The Reserve Bank of India conducted the full auction of Treasury Bills on 4 March 2026, witnessing strong investor participation across all three maturities, with yields broadly steady in line with prevailing money market conditions.
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.
Demand remained robust across tenors. The 91-day T-Bill received 130 competitive bids worth Rs 43,906.80 crore, more than three times the notified amount. The 182-day paper attracted 121 bids aggregating Rs 40,490.80 crore, while the 364-day tenor saw 131 bids amounting to Rs 29,480.00 crore, reflecting strong appetite for short-term sovereign securities.
The cut-off price for the 91-day T-Bill was set at Rs 98.6928, corresponding to a yield of 5.3126%. The 182-day paper cleared at Rs 97.3142, with a yield of 5.5350%, while the 364-day T-Bill was auctioned at Rs 94.7107, implying a yield of 5.6000%.
On a weighted average basis, the 91-day T-Bill carried a yield of 5.3015%. The 182-day and 364-day papers recorded weighted average yields of 5.5223% and 5.5934%, respectively.
In the competitive segment, the RBI accepted 48 bids worth Rs 13,983.46 crore for the 91-day T-Bill. For the 182-day paper, 72 bids amounting to Rs 11,992.65 crore were accepted, while 47 bids worth Rs 7,757.24 crore were accepted in the 364-day category.
Partial allotments were made in select bids. Two bids in the 91-day segment were partially allotted at 64.2415%, five bids in the 182-day tenor at 6.3658%, and six bids in the 364-day segment at 77.4175%.
Non-competitive bids were fully accepted across all maturities. The 91-day segment received four bids worth Rs 1,516.54 crore, the 182-day paper saw three bids amounting to Rs 607.35 crore, and the 364-day tenor attracted three bids aggregating Rs 242.76 crore.
The strong subscription levels reflect sustained demand for short-duration government securities amid stable liquidity conditions in the money market.