India Announces Treasury Bill Auction Schedule for Early 2026

The Government of India, in collaboration with the Reserve Bank of India (RBI), has unveiled the auction calendar for Treasury Bills for the quarter ending March 2026. This announcement, made through the Press Information Bureau, details the schedule and notified amounts for various short-term Government of India securities, which play a vital role in sovereign debt management.

Auction Schedule and Notified Amounts

The auction schedule kicks off on January 7, 2026, with the issue date set for January 8, 2026. The initial weekly auctions throughout January and early February will feature consistent notified amounts: Rs 9,000 crore for 91-day bills, Rs 12,000 crore for 182-day bills, and Rs 8,000 crore for 364-day bills. This results in an aggregate notified amount of Rs 29,000 crore for each of these sessions on January 7, 14, 21, 28, and February 4.

As February progresses, there will be a noticeable increase in the auction sizes. On February 11, 18, and 25, the notified amount for 91-day bills will rise to Rs 14,000 crore, while the amounts for 182-day and 364-day issues will remain at Rs 12,000 crore and Rs 8,000 crore, respectively, leading to a total notified amount of Rs 34,000 crore for these dates.

The upward trend continues in March, with similar amounts scheduled for the auctions on March 4, 11, and 18. Each of these will again total Rs 34,000 crore with 91-day bills at Rs 14,000 crore, 182-day bills at Rs 12,000 crore, and 364-day bills at Rs 8,000 crore. The final auction of the quarter is set for March 25, 2026, with an issue date of March 27. During this session, the notified amount for 91-day bills will increase to Rs 15,000 crore, while the amounts for 182-day and 364-day bills will remain unchanged.

Total Quarterly Issuance and Flexibility

For the quarter, the Government has announced total issuance amounts of Rs 144,000 crore for both 91-day and 182-day bills, alongside Rs 96,000 crore for 364-day bills. This results in an overall notified amount of Rs 384,000 crore for the quarter.

In its press release, the Ministry of Finance emphasized that the Government, in consultation with the RBI, retains the flexibility to adjust the amounts and timing of auctions. This will depend on prevailing market conditions, funding requirements, and other relevant factors, with appropriate notice provided to the market. The announcement did not indicate any changes to auction norms or procedures beyond the stated calendar.

This structured approach to Treasury Bill auctions underscores the Government of India’s commitment to effective debt management and provides various financial market participants, including banks, mutual funds, and insurance companies, with essential short-term investment opportunities.