Monday's disbursal was 50 per cent of the total figure while in the first tranche SBI had lent 40 per cent of the banks' due. According to State Bank's deputy manging director and chief credit officer V Janakiraman, not all banks are taking their share of the money as allotment of RIBs is still not finalised.

"Some banks had asked us for their share of the promised amount and we are paying them, though we are not bound to do so till the final allotment is over. We are disbursing 50 per cent today to those banks that have asked for the amount while another 40 per cent was disbursed in the first tranche last week," Janakiraman said.

The total amount due to these banks will be about Rs 6,700 crore, if not slightlylower. The remaining 10 per cent will be given to the banks once the final allotment is over.

According to bankers, nearly all the banks have availed of their share. "I don't think any bank will say it does not want the money now," said the treasury chief of a foreign bank. The ones that may not have pressed SBI for money would be only very few involving small sums, he said.

SBI had promised banks that it will lend them 50 per cent of the amount they manage to collect through RIBs at an interest rate of 9.5 per cent in rupee equivalent. The biggest beneficiaries are foreign banks, with Citibank alone collecting nearly $822 million, almost as much as the issuer bank, SBI, which collected about $830 million. Among Indian banks, ICICI Bank led with a collection of $140 million.

Bankers have said that Monday's disbursal will not have any direct impact as the market has already discounted the inflow of the money. "The only difference may be that some of these banks that till now had no infrastructure fundingexposure may start going for it," ICICI Bank treasury head PH Ravikumar said.

The Reserve Bank of India, in its meeting with RIB collecting banks, had suggested that they should deploy the RIB funds fully in infrastructure financing.

However, the banks' memorandum of understanding on the sharing of RIB proceeds does not specify infrastructure credit. It says that ``the banks may utilise the proceeds for normal asset liability management functions and in extending credit, including infrastructure credit.''