The Reserve Bank of India conducted the full auction of Treasury Bills on 11 March 2026, attracting strong investor participation across all maturities, with the 182-day paper witnessing the highest demand.
The auction comprised Rs 14,000 crore of 91-day Treasury Bills, Rs 12,000 crore of 182-day bills and Rs 8,000 crore of 364-day paper.
Competitive bids significantly exceeded the notified amounts across tenors. The 91-day T-Bill received 182 bids amounting to Rs 45,904.55 crore, more than three times the amount on offer. The 182-day paper attracted bids worth Rs 63,155.60 crore through 141 bids, translating into over five times subscription. Meanwhile, the 364-day T-Bill drew 187 bids aggregating Rs 41,999.10 crore, also more than five times the notified size.
The cut-off price for the 91-day T-Bill was set at Rs 98.6917, corresponding to a yield of 5.3171%. The 182-day paper cleared at Rs 97.3120, with a yield of 5.5397%, while the 364-day T-bill was auctioned at Rs 94.6709, implying a yield of 5.6445%.
On a weighted average basis, the 91-day T-Bill carried a yield of 5.3081%. The 182-day and 364-day papers recorded weighted average yields of 5.5354% and 5.6374%, respectively.
In the competitive segment, the RBI accepted 71 bids worth Rs 13,969.12 crore for the 91-day T-Bill. For the 182-day paper, 13 bids amounting to Rs 11,977.49 crore were accepted, while 47 bids worth Rs 7,949.81 crore were accepted in the 364-day tenor.
Partial allotments were made in select bids. Four bids in the 91-day segment were partially allotted at 57.0680%, one bid in the 182-day tenor at 11.3554%, and three bids in the 364-day segment at 3.9552%.
Non-competitive bids were fully accepted across all maturities. The 91-day segment received five non-competitive bids worth Rs 2,204.20 crore, the 182-day paper saw four bids amounting to Rs 1,022.52 crore, and the 364-day tenor attracted four bids aggregating Rs 358.32 crore.