenors, with high acceptance rates and yields reflecting the prevailing market conditions. The RBI’s auction mechanism successfully mobilised the intended liquidity, supporting its monetary management objectives.