What changed
The auction results for 91-day, 182-day, and 364-day Treasury Bills were announced on June 24, 2026. The cut-off prices and corresponding yields were set at 98.7086 (5.2476%), 97.3544 (5.4499%), and 94.6761 (5.6387%) respectively. The entire notified amounts were accepted.
What it means for you
These yields reflect the current short-term borrowing cost for the government, which banks can use as a benchmark for pricing short-term loans and deposits. The full acceptance indicates adequate demand at these yield levels, signaling stable liquidity conditions.
What you must do
- Review your bank's short-term investment portfolio against these benchmark yields.
- Align your treasury operations with the implied yield curve for better liquidity management.
- Monitor upcoming T-bill auctions for rate trends to adjust lending and deposit rates.
Who it affects
Treasury departments of banks, Primary dealers, Corporate treasuries investing in T-bills, Asset-liability management teams
What is the implicit yield at cut-off price?
It is the annualized return an investor earns by buying the T-bill at the cut-off price and holding until maturity. For the 91-day bill, it is 5.2476%.
Why were the full notified amounts accepted?
The RBI accepted the entire notified amounts because bids at or above the cut-off price met the auction requirements, indicating sufficient demand at those yield levels.