Industrial Finance Corporation of India (IFCI) does not feature in the list of institutions which will get the RIB funds from the State Bank.

The bank placed Rs 1,000 crore worth of RIB funds with the Industrial Development Bank of India (IDBI) last month. The five-year money was parked at a coupon of Rs 12.75 per cent.

"We will place anywhere between Rs 50 crore and Rs 500 crore with these institutions over the next two weeks. The coupon will not be higher than 12.75 per cent. Some of the institutions like IDFC and ILFS will get funds even at a cheaper rate as they will use the RIB proceeds for infrastructure financing," a seniorSBI executive said.

The SBI raised $4.18 billion in August through the triple-currency India Resurgent Bonds from non-resident Indians and overseas corporate bodies.

The bank has sold $3.60 billion to the Reserve Bank of India and the rest has been parked abroad essentially to buy Indian papers. Out of the rupee resources -- generated through the selling of dollars to the central bank -- the collecting banks have received over 45 per cent of their collections at 9.5 per cent in two tranches. According to the arrangement between SBI and the collecting banks, SBI will place the rupee equivalent of 50 per cent of the RIB collection by individual banks with them for a period of five years.

"We have exhausted a substantial quantum of the RIB proceeds. A major part of it has been invested in government of India securities while the rest has been divided between the collecting banks and the institutions," SBI sources said.