Document title: Treasury Bills: Full Auction Result
Issuing authority: Reserve Bank of India
Reference number: Press Release: 2026-2027/1269
Date: October 07, 2026
Policy Rates and Liquidity
The RBI notified a total of ₹23,000 crore of Treasury Bills across three tenors: ₹8,000 crore each for the 91‑day and 182‑day issues and ₹7,000 crore for the 364‑day issue. Competitive bids amounted to ₹38,721.000 crore for the 91‑day, ₹20,044.600 crore for the 182‑day, and ₹13,596.000 crore for the 364‑day securities, representing 113, 71 and 96 bids respectively. The cut‑off prices were 98.6292 (yield to maturity 5.5747%), 97.0482 (YTM 6.0999%) and 94.1002 (YTM 6.2869%). Accepted competitive bids totaled ₹7,600 crore for the 91‑day and 182‑day issues and ₹6,650 crore for the 364‑day issue, with partial allotment rates of 51.3333%, 71.3500% and 79.0000% respectively. Weighted average prices were 98.6326, 97.0648 and 94.1251, corresponding to weighted average yields of 5.5607%, 6.0645% and 6.2587%, indicating the effective cost of borrowing for the government and the liquidity absorbed from the market.
Capital Markets and Flows
Non‑competitive bids were also received: six bids for the 91‑day issue amounting to ₹2,616.051 crore, four bids for the 182‑day issue of ₹1,013.158 crore, and five bids for the 364‑day issue of ₹881.402 crore. All non‑competitive bids were accepted, with allotments of ₹2,600 crore, ₹1,000 crore and ₹850 crore respectively. The partial allotment percentages for non‑competitive bids were 96.1421% for the 91‑day, 96.8153% for the 182‑day, and 91.7667% for the 364‑day securities, reflecting near‑full allocation to these participants.
The auction demonstrates robust demand across all tenors, with competitive bids exceeding the notified amounts by more than three‑fold, and yields aligning with prevailing market rates. The high acceptance rates and near‑full allotment of non‑competitive bids underscore the effectiveness of the RBI’s Treasury Bill issuance in managing short‑term liquidity and funding requirements.