RBI Conducts T-Bill and Government Securities Auctions; Cut-off Yields Released

The Reserve Bank of India (RBI) on 28 May 2026 released results of the weekly Treasury Bill auction and announced an underwriting auction for the re-issue of Government Securities (G-Secs) worth Rs 28,000 crore to be held on 29 May 2026. These weekly operations are a routine part of the central government’s short-term and long-term borrowing programme, conducted by the RBI as the central government’s debt manager.

In this week’s T-Bill auction, the Government of India accepted the full notified amount of Rs 12,000 crore for 91-day bills, Rs 6,000 crore for 182-day bills and Rs 6,000 crore for 364-day bills. The cut-off yields worked out to 5.5611 per cent for 91-day, 5.7349 per cent for 182-day and 6.0273 per cent for 364-day T-Bills. The 91-day auction received competitive bids of Rs 20,104 crore and the 182-day bill received bids of Rs 19,900 crore — both several times the notified amount, pointing to strong investor interest.

For the upcoming G-Sec auction on 29 May 2026, the RBI has notified two re-issues: “6.68% GS 2040” for Rs 17,000 crore and “7.43% GS 2076” for Rs 11,000 crore. Primary Dealers (PDs) will participate in an underwriting commitment system that includes a Minimum Underwriting Commitment (MUC) and an Additional Competitive Underwriting (ACU) auction held through the RBI’s e-Kuber Core Banking Solution. Money market data the same week showed the weighted average rate in the overnight call money segment at 5.35 per cent, broadly aligned with the policy repo rate corridor.

For exam aspirants, the operations illustrate the role of the RBI under the RBI Act, 1934 and the Government Securities Act, 2006; the difference between T-Bills (short-term, less than one year) and dated G-Secs (longer maturities); and concepts such as yield-to-maturity (YTM), underwriting commitment and Primary Dealer system.