Treasury Bills: three tenors of 91, 182 and 364 days, issued at a discount

Background

The Reserve Bank of India's primer on the government securities market says Treasury bills are short term debt instruments issued by the Government of India and are presently issued in three tenors: 91 day, 182 day and 364 day. They are zero coupon securities and pay no interest. They are issued at a discount and redeemed at face value, so the return is the difference. Cash Management Bills, introduced in 2010, have the generic character of T-bills but run for maturities less than 91 days, to meet temporary cash-flow mismatches of the Government of India.