RBI Reports Partial Allotments Across T-Bill Auctions Amid Tight Liquidity Conditions

The RBI conducted its scheduled treasury bill auctions for three tenures—91-day, 182-day, and 364-day—on October 29, 2025. The results indicate partial allotments across all categories, suggesting selective acceptance of bids in response to prevailing liquidity dynamics and yield expectations. These auctions are part of the central bank’s regular short-term borrowing program to manage cash flow and monetary stability.

Major takeaways  

• 364-day T-bill auction saw partial allotment of 99.6170 percent across three bids  
• 182-day T-bill auction recorded a partial allotment of 23.1748 percent on one bid  
• 91-day T-bill auction resulted in 62.6352 percent allotment across two bids  
• The allotments suggest RBI’s calibrated approach to managing short-term borrowing costs  
• Market participants anticipate tighter liquidity conditions ahead of festive season spending and tax outflows

Notable updates  

• Treasury bill auctions are key instruments for short-term government financing and liquidity absorption  
• Partial allotments often reflect yield sensitivity and demand-supply mismatches in the money market  
• RBI continues to monitor inflation and currency volatility while managing short-term rates

Sources: Reserve Bank of India auction disclosures, Reuters, Business Standard, Economic Times