The Reserve Bank of India (RBI) successfully conducted its latest Treasury Bill auction on 4 June 2025. The auction covered T-Bills across three tenors, 91 days, 182 days, and 364 days, with a combined notified amount of Rs 19,000 crore.
The 91-day paper witnessed the most aggressive bidding. Against a notified amount of Rs 9,000 crore, the RBI received competitive bids worth a whopping Rs 43,276.94 crore. However, only Rs 8,975.65 crore was accepted, with a cut-off yield of 5.5796%. The weighted average yield (WAY) settled slightly lower at 5.5730%. Interestingly, three bidders received partial allotment at 49.85%. Non-competitive bids came in at Rs 4,524.35 crore, all of which were accepted.
The 182-day T-Bill also drew solid demand, though not quite at the scale of its shorter counterpart. The RBI received Rs 21,002 crore in bids for Rs 5,000 crore on offer. Of this, Rs 4,992.96 crore was accepted, with a cut-off yield of 5.5998% and a WAY of 5.5960%. Two bidders saw partial allotment at 33.80%. Non-competitive allotments matched five accepted bids, totaling Rs 4,007.04 crore.
The longer 364-day maturity saw bids totaling Rs 24,942.20 crore for a Rs 5,000 crore offer. The RBI accepted Rs 4,943.05 crore worth of bids at a cut-off yield of 5.5995%. The WAY came in slightly softer at 5.5853%. One bid received partial allotment at 23.86%. On the non-competitive side, Rs 74.40 crore was accepted from three bidders.
All three segments reflected strong interest despite global macro uncertainties. The robust participation reflects ample liquidity and steady demand for sovereign debt in the short term.
As always, the market now turns its focus to the RBI’s monetary policy decision scheduled for Friday, June 6.