Document Title: Treasury Bills: Full Auction Result
Issuing Authority: Reserve Bank of India (RBI) – Department of Communication
Reference Number: Press Release 2026-2027/733
Date: 22 July 2026
Policy Rates and Liquidity
The RBI conducted a full auction of Treasury Bills with tenures of 91, 182 and 364 days. The notified amounts were ₹9,000 crore, ₹8,000 crore and ₹7,000 crore respectively. Competitive bids received far exceeded the notified amounts, with total bids of ₹23,597.820 crore (91‑day), ₹23,460.450 crore (182‑day) and ₹23,241.700 crore (364‑day). The cut‑off yields (YTM) were set at 5.3542 % for the 91‑day, 5.6098 % for the 182‑day and 5.7650 % for the 364‑day bills. The weighted average yields (WAY) were marginally lower at 5.3427 %, 5.5964 % and 5.7466 % respectively, indicating a slight discount to the cut‑off.
Capital Markets and Flows
Competitive bids accepted amounted to ₹8,550.000 crore (48 bids) for 91‑day, ₹7,600.000 crore (68 bids) for 182‑day and ₹6,650.000 crore (80 bids) for 364‑day Treasury Bills, with partial allotment percentages of 59.6240 %, 25.8317 % and 76.1944 % respectively. Non‑competitive bids received were 8 bids totaling ₹6,742.973 crore (91‑day), 4 bids totaling ₹1,214.570 crore (182‑day) and 4 bids totaling ₹360.619 crore (364‑day). All non‑competitive bids were accepted, with allotted amounts of ₹6,727.040 crore, ₹1,200.000 crore and ₹350.000 crore respectively, and partial allotment percentages exceeding 96 % across all tenures.
The press release was issued by Deputy General Manager Ajit Prasad of the Communications division.
The auction results demonstrate robust demand for short‑term government securities, with competitive bids more than double the notified amounts and yields anchored around 5.35‑5.77 %, reflecting the RBI’s liquidity management stance.