There are two explanations for the apparent discrepancy. First, attention has rightly been drawn to the fact that the FIs now fund working-capital loans. This would explain the negative growth of around Rs 2,085crore in bank credit during the first quarter of the year, compared with a minor increase of Rs 188 crore during the first three months of 1997-98. The second fact to be taken into account is the external commercial borrowings (ECBs). The ECBs' utilisation was $4,590 million in 1997-98, or roughly around Rs 16,500 crore. Total disbursements by the four FIs (ICICI, IDBI, IFCI and IIBI) in 1997-98 amounted to Rs 37,758 crore. Since ECBs are not available this year, the current year's disbursements by banks as well as FIs need to be compared with the 1997-98 figures plus ECBs. If that is done, the financial institutions' disbursement figures will fall in their proper perspective, and will be found to be perfectly in consonance with anecdotal evidence of a slump in investment.