RBI Announces Partial Allotments Across T-Bill Auctions: 91-Day Issue Sees Highest Subscription

The Reserve Bank of India announced the results of its latest Treasury Bill auctions held on December 17, 2025. The central bank reported partial allotments across all maturities, highlighting nuanced investor interest in different tenures amid ongoing liquidity recalibration in the banking system.

According to the auction results, the 91-day T-Bill received the strongest response with 90.68% allotment across two bids. The 364-day paper saw a partial allotment of 25% on two bids, while the 182-day T-Bill recorded an 8.85% allotment on a single bid.

Market participants interpret this mixed response as a sign of cautious positioning by banks and mutual funds ahead of year-end liquidity pressures and possible rate movements.

Key Highlights:

91-day T-Bill: Partial allotment of 90.6767% on 2 bids.

182-day T-Bill: Partial allotment of 8.8460% on 1 bid.

364-day T-Bill: Partial allotment of 25.0000% on 2 bids.

Reflects short-term liquidity caution and tenure-specific investor preferences.

Source: Reserve Bank of India – Auction Results, December 17, 2025.