The Small Industries Development Bank of India (Sidbi) will not provide concessional credit to small scale industries (SSIs), said its managing director Sailendra Narain in Calcutta. He said that the average cost of funds for Sidbi worked out to 11 per cent, while the prime lending rate for financial institutions is pegged at 14 per cent. ``Since Sidbi is committed to providing funds to small scale sectors at 10.5-11 per cent, the SSI sector will not get funds at rates below 14 per cent," he said.

Repo auction draws a blank:

The RBI did not receive any application for a four-day fixed rate repo in government of India dated securities for parties holding SGL and current account. The interest rate was pegged at 8 per cent.

364-day T-bills auction:

RBI has announced the auction of 364-day treasury bills for a notified amount of Rs 750 crore. Tenders should be submitted in the prescribed form on February 10 and results will be announcedthe same evening. Payment by successful bidders will be on February 12. Y2K compliance: The RBI governor, Bimal Jalan met the chiefs of all the foreign banks last Friday to discuss the provisions made by them to tackle the Y2K problem as the last date for banks to become Y2K compliance is March 31. The public sector banks also met the governor on Saturday to appraise him on the issue.

Repo auction:

RBI has announced a three-day fixed rate repos auction in GoI dated securities on February 8,for parties holding SGL andcurrent account . The repo rate is pegged at 8 per cent.

Nagaland seeks overdraft facility:

Nagaland government has decided to approach the RBI for availing an overdraft facility in March to meet its financial debt obligations, said officials. The overdraft has become necessary due to large deficit, said state finance commissioner Lalthara in Kohima. He said against the projected internal revenue of Rs 77 crore, the actual realisation will be around Rs 60 crore this year.