RBI's T-Bill Auction on 11 November 2026: Reading the Cut-off Yields
Treasury bills are the shortest loans the government takes. Every Wednesday RBI auctions them, and every Wednesday evening it puts out two small tables that most people skip.
I am Nishi Jain, a full-time trader in Jaipur and ex-JioBlackRock. I like these tables because they are honest. No commentary, just what lenders asked for and what the government accepted.
Here is the auction of 11 November 2026, line by line.
What was on offer
RBI's notice of 6 November 2026 (Press Release 2026-2027/1464) set out three bills for the auction on Wednesday, 11 November, with settlement on Thursday, 12 November:
91-day bill: ₹8,000 crore
182-day bill: ₹8,000 crore
364-day bill: ₹7,000 crore
That is ₹23,000 crore in all. The notice also says the auction is price based, using the multiple price method. In plain words, each winning bidder pays the price it quoted, not one common price.
The numbers in one table
These come from the full result, Press Release 2026-2027/1478.
Item | 91-day | 182-day | 364-day |
|---|---|---|---|
Notified (₹ cr) | 8,000 | 8,000 | 7,000 |
Bids received (₹ cr) | 27,046.8 | 20,021.5 | 21,548.5 |
Cut-off price (₹) | 98.5581 | 96.8521 | 93.7900 |
Cut-off yield | 5.8681% | 6.5183% | 6.6394% |
Weighted avg yield | 5.8594% | 6.5059% | 6.6176% |
RBI's cut-off note (Press Release 2026-2027/1477) confirms the full notified amount was accepted in all three bills.
How strong was the demand?
RBI received 132 competitive bids in the 91-day bill, 91 in the 182-day and 146 in the 364-day.
By my own arithmetic, bids covered the amount on offer about:
3.38 times in the 91-day bill
2.50 times in the 182-day bill
3.08 times in the 364-day bill
RBI does not print these ratios. I divide bids received by the notified amount, nothing more. Across all three, it works out to roughly 2.98 times.
Why the price is below ₹100
A T-bill pays no coupon. You buy it below face value and get ₹100 back on maturity. The gap is your return.
Take the 91-day bill. The cut-off price was ₹98.5581, so the gap is about ₹1.44 per ₹100. Stretched over a year, that becomes the 5.8681% yield RBI shows. I worked it through myself and the figure matches.
The longer bills sit lower in price because your money is locked up for longer: ₹96.8521 for 182 days and ₹93.79 for 364 days.
Cut-off yield versus weighted average yield
The cut-off is the highest yield the government accepted. The weighted average is what successful bidders got on average.
Since bids are accepted at their own prices, most winners bid a little more keenly than the cut-off. On my count the gap was small:
91-day: about 0.9 basis points
182-day: about 1.2 basis points
364-day: about 2.2 basis points
A narrow gap usually means bidders were not far apart in their views on the day.
Partial allotment at the cut-off
Some bids land exactly on the cut-off price. When there is not enough room for all of them, each gets a share.
On 11 November the shares were 48.17% (2 bids) in the 91-day bill, 62.7941% (1 bid) in the 182-day and 60.0855% (3 bids) in the 364-day.
The non-competitive line
The full result also shows non-competitive bids. In the 91-day bill, RBI accepted ₹11,600 crore from 9 such bids. The 182-day and 364-day bills took ₹1,000 crore and ₹1,700 crore.
These look large next to ₹8,000 crore, so here is the context from RBI's own notice. State governments, eligible provident funds and some others bid on a non-competitive basis, and their allocation is outside the notified amount. Retail individuals can also bid this way, capped at 5% of the notified amount.
Compared with last week
The previous auction, on 4 November 2026 (Press Release 2026-2027/1439), is a useful check.
91-day: cut-off yield 5.8970% then, 5.8681% now. That is roughly 2.9 basis points lower.
364-day: 6.6485% then, 6.6394% now, about 0.9 basis points lower.
182-day: last week RBI accepted nil and showed no cut-off. This week the full ₹8,000 crore went through.
One week is far too short to call a trend. It is just context.
What the result does not tell you
It does not name the banks, funds or dealers who bid.
It does not explain why the 182-day bill was not accepted last week.
It is not a forecast of interest rates, and it is not a trading signal.
If you are new to T-bills, start with my basic guide to how T-bill auctions work.
FAQ
How much did RBI raise in the 11 November 2026 T-bill auction?
The full notified amount of ₹23,000 crore was accepted: ₹8,000 crore each in 91-day and 182-day bills and ₹7,000 crore in 364-day bills.
What were the cut-off yields?
5.8681% for 91 days, 6.5183% for 182 days and 6.6394% for 364 days, according to RBI Press Release 2026-2027/1477.
Why is the cut-off price below ₹100?
T-bills pay no coupon. They are sold at a discount and repaid at ₹100, so the discount is the investor's return.
Why are non-competitive bids bigger than the notified amount?
RBI's auction notice says non-competitive allocation for state governments, eligible provident funds and some others is outside the notified amount. Retail bids are capped at 5% of it.
How did yields compare with the previous week?
The 91-day cut-off was about 2.9 basis points lower and the 364-day about 0.9 basis points lower than on 4 November 2026. The 182-day bill had no accepted amount last week.
Sources
This article is for information and education only. It is not investment advice or a recommendation to buy, sell or hold any security. Figures are from RBI Press Releases 2026-2027/1477 and 2026-2027/1478 dated 11 November 2026, 2026-2027/1464 dated 6 November 2026 and 2026-2027/1439 dated 4 November 2026; refer to the originals for full tables. — Nishi Jain, full-time trader in Jaipur, ex-JioBlackRock. Updates: https://t.me/nishijain_com.
