RBI to auction ₹24,000 crore in 91-, 182- and 364-day Treasury Bills on July 22
The RBI will auction Government of India Treasury Bills worth ₹24,000 crore on July 22, 2026, with settlement on July 23. The offering includes 91-, 182- and 364-day bills, with retail access available through the Retail Direct portal.
The Reserve Bank of India (RBI) has announced an auction of Government of India Treasury Bills (T-bills) across three maturities—91-day, 182-day and 364-day—scheduled for **Wednesday, July 22, 2026**, with settlement on **Thursday, July 23, 2026**.
The notified amounts are **₹9,000 crore** for the 91-day T-bill, **₹8,000 crore** for the 182-day T-bill, and **₹7,000 crore** for the 364-day T-bill, taking the total notified amount to **₹24,000 crore**.
T-bills are short-term government securities and are generally used as a key tool for cash management and short-duration borrowing. Regular auctions like these help maintain a predictable borrowing calendar and support the smooth functioning of India’s money and debt markets.
Key auction details and timelines According to the RBI’s announcement, the auction will be **price-based** and conducted using the **multiple price method**. Bids must be submitted electronically through the RBI’s **Core Banking Solution (E-Kuber system)** on **July 22, 2026**.
**Bidding windows on auction day:** - **Competitive bids:** 10:30 am to 11:30 am - **Non-competitive bids:** 10:30 am to 11:00 am
The **results will be announced on the day of the auction**, and successful bidders must make payment on **July 23, 2026** (the settlement date).
The RBI also noted that **physical bids would be accepted only in the event of a system failure**. In such cases, physical bids must be submitted to the **Public Debt Office** before the auction timing ends, using the prescribed form available on the RBI website.
Wider participation, including retail investors via Retail Direct A notable feature of the T-bill framework is the availability of a **non-competitive bidding route**, which helps broaden participation beyond large institutional bidders.
As per the RBI release, the following can participate on a **non-competitive basis** (with allocation outside the notified amount): - State Governments and Union Territories with a legislature - Eligible Provident Funds in India - Designated Foreign Central Banks - Any person or institution specified by the RBI in this regard
Importantly, **individuals can also participate as retail investors** on a non-competitive basis. For retail investors, the allocation is restricted to a **maximum of 5% of the notified amount**.
Retail participants can place bids under the non-competitive scheme through the RBI’s **Retail Direct portal**: https://rbiretaildirect.org.in
This channel supports a steadily growing push towards market access and financial inclusion, enabling individuals to invest in government securities directly, without relying solely on intermediaries.
What to keep in mind The sale will be subject to the terms and conditions specified in the Government of India’s **General Notification F.No.4(2)-B(W&M)/2018 dated March 26, 2025**, as amended from time to time.
For market participants, scheduled auctions provide clarity on supply and timelines, while the option for non-competitive bidding can make it easier for smaller investors to participate at a price discovered in the auction.
**Why it matters:** A transparent, predictable T-bill auction programme supports efficient government cash management and strengthens short-term money markets—while Retail Direct helps more Indian investors participate directly in the country’s sovereign securities ecosystem.
