Treasury Bill Yields Edge Up as RBI Raises ₹190 Billion in Weekly Auction

In a routine liquidity management operation, the Reserve Bank of India (RBI) conducted its weekly auction of Treasury bills on October 23, 2025, successfully raising ₹190 billion across three maturities. The auction saw a modest increase in yields, indicating a shift in market sentiment and expectations around interest rate trajectories.

Major Takeaways:

- 91-Day T-Bills:
- Amount raised: ₹70 billion
- Cut-off price: ₹98.6572
- Yield: 5.4593% (up from 5.4350% in the previous auction)

- 182-Day T-Bills:
- Amount raised: ₹60 billion
- Cut-off price: ₹97.2900
- Yield: 5.5863% (up from 5.5473%)

- 364-Day T-Bills:
- Amount raised: ₹60 billion
- Cut-off price: ₹94.7295
- Yield: 5.5790% (up from 5.5490%)

Notable Updates:
The consistent upward movement in yields across all tenors suggests a cautious stance among investors, possibly anticipating tighter liquidity or rate normalization in the near term.

Sources: Reserve Bank of India auction data and official press releases