Treasury bills are short-term debt instruments issued by the central government of India to borrow money for periods of less than one year. There are three types of treasury bills based on maturity periods: 91-day bills, 182-day bills, and 364-day bills. Treasury bills are issued at a fixed discount rate for 91-day bills and through a competitive bidding process at the RBI auctions for 182-day and 364-day bills. Major participants in treasury bill auctions include the RBI, commercial banks, state governments, and other financial institutions. Treasury bills offer safety, liquidity, and are ideal short-term investments for fund management.