The Reserve Bank of India (RBI) rejected all bids at a treasury bill sale for the first time in seven months, as a bond selloff pushed borrowing costs to multi-year highs. The government had planned to raise ₹23,000 crore ($2.4 billion) through the short-term notes, but the RBI gave no reasons. Analysts said investors likely demanded higher yields, with markets pricing in further rate hikes and elevated oil prices adding to inflation risks. The 10-year benchmark yield has climbed about 24 basis points this month to its highest since March 2023. Surplus banking liquidity fell to 570 billion rupees as of October 20, far below ₹5 lakh crore at the start of the month, after the RBI drained over ₹1 lakh crore through bond sales and forex swaps.
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Related tickers and likely impact
VNINDEX
• NeutralRelevance: low
| Market | Vietnam stocks |
|---|---|
| Close on 10/21/2026 | 1,738.67 |
| Change that session | +2.76% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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The Reserve Bank of India accepted no bids on Wednesday in its auction of 91-, 182- and 364-day Treasury bills, even though competitive bids exceeded the notified amounts. The total notified amount was Rs 23,000 crore. Competitive bids were 67 worth Rs 15,366.60 crore for 91-day bills, 63 worth Rs 18,925.50 crore for 182-day bills and 75 worth Rs 11,352.50 crore for 364-day bills, and no non-competitive bids were accepted either. The release gave no reason. Meanwhile, the 10-year government bond yield rose about four basis points to around 7.44%, up roughly 40 basis points over the past month and 90 over the past year.
- RBI accepts no bids in treasury bill auction , 10 - Year bond yield climbs to 7 . 44 %
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