The Reserve Bank of India, acting in consultation with the Government of India, has notified a detailed auction calendar for Treasury Bills for the quarter ending December 2026, setting out a steady weekly borrowing programme that will run from early October through the end of December. The schedule, published under the central bank's press release series 2026-2027/1191 and signed by Chief General Manager Brij Raj, gives markets advance visibility into the government's short-term funding plans at a time when liquidity management and borrowing expectations remain central to money market pricing.
According to the notification, Treasury Bill auctions will be held every Wednesday during the quarter, with settlement on the following Thursday. Each auction date is paired with a corresponding issue date, beginning with October 7, 2026, for issue on October 8, and continuing through December 30, 2026, for issue on December 31. The calendar covers three standard maturities — 91 days, 182 days and 364 days — and indicates a consistent pattern of issuance across the quarter.
For each of the 13 auctions listed, the RBI has indicated a notified amount of Rs 8,000 crore for 91-day Treasury Bills, Rs 8,000 crore for 182-day Treasury Bills and Rs 7,000 crore for 364-day Treasury Bills. That translates into a total of Rs 23,000 crore at each weekly auction. Over the full quarter, the notified amounts add up to Rs 1,04,000 crore for 91-day bills, Rs 1,04,000 crore for 182-day bills and Rs 91,000 crore for 364-day bills, taking the total planned issuance to Rs 2,99,000 crore.
The calendar is more than a simple schedule. In India's government securities market, Treasury Bills are a key instrument for meeting short-term financing needs and for managing the government's cash position. Their regular issuance also provides a benchmark for the front end of the yield curve, influencing borrowing costs for banks, mutual funds, corporates and other participants active in the money market. A fixed calendar helps investors plan bids, estimate supply and assess the likely impact on short-term rates and liquidity.
The RBI, however, made clear that the schedule is not immutable. It said that, in consultation with the Government of India, it will retain the flexibility to modify the indicated amount and timing of auctions depending on the government's requirements, evolving market conditions and other relevant factors, after giving due notice to the market. The central bank added that the calendar is subject to change if circumstances warrant, including for reasons such as intervening holidays, and that any such changes will be communicated through press releases.
That flexibility matters in a market environment where borrowing plans can be adjusted to reflect cash balances, tax inflows, expenditure patterns and broader monetary conditions. While the calendar provides a clear baseline for the quarter, traders and institutional investors will watch closely for any revisions that could alter supply expectations or affect demand across the three bill tenors.
The auctions will also remain subject to the terms and conditions laid out in the government's General Notification No. F.No.4(2)-B(W&M)/2018 dated March 26, 2025, as amended from time to time. That framework governs the conduct of Treasury Bill issuance and ensures continuity in the legal and procedural structure under which the government raises short-term funds.
For market participants, the announcement offers a roadmap for the final quarter of 2026, signalling a predictable cadence of short-term sovereign borrowing. For the government, it preserves room to adjust financing operations as needed. And for the RBI, it reinforces its role as the coordinator of market-facing debt issuance, balancing transparency with operational flexibility in a period when every auction can carry implications for liquidity, yields and investor appetite.