The Reserve Bank of India conducted the full auction of Treasury Bills on 18 March 2026, with robust investor participation across all three maturities, even as yields inched up marginally compared to the previous auction.
The auction comprised Rs 14,000 crore of 91-day treasury bills, Rs 12,000 crore of 182-day paper and Rs 8,000 crore of 364-day bills.
Competitive bids comfortably exceeded the notified amounts across tenors. The 91-day T-Bill received 111 bids worth Rs 45,577.62 crore, more than three times the amount on offer. The 182-day tenor attracted 119 bids amounting to Rs 47,379.72 crore, nearly four times subscription, while the 364-day paper saw 148 bids aggregating Rs 28,870.00 crore, over 3.5 times the notified size.
The cut-off price for the 91-day T-Bill was set at Rs 98.6891, corresponding to a yield of 5.3278%. The 182-day paper cleared at Rs 97.3128, with a yield of 5.5380%, while the 364-day T-Bill was auctioned at Rs 94.6705, implying a yield of 5.6450%.
On a weighted average basis, the 91-day T-Bill carried a yield of 5.3171%. The 182-day and 364-day papers recorded weighted average yields of 5.5246% and 5.6407%, respectively.
In the competitive segment, the RBI accepted 45 bids worth Rs 13,982.98 crore for the 91-day T-Bill. For the 182-day paper, 31 bids amounting to Rs 11,991.69 crore were accepted, while 42 bids worth Rs 7,698.74 crore were accepted in the 364-day segment.
Partial allotments were made in select bids. Five bids in the 91-day segment were partially allotted at 10.4606%, four bids in the 182-day tenor at 62.9853%, and five bids in the 364-day segment at 81.8246%.
Non-competitive bids were fully accepted across all maturities. The 91-day segment received four bids worth Rs 1,017.02 crore, the 182-day paper saw three bids amounting to Rs 3,918.59 crore, and the 364-day tenor attracted three bids aggregating Rs 301.26 crore.