Reserve Bank of India Rejects All Treasury Bill Bids
The Reserve Bank of India accepted no bids during its October 21 Treasury bill auction despite receiving offers exceeding the total borrowing target.
The Reserve Bank of India accepted no bids during its October 21 auction of 91-day, 182-day, and 364-day Treasury bills. The central bank declined all allotments despite receiving competitive bids that exceeded the total notified borrowing amount of Rs 23,000 crore across the three maturities.
Competitive bids totaled Rs 15,366.60 crore for 91-day bills, Rs 18,925.50 crore for 182-day bills, and Rs 11,352.50 crore for 364-day bills. The bank also received several billion in non-competitive bids, none of which were allotted.
The auction occurred as the yield on India's benchmark 10-year government bond rose to approximately 7.44 per cent, marking an increase of four basis points from the previous session. The Reserve Bank of India did not provide a reason for the absence of allotments.
