The Ministry of Finance, in consultation with the Reserve Bank of India, has released the auction calendar for Government of India Treasury Bills for the quarter ending December 2026. The schedule outlines weekly auctions beginning in early October and continuing through the end of December, with a total notified amount of ₹2,99,000 crore across all three maturity tenors.
Treasury Bills are short-term debt instruments issued by the Government of India to manage its cash needs. They are sold at a discount and redeemed at face value at maturity, with no periodic interest payments. These bills help the government finance its short-term obligations and are a key component of the money market.
Key facts
- Total amount to be auctioned: ₹2,99,000 crore for October-December 2026
- Auction frequency: Weekly, on Wednesdays or nearest working day
- Three maturity periods offered: 91 days, 182 days, and 364 days
- Weekly issuance amount: ₹8,000 crore (91-day bills), ₹8,000 crore (182-day bills), ₹7,000 crore (364-day bills), totalling ₹23,000 crore per week
- First auction: October 7, 2026 (issue date October 8)
- Last auction: December 30, 2026 (issue date December 31)
- Total auctions planned: 13 across the quarter
- 91-day bills total: ₹1,04,000 crore
- 182-day bills total: ₹1,04,000 crore
- 364-day bills total: ₹91,000 crore
Understanding the auction schedule
The calendar follows a consistent weekly pattern, with auctions typically held on Wednesdays. Each week, the government will offer bills in three standard maturity buckets. The 91-day and 182-day bills receive equal allocations of ₹8,000 crore each week, while 364-day bills are allocated ₹7,000 crore. This structure provides investors with flexibility to choose their preferred holding period based on their liquidity and return requirements.
The issuance dates fall one day after each auction. For instance, bills auctioned on October 7 will be issued on October 8, 2026. This timing allows for the settlement process between the auction and actual issuance to the successful bidders.
Flexibility and potential changes
The government and the Reserve Bank of India retain the authority to modify both the amounts and timing of auctions. Such changes may be made based on evolving cash requirements, market conditions, or other relevant factors. The announcement emphasises that the published calendar is not rigid and may be adjusted if circumstances warrant, including for reasons such as public holidays or festivals that fall on scheduled auction dates.
Any modifications to the calendar will be communicated to the market through official press releases, ensuring transparency and allowing participants to adjust their bidding strategies accordingly.
Regulatory framework
All Treasury Bills auctions will be conducted according to the terms and conditions specified in the General Notification No. F.4(2)-B(W&M)/2018 issued by the Government of India on March 26, 2025, as amended from time to time. This notification sets out the procedural rules, eligibility criteria for bidders, and settlement arrangements for the auctions.
What this means for you
If you are an investor, bank, mutual fund, or financial institution, this calendar allows you to plan your short-term investment strategy. Treasury Bills offer a safe investment option backed by the government, making them attractive for parking surplus funds temporarily. The availability of three different maturity options gives you the flexibility to align your investments with your liquidity needs.
For financial institutions and corporate treasurers, the consistent weekly auction schedule provides predictability for cash management and liquidity planning. Students preparing for competitive exams in economics or public finance will find this announcement relevant for understanding government borrowing mechanisms and short-term debt management.
Market participants, including primary dealers and banks authorised to participate in government securities auctions, should note the schedule to plan their bidding and distribution strategies for the quarter.