New Delhi [India]: The Reserve Bank of India (RBI) has announced the latest auction of Government of India Treasury Bills (T-Bills) to raise Rs 19,000 crore.
The Government uses these short-term debt instruments to manage its immediate funding and liquidity requirements, the central bank said in a press release on May 23.
The auction will comprise three tenures: 91-days, 182-days, and 364-days T-Bills, with the total notified amount spread across these maturities. The auction is scheduled for May 28 with the settlement to take place the following day, on May 29.
The RBI has stated that the auction will be price-based using multiple price method, allowing potential investors to bid competitively.
RBI has advised that the bids for auction should be submitted electronically to its Core Banking Solution (E-Kuber) system.
Results of the auction will be announced on the day of the auction. Payment by successful bidders will have to be made on May 29.
This latest announcement follows the RBI's successful Government Securities (G-Sec) auction held on May 23 this year, where bonds with a total notified amount of Rs. 27,000 crore were fully subscribed in two tranches--underscoring strong investor appetite for Indian sovereign debt instruments.
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