SDG 8: Decent Work and Economic Growth | SDG 16: Peace, Justice & Strong Institutions
Institutions: Reserve Bank of India | Ministry of Finance
The Reserve Bank of India conducted auctions of 91-day, 182-day, and 364-day Treasury Bills on 17 September 2025, raising the notified amounts of ₹10,000 crore, ₹6,000 crore, and ₹5,000 crore respectively. Competitive bids received were nearly three times the notified amounts across maturities, indicating robust demand from market participants.
Cut-off Yields: 91-day at 5.4976%, 182-day at 5.6045%, and 364-day at 5.6349%.
Accepted Amounts: ₹9,979 crore (91-day), ₹5,987 crore (182-day), and ₹4,987 crore (364-day).
Weighted Average Yields: broadly in line with cut-offs, confirming stable pricing.
Non-competitive bids worth ₹9,756 crore were fully allotted, reflecting retail and smaller institutional participation
Treasury Bills (T-Bills) are short-term government debt (91, 182, 364 days) auctioned by the RBI through e-auctions, ensuring transparent, competitive, and cost-effective borrowing. These auctions not only fund the government but also act as a barometer of banking system liquidity and investor sentiment: the latest results, with stable yields just above 5.5%, suggest confidence in India’s fiscal position and the RBI’s liquidity management. The discovered yields set benchmarks for money market instruments and guide the near-term interest rate trajectory, making T-Bill auctions a vital bridge between fiscal borrowing needs, monetary policy calibration, and financial market stability.
Relevant Question for Policy Stakeholders:
How can RBI further strengthen participation in T-Bill auctions, especially from smaller institutions and retail investors, to deepen financial markets while maintaining borrowing efficiency and policy credibility?
Follow the full news here: https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR11107B610A18512047BFB2A998B2F0E2DD25.PDF