What changed
RBI conducted its regular T-bill auction on July 1, 2026, with notified amounts of ₹9,000 crore (91-day), ₹8,000 crore (182-day), and ₹7,000 crore (364-day). Competitive bids received were significantly higher than notified amounts, with total bids of ₹21,821.50 crore, ₹13,951.50 crore, and ₹11,610.00 crore respectively. Cut-off yields were set at 5.2521%, 5.4702%, and 5.6632% for the three tenors.
What it means for you
The cut-off yields and weighted average yields (5.2385%, 5.4440%, 5.6313%) provide benchmarks for short-term instruments. Competitive bids exceeded notified amounts, indicating demand. No prior auction data is provided for comparison.
What you must do
- Review your bank's short-term liquidity position against the new T-bill yield benchmarks.
- Monitor upcoming RBI liquidity operations for further signals on rate direction.
- Ensure compliance with SLR requirements using the auction results as reference.
Who it affects
Treasury desks at banks and primary dealers, Asset-liability management teams, Corporate treasuries investing in money market instruments, Mutual funds and insurance companies with short-term debt portfolios
What were the cut-off yields for the 91-day T-bill?
The cut-off yield for the 91-day T-bill was 5.2521%, with a weighted average yield of 5.2385%.
How much was the total notified amount for the auction?
The total notified amount across all three tenors was ₹24,000 crore: ₹9,000 crore for 91-day, ₹8,000 crore for 182-day, and ₹7,000 crore for 364-day.
Were non-competitive bids fully accepted?
Non-competitive bids were fully accepted for the 91-day tenor (₹1,057.324 crore), while partial allotment occurred for 182-day (96.87%) and 364-day (94.47%) tenors.