The Reserve Bank of India (RBI) has released the latest treasury bills auction results for the current fiscal year 2026–27. The auction covered three tenors — 91-day, 182-day, and 364-day treasury bills — attracting strong demand from both competitive and non-competitive bidders.
Key Details of the Treasury Bills Auction
The RBI notified amounts of ₹9,000 crore, ₹8,000 crore, and ₹7,000 crore for the 91-day, 182-day, and 364-day bills respectively. However, competitive bids received far exceeded these targets. For example, the 91-day bill alone attracted bids worth ₹18,366 crore from 89 participants.
The cut-off yields settled at 5.3402% for the 91-day bill, 5.5977% for the 182-day bill, and 5.7393% for the 364-day bill. Additionally, the weighted average yields came in slightly lower — at 5.3266%, 5.5829%, and 5.7249% respectively — indicating healthy price discovery in the market.
The RBI accepted competitive bids worth ₹8,973 crore, ₹7,989 crore, and ₹6,990 crore across the three tenors. As a result, partial allotment applied to a limited number of bids in each category — four bids for the 91-day, two for the 182-day, and one for the 364-day instrument.
What This Treasury Bills Auction Means for Investors
Non-competitive bids also saw notable participation. The 91-day segment received non-competitive bids worth ₹20,826 crore from eight bidders, and the RBI accepted all of them in full. Therefore, retail and smaller institutional investors secured full allotment without facing yield-based competition.
Meanwhile, the 182-day and 364-day segments received non-competitive bids of ₹1,885 crore and ₹9.79 crore respectively. The RBI accepted both categories entirely, reflecting its commitment to broad market access.
The rising yield curve across the three tenors signals that investors continue to demand higher returns for longer maturities. Additionally, the strong oversubscription across all three bills suggests robust short-term liquidity in the banking system. For banks and treasury managers, these treasury bills auction results serve as a key benchmark for short-term rate expectations.
This auction result, numbered Press Release 2026–2027/777, was issued by Ajit Prasad, Deputy General Manager (Communications) at the RBI. Investors and analysts should monitor upcoming auctions closely, as short-term yields may continue to reflect evolving monetary policy signals.
Source: RBI Press Releases
