Treasury Bills Explained in Telugu | 91 vs 182 vs 364 Days | RBI Money Market GK
ట్రెజరీ బిల్లులు (T-Bills) అంటే ఏమిటి? 91, 182, 364 రోజుల మధ్య తేడా ఏమిటి? RBI వేలం విధానం, Discount, Face Value, Yield మరియు ముఖ్యమైన Exam GK.
- Why in News – August 2026
- Treasury Bill Meaning
- Quick Snapshot
- 91 vs 182 vs 364 Days
- How T-Bills Work
- Yield Calculation
- RBI Auction Process
- Competitive vs Non-Competitive
- July–September 2026 Calendar
- T-Bills vs Dated G-Secs
- T-Bills vs CP vs CD vs CMB
- Money Market GK
- Do Not Confuse
- Memory Tricks
- Quick Revision
- 25 Bilingual MCQs
- FAQs
- Official Sources
🔥 Why in News? – August 2026
The Government of India, in consultation with the Reserve Bank of India, scheduled a ₹24,000 crore Treasury Bill auction on 12 August 2026, with the issue/settlement date of 13 August 2026.
కేంద్ర ప్రభుత్వం, RBIతో సంప్రదించి, 12 ఆగస్టు 2026న మొత్తం ₹24,000 కోట్ల ట్రెజరీ బిల్లుల వేలాన్ని షెడ్యూల్ చేసింది. వాటి issue date 13 ఆగస్టు 2026.
The Government's official Treasury Bill calendar for the quarter July–September 2026 provides for a total notified amount of ₹3,36,000 crore = ₹3.36 lakh crore.
జూలై–సెప్టెంబర్ 2026 త్రైమాసికానికి షెడ్యూల్ చేసిన T-Bills మొత్తం విలువ ₹3.36 లక్షల కోట్లు.
1️⃣ What is a Treasury Bill?
A Treasury Bill (T-Bill) is a short-term debt instrument issued by the Government of India for maturities of less than one year. It is a part of the Government Securities or G-Sec market.
ట్రెజరీ బిల్ (T-Bill) అనేది కేంద్ర ప్రభుత్వం స్వల్పకాలికంగా నిధులు సమీకరించడానికి జారీ చేసే ప్రభుత్వ రుణ పత్రం. దీని maturity ఒక సంవత్సరంలోపు ఉంటుంది.
T-Bills are issued by the Government of India. RBI does not issue them for itself. RBI conducts/manages the auction as the Government's debt manager.
2️⃣ Treasury Bills – Quick Snapshot
| Feature | Exam Fact | తెలుగులో |
|---|---|---|
| Issuer | Government of India | భారత ప్రభుత్వం |
| Auction Manager | Reserve Bank of India | రిజర్వ్ బ్యాంక్ ఆఫ్ ఇండియా |
| Market | Money Market | మనీ మార్కెట్ / స్వల్పకాలిక ద్రవ్య మార్కెట్ |
| Current Standard Tenors | 91, 182 and 364 days | 91, 182, 364 రోజులు |
| Coupon | Zero Coupon | ప్రత్యేక వడ్డీ కూపన్ ఉండదు |
| Issue Price | Issued at discount to face value | ముఖ విలువ కంటే తగ్గింపు ధరకు జారీ |
| Redemption | Redeemed at Face Value | మెచ్యూరిటీకి ముఖ విలువ చెల్లింపు |
| Return | Difference between face value and purchase/issue price | కొనుగోలు ధర–ముఖ విలువ మధ్య తేడా |
| Primary Auction Settlement | T+1 | సాధారణంగా తదుపరి పని రోజు |
| Default Risk | Government security; practically no sovereign default risk in domestic-currency terms | ప్రభుత్వ భద్రత కావడంతో అత్యల్ప క్రెడిట్ రిస్క్ |
3️⃣ 91 vs 182 vs 364-Day Treasury Bills
| Type | Maturity | Approx. Period | Key Exam Point |
|---|---|---|---|
| 91-Day T-Bill | 91 Days | About 3 months | Shortest of the three standard T-Bill tenors |
| 182-Day T-Bill | 182 Days | About 6 months | Intermediate tenor |
| 364-Day T-Bill | 364 Days | Almost 1 year | Longest current standard T-Bill tenor |
3 Months → 6 Months → 12 Months ≈ 91 → 182 → 364
సులభంగా గుర్తుపెట్టుకోండి: 3 నెలలు = 91 | 6 నెలలు = 182 | దాదాపు 1 సంవత్సరం = 364.
4️⃣ How Does a Treasury Bill Work?
T-Bills do not normally pay periodic coupon interest. Instead, they are sold below their face value and repaid at face value on maturity.
Simple Example
It is issued at ₹98.20.
At maturity, the investor receives ₹100.
Investor's return = ₹100 − ₹98.20 = ₹1.80
ఉదాహరణకు ₹100 ముఖ విలువ ఉన్న T-Billను ₹98.20కు కొనుగోలు చేస్తే, maturity రోజున ₹100 లభిస్తుంది. అంటే ₹1.80 తేడా పెట్టుబడిదారుడి ఆదాయం.
Correct: It is a zero-coupon instrument; the return arises from the discount between purchase price and face value.
5️⃣ T-Bill Yield Calculation
T-Bills are money-market instruments. In India, money-market yield calculations use the actual/365 day-count convention.
Example: ₹100 Face Value, ₹98.20 Price, 91 Days
Therefore, in this simplified example, the annualised yield is approximately 7.35%.
6️⃣ Who Conducts the T-Bill Auction?
The Government of India is the borrower/issuer. The Reserve Bank of India, acting as the Government's debt manager, conducts the primary auctions.
| Function | Authority |
|---|---|
| Borrower / Issuer | Government of India |
| Auction / Debt Management | Reserve Bank of India |
| Usual T-Bill Auction Day | Wednesday, subject to holidays/changes |
| Primary Auction Settlement | T+1 |
| Indicative Issuance Calendar | Quarterly |
7️⃣ Competitive vs Non-Competitive Bidding
A. Competitive Bidding
Under competitive bidding, informed market participants quote a specific price or yield. Their bids succeed only when they fall within the auction's accepted cut-off.
Typical competitive bidders include banks, Primary Dealers, financial institutions, mutual funds and insurance companies.
B. Non-Competitive Bidding
The non-competitive bidding facility helps retail investors participate without having to decide the auction yield or price.
| Feature | Competitive Bid | Non-Competitive Bid |
|---|---|---|
| Quote price/yield? | Yes | No |
| Typical participant | Institutional / informed market participant | Retail / eligible non-competitive participant |
| Allotment | Depends on accepted bid | Weighted-average auction price/yield |
| Minimum face-value bid under NCB scheme | — | ₹10,000 and multiples of ₹10,000 |
| Retail NCB reservation in GoI securities/T-Bills | — | Up to 5% of aggregate nominal issue, subject to applicable RBI/GoI rules |
8️⃣ Official T-Bill Calendar: July–September 2026
The Ministry of Finance released the following indicative calendar in consultation with RBI for the quarter ending September 2026.
| Auction Date | Issue Date | 91 Days ₹ Cr |
182 Days ₹ Cr |
364 Days ₹ Cr |
Total ₹ Cr |
|---|---|---|---|---|---|
| 01.07.2026 | 02.07.2026 | 9,000 | 8,000 | 7,000 | 24,000 |
| 08.07.2026 | 09.07.2026 | 9,000 | 8,000 | 7,000 | 24,000 |
| 15.07.2026 | 16.07.2026 | 9,000 | 8,000 | 7,000 | 24,000 |
| 22.07.2026 | 23.07.2026 | 9,000 | 8,000 | 7,000 | 24,000 |
| 29.07.2026 | 30.07.2026 | 9,000 | 8,000 | 7,000 | 24,000 |
| 05.08.2026 | 06.08.2026 | 9,000 | 8,000 | 7,000 | 24,000 |
| 12.08.2026 | 13.08.2026 | 9,000 | 8,000 | 7,000 | 24,000 |
| 19.08.2026 | 20.08.2026 | 9,000 | 8,000 | 7,000 | 24,000 |
| 27.08.2026 | 28.08.2026 | 9,000 | 8,000 | 7,000 | 24,000 |
| 02.09.2026 | 03.09.2026 | 9,000 | 8,000 | 7,000 | 24,000 |
| 09.09.2026 | 10.09.2026 | 9,000 | 8,000 | 7,000 | 24,000 |
| 16.09.2026 | 17.09.2026 | 9,000 | 8,000 | 7,000 | 24,000 |
| 23.09.2026 | 24.09.2026 | 9,000 | 8,000 | 7,000 | 24,000 |
| 30.09.2026 | 01.10.2026 | 9,000 | 8,000 | 7,000 | 24,000 |
| Quarter Total | 1,26,000 | 1,12,000 | 98,000 | 3,36,000 | |
9️⃣ Treasury Bills vs Dated Government Securities
| Feature | Treasury Bills | Dated G-Secs |
|---|---|---|
| Issuer | Government of India | Government of India |
| Original maturity | Less than 1 year | 1 year or more |
| Standard T-Bill tenors | 91, 182, 364 days | Not applicable |
| Coupon | Zero coupon | Usually fixed/floating coupon |
| Return | Discount to face value | Coupon + price movement/redemption |
| Market classification | Money Market | Government bond / debt market |
T-Bill = below 1 year | Dated G-Sec = 1 year or more
T-Bill = ఒక సంవత్సరం లోపు | Dated G-Sec = ఒక సంవత్సరం లేదా అంతకంటే ఎక్కువ
🔟 T-Bills vs CMB vs Commercial Paper vs Certificate of Deposit
| Instrument | Main Issuer | Tenor | Security / Nature | Key Exam Word |
|---|---|---|---|---|
| T-Bill | Government of India | 91 / 182 / 364 days | Government security; zero coupon | Sovereign |
| CMB | Government of India | Generally less than 91 days | Similar generic character to T-Bills | Temporary cash mismatch |
| Commercial Paper (CP) | Eligible companies, NBFCs, AIFIs and other RBI-permitted entities | 7 days to 1 year | Unsecured money-market promissory note | Corporate short-term borrowing |
| Certificate of Deposit (CD) | Eligible banks under RBI directions | 7 days to 1 year | Negotiable, unsecured money-market instrument | Bank funding |
Updated CP Exam Facts – RBI 2024 Directions
| Commercial Paper Fact | Current RBI Rule for Exam Revision |
|---|---|
| Nature | Unsecured money-market instrument issued as a promissory note |
| Tenor | Minimum 7 days; maximum 1 year |
| Minimum denomination | ₹5 lakh and multiples of ₹5 lakh |
| Form | Dematerialised |
| Issue | At discount to face value |
| Minimum credit rating | A3 under applicable RBI/SEBI rating framework |
Updated CD Exam Facts – RBI 2021 Directions
| Certificate of Deposit Fact | Exam Point |
|---|---|
| Nature | Negotiable, unsecured money-market instrument |
| Eligible issuers | Scheduled Commercial Banks, Regional Rural Banks and Small Finance Banks, subject to RBI directions |
| Tenor | 7 days to 1 year |
| Minimum denomination | ₹5 lakh and multiples of ₹5 lakh |
| Form | Only in dematerialised form |
1️⃣1️⃣ Money Market – Static GK Connection
The money market deals mainly in short-term funds and financial instruments, usually with original maturities of up to one year.
| Money-Market Instrument / Segment | Exam Recall |
|---|---|
| Call Money | Overnight funds |
| Notice Money | More than overnight and up to 14 days |
| Term Money | Beyond notice-money period up to one year under applicable framework |
| Treasury Bills | 91 / 182 / 364 days |
| Cash Management Bills | Generally less than 91 days |
| Commercial Paper | Corporate / eligible issuer short-term instrument |
| Certificate of Deposit | Short-term bank funding instrument |
| Repo / TREPS | Collateralised short-term liquidity segment |
1️⃣2️⃣ Do Not Confuse – Important Exam Traps
❌ Trap 1: RBI issues Treasury Bills.
✅ Correct: Government of India issues T-Bills; RBI conducts the auction.
❌ Trap 2: State Governments issue Treasury Bills.
✅ Correct: In India, Treasury Bills are issued by the Central Government. State Government market borrowings are generally through State Development Loans (SDLs).
❌ Trap 3: T-Bills pay regular coupon interest.
✅ Correct: T-Bills are zero-coupon securities.
❌ Trap 4: 364-Day T-Bill is a dated G-Sec because it is almost one year.
✅ Correct: It remains a Treasury Bill because its original maturity is below one year.
❌ Trap 5: Cash Management Bills and 91-Day T-Bills are the same.
✅ Correct: CMBs generally have maturities less than 91 days.
❌ Trap 6: Commercial Paper is a government security.
✅ Correct: CP is an unsecured money-market instrument issued by eligible non-government/financial entities under RBI rules.
❌ Trap 7: Certificate of Deposit is the same as a normal fixed deposit receipt.
✅ Correct: CD is a negotiable money-market instrument governed by RBI directions.
1️⃣3️⃣ Memory Tricks
Memory Trick 1: “G-R-91-182-364-D-F”
G = Government of India
R = RBI conducts auction
91-182-364 = Maturities
D = Discount
F = Face Value redemption
Memory Trick 2: “No Coupon – Buy Low – Get Face Value”
వడ్డీ కూపన్ లేదు → తక్కువ ధరకు కొనుగోలు → maturityలో Face Value పొందండి.
Memory Trick 3: T-C-C-D
T-Bill = Treasury / Government
CMB = Cash mismatch / Government
CP = Corporate / unsecured
CD = Deposit / Bank
1️⃣4️⃣ 20-Point Quick Revision
1️⃣5️⃣ Treasury Bills – 25 Bilingual MCQs
1. Which authority issues Treasury Bills in India?
RBI conducts the auctions as the Government's debt manager, but the issuer/borrower is the Government of India.
RBI వేలాన్ని నిర్వహిస్తుంది. కానీ T-Billsను జారీ చేసే అసలు సంస్థ భారత ప్రభుత్వం.
2. Which institution conducts Treasury Bill auctions on behalf of the Government of India?
The Reserve Bank of India manages Government borrowing and conducts primary T-Bill auctions.
ప్రభుత్వ రుణ నిర్వహణలో భాగంగా RBI T-Bill వేలాలను నిర్వహిస్తుంది.
3. Which set represents the standard Treasury Bill maturities presently used in India?
ముఖ్యమైన Exam Number: 91 – 182 – 364.
4. Treasury Bills are primarily classified as instruments of which market?
T-Bills are short-term Government debt instruments with original maturity of less than one year.
ఒక సంవత్సరం లోపు maturity ఉండటంతో ఇవి Money Market instruments.
5. Treasury Bills are best described as:
They do not pay periodic coupon interest; they are issued at a discount and redeemed at face value.
వీటిపై ప్రత్యేక కూపన్ వడ్డీ ఉండదు.
6. A Treasury Bill is normally issued:
తగ్గింపు ధరకు కొనుగోలు చేసి maturityలో ముఖ విలువ పొందడం ద్వారా return వస్తుంది.
7. What amount of 91-Day T-Bills was scheduled for the 12 August 2026 auction?
8. What amount of 182-Day T-Bills was scheduled for the 12 August 2026 auction?
9. What amount of 364-Day T-Bills was scheduled for the 12 August 2026 auction?
10. What was the total notified T-Bill amount scheduled for auction on 12 August 2026?
₹9,000 + ₹8,000 + ₹7,000 = ₹24,000 crore.
11. What is the total notified amount in the July–September 2026 T-Bill calendar?
Official total: ₹3,36,000 crore.
12. The issue date for the T-Bills auctioned on 12 August 2026 was scheduled as:
This illustrates the normal T+1 primary-auction settlement.
13. The July–September 2026 calendar provides what total amount of 91-Day T-Bills?
14. Primary settlement of Treasury Bill auctions is generally on which basis?
వేలం జరిగిన తర్వాత తదుపరి పని రోజు settlement సాధారణ నియమం.
15. RBI usually conducts Treasury Bill auctions on which day of the week?
Actual dates may be altered because of holidays or other considerations.
16. What is the minimum face-value bid under the retail non-competitive bidding framework for Government securities/T-Bills?
Bids thereafter are in multiples of ₹10,000 under the applicable NCB framework.
17. Retail non-competitive allocation in eligible Government of India securities/T-Bill auctions is generally restricted up to:
It is up to 5% of the aggregate nominal issue under the cited NCB framework, subject to applicable RBI/GoI provisions.
18. Which statement correctly distinguishes T-Bills from dated Government securities?
Dated G-Secs have original maturities of one year or more.
19. Which statement is correct regarding State Governments in India?
Treasury Bills discussed here are Central Government securities.
20. Cash Management Bills are generally issued for maturities:
CMBs were introduced to meet temporary mismatches in Government cash flows.
ప్రభుత్వ తాత్కాలిక cash-flow mismatchను నిర్వహించడానికి CMBలు ఉపయోగిస్తారు.
21. Commercial Paper is defined by RBI as:
22. Under RBI's 2024 directions, the tenor of Commercial Paper is:
23. Which of the following is primarily a bank-issued negotiable money-market instrument?
CDs may be issued by eligible banks in accordance with RBI's Certificate of Deposit Directions.
24. What is the minimum denomination of a Certificate of Deposit under RBI's 2021 Directions?
CDs are issued in ₹5 lakh denomination and multiples thereof.
25. A ₹100 face-value 91-Day T-Bill is purchased at ₹98.20. Approximately what is its annualised yield using the standard simple T-Bill formula?
Yield = [(100−98.20)/98.20] × (365/91) × 100 ≈ 7.35%.
Discount ₹1.80 మాత్రమే అయినప్పటికీ 91 రోజుల returnను annualise చేయడం వల్ల yield సుమారు 7.35% అవుతుంది.
T-BILLS = GoI → RBI Auction → 91 • 182 • 364 → Money Market → Zero Coupon → Discount → Face Value → T+1
పరీక్షకు ముందు ఈ ఒక్క లైన్ తప్పకుండా గుర్తుంచుకోండి.
1️⃣6️⃣ Frequently Asked Questions
Q1. Are Treasury Bills issued by RBI?
Q2. Do Treasury Bills pay interest?
Q3. What are the three standard T-Bill maturities in India?
Q4. Is a 364-Day Treasury Bill a long-term Government bond?
Q5. What is the difference between 91-Day T-Bills and Cash Management Bills?
Q6. Can retail investors buy Treasury Bills?
Q7. What is the difference between T-Bills and Commercial Paper?
Q8. What is the difference between T-Bills and Certificates of Deposit?
Q9. What was special about 12 August 2026?
Q10. What was the total July–September 2026 T-Bill calendar amount?
1️⃣7️⃣ Official & Reliable Sources
-
Press Information Bureau – Ministry of Finance:
Calendar for Auction of Government of India Treasury Bills for the quarter ending September 2026.
View Official PIB Release -
Reserve Bank of India:
Government Securities Market in India – A Primer.
View RBI G-Sec Primer -
Reserve Bank of India:
Master Direction – Reserve Bank of India (Certificate of Deposit) Directions, 2021.
View RBI CD Directions -
Reserve Bank of India:
Master Direction – Commercial Paper and Non-Convertible Debentures of original or initial maturity up to one year, Directions 2024.
View RBI CP/NCD Directions 2024 -
Reserve Bank of India:
RBI Retail Direct Scheme – FAQs.
View RBI Retail Direct FAQs
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