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Treasury Bills are basically instruments for short term (maturities less than one year) borrowing by the Central Government. These are of three types:

• 91 Days Treasury Bills A scheme for auction of 91 days Treasury Bills was introduced on 01-01-1993 with a view to developing treasury bills market and as a part of the move towards market related rates of interest on Government Securities. The auctions are conducted by the RBI.

• 182-Days T-bills were introduced in 1987, and the auction process for T- bills was started.

• 364 Days Treasury Bills.

As a part of the overall development of the Government Securities market, Treasury Bills for 364 days are issued by the RBI on an auction basis.