Yields Edge Higher As RBI Sells ₹240 Billion In T-Bills

India’s latest treasury bill auction reflected a marginal uptick in yields across maturities, signaling cautious investor sentiment amid evolving liquidity conditions. The Reserve Bank of India sold a total of ₹240 billion in short-term securities, with yields on 91-day, 182-day, and 364-day bills rising slightly compared to the previous auction.  

The auction, held on May 6, 2026, highlighted the central bank’s balancing act between funding requirements and market appetite. While demand remained robust, the incremental rise in yields suggests investors are pricing in tighter liquidity and potential rate adjustments.  

Key Highlights  

• 91-day T-bill yield rose to 5.2900%  
• 182-day T-bill yield stood at 5.4963%  
• 364-day T-bill yield climbed to 5.6903%  
• Total auction size ₹240 billion across maturities  
• Slight upward trend in yields compared to last auction  
  
  

Sources: Reserve Bank of India press release