The Reserve Bank of India conducted its Treasury Bills auction on 7 January 2026, witnessing strong demand across all maturities, with bids significantly exceeding the notified amounts despite only modest movements in yields.
For the 91-day Treasury Bill, the RBI had notified an amount of Rs 9,000 crore, while competitive bids worth Rs 25,700.74 crore were received. The cut-off price was set at 98.6932, translating into a yield of 5.3110%. The RBI accepted Rs 8,966.43 crore through competitive bids, with partial allotment applied to one bid. The weighted average yield stood at 5.2904%.
In the 182-day segment, bids amounted to Rs 35,577.90 crore against a notified amount of Rs 12,000 crore. The cut-off price was fixed at 97.3132, implying a yield of 5.5371%. Competitive bids accepted totalled Rs 11,988.56 crore, with partial allotment in one bid. The weighted average yield came in at 5.5079%.
Demand remained healthy for the 364-day Treasury Bill as well, with bids worth Rs 21,668 crore received against the notified Rs 8,000 crore. The cut-off price was set at 94.7280, corresponding to a yield of 5.5807%. The RBI accepted Rs 7,600 crore of competitive bids, again applying partial allotment to one bid. The weighted average yield for this tenor stood at 5.5578%.
Non-competitive bids were fully accepted in the 91-day and 182-day segments, while nearly fully accepted in the 364-day category. The auction results indicate sustained investor appetite for short-term government securities amid evolving interest rate expectations.