Govt issues T-bill calendar for Jan-Mar, to raise INR 3.94 tln
This story was originally published at 19:00 IST on 27 December 2024
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--Govt: To auction INR 3.94 tln of Treasury Bills in Jan-Mar
--Govt: To auction INR 1.68 tln of 91-day T-bills in Jan-Mar
--Govt: To auction INR 1.28 tln of 182-day T-bills in Jan-Mar
--Govt: To auction INR 980 bln of 364-day T-bills in Jan-Mar
NEW DELHI – The government will raise INR 3.94 trillion through the auction of Treasury bills in Jan-Mar, it said in a release Friday. Of the total borrowing, the government will sell INR 1.68 trillion of 91-day T-bills, INR 1.28 trillion of 182-day T-bills, and INR 980 billion of 364-day T-bills.
Weekly borrowing through Treasury bills in Jan-Mar is scheduled to be INR 280 billion for the first seven weeks of the quarter, till Feb. 12, and then INR 330 billion in the remaining six weeks, the release said. The calendar is the largest so far in the financial year that started April. Strains of lower cash balance were seen in the December quarter, with the government resorting to ways and means advances from the Reserve Bank of India in two weeks in November.
In Jul-Sept, the government raised the full notified amount of INR 2.47 trillion. It had cut the scheduled borrowing through T-bills of INR 3.21 trillion by INR 600 billion in Apr-Jun. In Jul-Sept, it cut the scheduled issuance of INR 2.60 trln rupees by 400 bln rupees, with the RBI cancelling the last two auctions in September.
The calendar indicates the net issuance of T-bills for 2024-25 (Apr-Mar) will be about (-)INR 1 trillion, according to back of the envelope calculations. In the Union Budget for FY25, the government had pegged its net borrowing through short-term borrowings at (-)INR 500 billion.
"The Government of India, in consultation with the Reserve Bank of India, will have the flexibility to modify the notified amount and timing for auction of Treasury Bills depending upon the requirements of the Government of India, evolving market conditions and other relevant factors, after giving due notice to the market. Thus, the calendar is subject to change, if circumstances so warrant, including for reasons such as intervening holidays," the government said in the release of the calendar.
Below is the indicative calendar of T-bill auctions for Jan-Mar (in INR billion):
| Date of Auction | 91-day T-bill | 182-day T-bill | 364-day T-bill | Total |
| Jan. 1 | 120.00 | 80.00 | 80.00 | 280.00 |
| Jan. 8 | 120.00 | 80.00 | 80.00 | 280.00 |
| Jan. 15 | 120.00 | 80.00 | 80.00 | 280.00 |
| Jan. 22 | 120.00 | 80.00 | 80.00 | 280.00 |
| Jan. 29 | 120.00 | 80.00 | 80.00 | 280.00 |
| Feb. 5 | 120.00 | 80.00 | 80.00 | 280.00 |
| Feb. 12 | 120.00 | 80.00 | 80.00 | 280.00 |
| Feb. 20 | 140.00 | 120.00 | 70.00 | 330.00 |
| Feb. 27 | 140.00 | 120.00 | 70.00 | 330.00 |
| Mar. 5 | 140.00 | 120.00 | 70.00 | 330.00 |
| Mar. 12 | 140.00 | 120.00 | 70.00 | 330.00 |
| Mar. 19 | 140.00 | 120.00 | 70.00 | 330.00 |
| Mar. 25 | 140.00 | 120.00 | 70.00 | 330.00 |
| Total | 1,680.00 | 1,280.00 | 980.00 | 3,940.00 |
End
Reported by Aaryan Khanna
Edited by Akul Nishant Akhoury
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