Treasury Bills (T-Bills) are money market instruments issued by the Government of India on behalf of the Reserve Bank of India (RBI) to meet its short-term funding requirements. They are zero- coupon securities with original maturities of less than one year, currently issued in three tenors: 91- day, 182-day, and 364-day. They represent a promise by the government to pay a fixed amount at a future date, with the difference between the face value and the discounted issue price representing the interest.