India plans to sell INR 340 billion of T-bills on March 18
TL;DR
The Government of India plans to auction INR 340 billion in Treasury bills on March 18, 2026, as part of its quarterly borrowing strategy, with amounts allocated across 91-day, 182-day, and 364-day T-bills. This auction is part of a larger plan to raise INR 3.84 trillion in the Jan-Mar quarter, reflecting an increase from previous periods. Market conditions may lead to adjustments, with the schedule subject to revision based on official communications.
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The Government of India has scheduled an auction of INR 340 billion in Treasury bills (T-bills) on March 18, 2026, as part of its broader borrowing plan for January-March 2026. This auction will include INR 140 billion of 91-day T-bills, INR 120 billion of 182-day T-bills, and INR 80 billion of 364-day T-bills according to the government's T-bill calendar. The March 18 auction is one of 12 weekly T-bill auctions planned for the quarter, with borrowing amounts increasing in March to INR 350 billion on March 25 as part of the borrowing schedule.
For the Jan-Mar period, the government aims to raise INR 3.84 trillion through T-bills, with INR 1.44 trillion allocated to 91-day bills, INR 1.44 trillion to 182-day bills, and INR 960 billion to 364-day bills according to the T-bill calendar. The auctions are conducted in consultation with the Reserve Bank of India, and adjustments to amounts or timing may occur based on market conditions, with prior market communication.
The March 18 auction follows a similar pattern to earlier January-February auctions, where weekly borrowings totaled INR 290 billion and INR 340 billion, respectively as per the calendar. The government had raised INR 2.47 trillion through T-bills in the previous Oct-Dec quarter, indicating a significant increase in borrowing for the current period according to financial reports.
Market participants should note that the calendar remains subject to revision due to unforeseen circumstances, such as holidays, with updates provided via official press releases as detailed in the schedule. This issuance supports the government's fiscal strategy, with borrowings accounting for 24% of revenue sources in the Union Budget 2026 according to ICICI Direct.
Source: Informist Media, Dec. 29, 2025.
Source: Facebook post by ICICI Direct, Union Budget 2026.
