Description

Reserve Bank of India releases the auction calendar for Government of India Treasury Bills for the quarter ending March 2026.

Summary

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 specifies auction dates, issuance dates, and notified amounts for 91-day, 182-day, and 364-day T-Bills totaling ₹3,84,000 crore for the quarter.

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, typically on Tuesdays/Wednesdays
  • RBI retains flexibility to modify amounts and timing with due notice
  • Calendar subject to change for holidays or other circumstances

Regulatory Changes

No regulatory changes. This is a routine quarterly auction calendar announcement governed by existing General Notification No. F.No.4(2)-B(W&M)/2018 dated March 26, 2025.

Compliance Requirements

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

Important Dates

January 2026:

  • Jan 07/08: ₹29,000 crore (₹9,000cr 91-day, ₹12,000cr 182-day, ₹8,000cr 364-day)
  • Jan 14/15: ₹29,000 crore
  • Jan 21/22: ₹29,000 crore
  • Jan 28/29: ₹29,000 crore

February 2026:

  • Feb 04/05: ₹29,000 crore
  • Feb 11/12: ₹34,000 crore (₹14,000cr 91-day, ₹12,000cr 182-day, ₹8,000cr 364-day)
  • Feb 18/20: ₹34,000 crore
  • Feb 25/26: ₹34,000 crore

March 2026:

  • Mar 04/05: ₹34,000 crore
  • Mar 11/12: ₹34,000 crore
  • Mar 18/20: ₹34,000 crore
  • Mar 25/27: ₹35,000 crore (₹15,000cr 91-day, ₹12,000cr 182-day, ₹8,000cr 364-day)

Impact Assessment

Market Impact: Medium - The quarterly T-Bill calendar provides transparency for short-term government borrowing and helps institutional investors, banks, and primary dealers plan their liquidity management and investment strategies.

Operational Impact: Standard operational process for debt market participants. The calendar shows increased weekly issuance from February onwards (from ₹29,000 crore to ₹34,000 crore), reflecting higher government borrowing requirements in the latter part of the quarter.

Investor Impact: Provides clarity on investment opportunities in risk-free government securities across three tenors, enabling better portfolio allocation and cash management for institutional and retail investors in the debt market segment.

Impact Justification

Standard quarterly T-Bill auction calendar affecting debt market participants and institutional investors. Important for liquidity planning but routine issuance.