From 91 to 364 Days: India’s ₹190 bln T‑Bill Supply to Set the Tone for Money Markets

According to the latest borrowing schedule, the government will offer 91-day T-bills worth ₹70 billion, 182-day T-bills of ₹60 billion and 364-day paper of ₹60 billion, aggregating ₹190 billion. These instruments are key tools for cash management and are widely used as benchmarks for money-market yields and pricing of short-tenor loans.​

The upcoming auction will be closely watched for bid cover, cut-off yields and participation mix across banks, primary dealers, mutual funds and insurance firms. Strong demand at tighter yields would signal comfortable liquidity and risk appetite, while higher yields could indicate expectations of tighter conditions or shifting views on the interest-rate path.​

Key highlights

Total Dec 24 T-bill auction size: ₹190 billion.​

Break-up: ₹70 billion (91-day), ₹60 billion (182-day), ₹60 billion (364-day).​

Outcome will guide short-term rate benchmarks and liquidity expectations for Q4 FY25.​

Source: Government of India