What Just Happened?
The Reserve Bank of India, working together with the Government of India, published the official auction calendar for Treasury Bills (T Bills) for the quarter running from April 2026 through June 2026. This press release, numbered 2025-2026/2341 and dated March 27, 2026, lays out every auction date, issue date, and the notified amounts across three T Bill tenures.
If you hold Indian investments or park short term funds in government securities, this calendar matters to you.
What Are Treasury Bills and Why Should NRIs Care?
Treasury Bills are short term debt instruments issued by the Government of India. They come in three flavours:
- 91 day T Bills — mature in roughly three months
- 182 day T Bills — mature in roughly six months
- 364 day T Bills — mature in roughly one year
For NRIs, T Bills serve as a useful tool for:
- Parking rupee funds for short durations with sovereign safety
- Benchmarking short term interest rates in India
- Understanding liquidity conditions, which influence equity and bond markets
The Full Auction Schedule: April to June 2026
Every week during this quarter, RBI will auction T Bills across all three tenures. Here is the complete calendar with notified amounts in ₹ crore:
| Auction Date | Issue Date | 91 Days | 182 Days | 364 Days | Total | |---|---|---|---|---|---| | April 08, 2026 | April 09, 2026 | 12,000 | 6,000 | 6,000 | 24,000 | | April 15, 2026 | April 16, 2026 | 12,000 | 6,000 | 6,000 | 24,000 | | April 22, 2026 | April 23, 2026 | 12,000 | 6,000 | 6,000 | 24,000 | | April 29, 2026 | April 30, 2026 | 12,000 | 6,000 | 6,000 | 24,000 | | May 06, 2026 | May 07, 2026 | 12,000 | 6,000 | 6,000 | 24,000 | | May 13, 2026 | May 14, 2026 | 12,000 | 6,000 | 6,000 | 24,000 | | May 20, 2026 | May 21, 2026 | 12,000 | 6,000 | 6,000 | 24,000 | | May 27, 2026 | May 29, 2026 | 12,000 | 6,000 | 6,000 | 24,000 | | June 03, 2026 | June 04, 2026 | 12,000 | 6,000 | 6,000 | 24,000 | | June 10, 2026 | June 11, 2026 | 12,000 | 6,000 | 6,000 | 24,000 | | June 17, 2026 | June 18, 2026 | 12,000 | 6,000 | 6,000 | 24,000 | | June 24, 2026 | June 25, 2026 | 12,000 | 6,000 | 6,000 | 24,000 | | Total | | 1,44,000 | 72,000 | 72,000 | 2,88,000 |
Notice that the 91 day T Bill gets the largest weekly allocation at ₹12,000 crore, while the 182 day and 364 day T Bills each receive ₹6,000 crore per auction. Across the full quarter, the government plans to raise ₹2,88,000 crore through T Bill issuances.
Also note the May 27 auction: the issue date shifts to May 29 instead of May 28, likely due to an intervening holiday.
RBI Retains Flexibility to Change the Calendar
The press release explicitly states that RBI, in consultation with the Government of India, can modify both the amounts and the timing of these auctions. Reasons for changes include:
- Government borrowing requirements shifting
- Evolving market conditions
- Intervening holidays
- Other relevant factors
Governing Terms and Conditions
All auctions during this quarter will follow the terms and conditions laid out in General Notification No. F.No.4(2)-B(W&M)/2018 dated March 26, 2025, issued by the Government of India, as amended from time to time.
How This Affects NRI Investment Decisions
Direct Participation
NRIs can participate in the government securities market, including T Bills, through routes permitted under FEMA regulations. If you hold an NRO or NRE account with a bank in India, check with your bank or broker about participating in these auctions through the RBI Retail Direct scheme or through your primary dealer.
Impact on Debt Mutual Funds
T Bill yields directly influence returns on liquid funds, ultra short duration funds, and money market funds that many NRIs invest in. A total quarterly issuance of ₹2,88,000 crore represents significant government borrowing at the short end. The supply of T Bills, combined with RBI's monetary policy stance, will shape short term yields during this period.
Signal for Equity Markets
Large T Bill issuances can absorb banking system liquidity. When banks and institutions deploy funds into T Bills, it can tighten money market conditions. Equity investors should watch the cut off yields at these auctions as a barometer of short term liquidity. Rising T Bill yields sometimes signal tighter conditions that can weigh on rate sensitive sectors like banking, real estate, and NBFCs.
Currency Considerations
For NRIs converting foreign currency into rupees to invest, short term T Bill yields offer a reference point for the "risk free" return available in India. Comparing these yields against deposit rates and currency hedging costs helps you decide whether parking funds in T Bills makes sense relative to alternatives in your country of residence.
Key Takeaways for NRIs
1. 12 weekly auctions will take place from April 8 through June 25, 2026, each offering ₹24,000 crore in T Bills. 2. Total planned issuance for the quarter stands at ₹2,88,000 crore across three tenures. 3. The calendar can change — RBI has full flexibility to adjust amounts and dates after giving market notice. 4. Track the yields from these auctions to gauge short term interest rate trends in India, which ripple through debt funds, bank deposit rates, and equity valuations. 5. Verify your eligibility and the applicable FEMA route before participating directly in T Bill auctions as an NRI.
Source Reference
RBI Press Release 2025-2026/2341, dated March 27, 2026, signed by Brij Raj, Chief General Manager, Reserve Bank of India.