Description

Reserve Bank of India releases the auction calendar for Government of India Treasury Bills for the quarter ending March 2026, with total issuance of ₹3,84,000 crore across 91-day, 182-day, and 364-day T-Bills.

Summary

The Reserve Bank of India, in consultation with the Government of India, has released the auction calendar for Treasury Bills for the quarter ending March 2026 (January-March 2026). The calendar schedules 12 auctions with a total notified amount of ₹3,84,000 crore across three tenors: 91-day T-Bills (₹1,44,000 crore), 182-day T-Bills (₹1,44,000 crore), and 364-day T-Bills (₹96,000 crore). The auctions will be conducted weekly, with the first auction on January 7, 2026.

Key Points

  • Total T-Bill issuance planned: ₹3,84,000 crore for Q4 FY2025-26
  • 91-day T-Bills: ₹1,44,000 crore across 12 auctions
  • 182-day T-Bills: ₹1,44,000 crore across 12 auctions
  • 364-day T-Bills: ₹96,000 crore across 12 auctions
  • Auctions scheduled weekly on Tuesdays/Wednesdays with next-day settlement
  • Individual auction sizes range from ₹29,000 crore to ₹35,000 crore
  • RBI retains flexibility to modify amounts and timing with due notice to the market
  • Calendar is subject to change based on government requirements and market conditions

Regulatory Changes

No regulatory changes introduced. This circular provides the quarterly auction calendar as per standard government securities market operations.

Compliance Requirements

  • Auctions will be subject to terms and conditions specified in General Notification No. F.No.4(2)-B(W&M)/2018 dated March 26, 2025 issued by the Government of India, as amended from time to time
  • Market participants should note that RBI may modify indicated amounts and timing after giving due notice
  • Changes to the calendar, if any, will be communicated through press releases

Important Dates

January 2026:

  • January 7, 2026 (Auction) / January 8, 2026 (Issue): ₹29,000 crore
  • January 14, 2026 (Auction) / January 15, 2026 (Issue): ₹29,000 crore
  • January 21, 2026 (Auction) / January 22, 2026 (Issue): ₹29,000 crore
  • January 28, 2026 (Auction) / January 29, 2026 (Issue): ₹29,000 crore

February 2026:

  • February 4, 2026 (Auction) / February 5, 2026 (Issue): ₹34,000 crore
  • February 11, 2026 (Auction) / February 12, 2026 (Issue): ₹34,000 crore
  • February 18, 2026 (Auction) / February 20, 2026 (Issue): ₹34,000 crore
  • February 25, 2026 (Auction) / February 26, 2026 (Issue): ₹34,000 crore

March 2026:

  • March 4, 2026 (Auction) / March 5, 2026 (Issue): ₹34,000 crore
  • March 11, 2026 (Auction) / March 12, 2026 (Issue): ₹34,000 crore
  • March 18, 2026 (Auction) / March 20, 2026 (Issue): ₹35,000 crore
  • March 25, 2026 (Auction) / March 27, 2026 (Issue): ₹35,000 crore

Impact Assessment

Market Impact: Medium - The quarterly borrowing calendar provides transparency and helps market participants plan their liquidity and investment strategies. The total borrowing of ₹3,84,000 crore is distributed evenly across the quarter, which should help maintain stable market conditions.

Liquidity Impact: The balanced distribution between 91-day (₹1,44,000 crore) and 182-day (₹1,44,000 crore) T-Bills, with a smaller allocation to 364-day bills (₹96,000 crore), indicates a focus on short-term liquidity management. This aligns with typical government cash flow requirements.

Operational Impact: Low - This is a routine calendar release. Market participants including banks, primary dealers, and institutional investors can plan their participation in the auctions. The flexibility clause allows RBI to adjust based on evolving conditions, providing operational adaptability.

Impact Justification

This is a routine quarterly calendar release for T-Bill auctions. While important for debt market participants and liquidity planning, it represents standard government borrowing operations with no unexpected changes or market disruptions.