November saw a 78% YoY increase in primary market subscriptions on the RBI retail direct platform.

The total primary market subscription by retail investors was Rs 5,624.85 crore as of November 18, up from Rs 3,153.31 crore as of November 20, 2023, according to retail direct data from the Reserve Bank of India (RBI). Treasury bills accounted for the majority of the subscriptions made by retail investors in the primary market. According to records, it increased by slightly more than 82% from Rs 2,135.67 crore on November 20, 2023, to Rs 3,888.36 crore on November 18, 2024. This occurred despite the fact that the cut-off yield on Treasury notes had decreased over the previous year as a result of improved liquidity, heightened investor demand, and an unprecedented reduction in the supply of Treasury bills. According to money market experts, the spread between long-term and short-term debt instruments is currently relatively low, so even though the yields on treasury bills have decreased in the primary market, the returns are still superior than those of long-term dated assets.