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T-Bill/Cash Management Bill Auction Rules Updated

Current · Source: Reserve Bank of India · RBI/2021-22/143 · issued 24 Dec 2021 · ~1 min read
Quick answerRBI notified a December 2021 government amendment to the General Notification for T-Bill and Cash Management Bill auctions. The amendment updates the terms and conditions for these auctions, effective from the notification date.

What changed

The Government of India issued Amendment Notification No. F.4(2)-W&M/2018 dated December 23, 2021, amending the March 27, 2018 General Notification for sale of Treasury Bills and Cash Management Bills by auction. RBI communicated this amendment to all G-Sec market participants on December 24, 2021.

What it means for you

Banks and primary dealers must align their auction participation processes with the updated terms. The amendment may affect bidding procedures, settlement timelines, or eligibility criteria for T-Bill and CMB auctions.

What you must do

Who it affects

All participants in the Government Securities market, Primary Dealers, Banks dealing in Treasury Bills and Cash Management Bills, Treasury departments of financial institutions

❓ Common questions

What is the effective date of the amendment?

The amendment notification is dated December 23, 2021, and was communicated by RBI on December 24, 2021.

Does this affect all T-Bill auctions going forward?

Yes, the amendment updates the general terms for all future auctions of Government of India Treasury Bills and Cash Management Bills.

Where can I find the full amendment text?

The amendment notification is enclosed with the RBI circular; refer to the official RBI notification for the complete document.

📜 Read the original circular — full text as issued by RBI
RBI/2021-22/143 CO.IDMD.GBDP.No.S1565/08-01-001/2021-2022 December 24, 2021 All participants in the Government Securities market. Madam/Sir, Amendment to General Notification for sale of Government of India Treasury Bills/Cash Management Bills by Auction The terms and conditions for Sale of Government of India Treasury Bills/Cash Management Bills by Auction were notified by the Government of India vide General Notification No. F.No.4(2)-W&M/2018 dated March 27, 2018 along with the Amendment Notification No.F.4(2)-W&M/2018 dated April 05, 2018 . 2. Government of India have now issued the Amendment Notification No.F.4(2)-W&M/2018 dated December 23, 2021 notifying the amendment to the above mentioned General Notification for sale of Government of India Treasury Bills/Cash Management Bills by Auction dated March 27, 2018, a copy of which is enclosed. Yours faithfully, (Dr. Sudarsana Sahoo) General Manager Encl: As above.
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2021-22/143 · issued 24 Dec 2021. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
⚙️ Operations
  • Ensure system updates for any changes in bid submission or settlement processes.
📜 Compliance
  • Review the enclosed amendment notification for specific changes to auction terms.
  • Update internal auction participation guidelines and compliance checklists accordingly.
  • Train treasury and dealing room staff on the revised auction conditions.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (All participants in the Government Securities market, Primary Dealers, Banks dealing in Treasury Bills and Cash Management Bills, Treasury departments of financial institutions), your first concrete step on “T-Bill/Cash Management Bill Auction Rules Updated” is: “Review the enclosed amendment notification for specific changes to auction terms.” (RBI issued this 24 Dec 2021).

  1. Circular: RBI/2021-22/143 -- T-Bill/Cash Management Bill Auction Rules Updated
  2. Issued: 24 Dec 2021
  3. Action required: Review the enclosed amendment notification for specific changes to auction terms.
  4. Action required: Update internal auction participation guidelines and compliance checklists accordingly.
  5. Action required: Train treasury and dealing room staff on the revised auction conditions.
  6. Action required: Ensure system updates for any changes in bid submission or settlement processes.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12212&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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