What changed
RBI, in consultation with the Government of India, published the auction calendar for Treasury Bills for the quarter ending September 2026. The calendar specifies weekly auctions from July 1 to September 30, 2026, with fixed notified amounts for each tenor. RBI retains flexibility to modify amounts and timing with due notice.
What it means for you
Banks and primary dealers can plan their liquidity and investment strategies for the quarter with predictable T-Bill supply. The fixed weekly issuance of ₹24,000 crore provides clarity, but the flexibility clause means actual amounts may vary. This impacts short-term yield expectations and cash management.
What you must do
- Update your treasury's auction participation plan for weekly T-Bill auctions from July to September 2026.
- Monitor RBI press releases for any changes to notified amounts or auction dates.
- Align your liquidity buffers with the scheduled auction dates to avoid settlement mismatches.
- Review the General Notification dated March 26, 2025 for updated terms and conditions.
Who it affects
Scheduled Commercial Banks, Primary Dealers, Mutual Funds, Insurance Companies, Corporate Treasuries
What is the total notified amount for T-Bills in Q2 FY27?
The total notified amount is ₹3,36,000 crore, with weekly auctions of ₹24,000 crore each.
Can the auction schedule change?
Yes, RBI may modify the amount and timing based on government requirements and market conditions, with prior notice.
Which tenors are being auctioned?
91-day, 182-day, and 364-day Treasury Bills are auctioned weekly with fixed notified amounts of ₹9,000 crore, ₹8,000 crore, and ₹7,000 crore respectively.