Leading stock exchange NSE today began trading in T-91 Bills, the shortest tenure debt securities issued by the government to meet its short-term borrowing requirements.
In a statement, NSE said the interest rate futures of T-91 bills or 91-day Treasury Bills were received well by the market and 39,755 trades worth Rs 731.24 crore were conducted on the first day today.
In order to meet its short-term borrowing requirements, the government issues three types of treasury bills through auction -- 91-day, 182-day and 364-day, which derive their names from their tenure or duration.
NSE said trading members, including 14 prominent PSU and private banks and corporate clients, participated in trading the interest rate futures on T-91 day bills.
The interest rate future for T-91 bills was announced by RBI in April last year, subsequent to which Sebi and RBI issued relevant circulars for the product and it was launched today by the NSE.