Although banks have not started lending to the telcos for high speed 3G- spectrum license fees, the impact seems to be evident from the amount of surplus funds parked by banks with RBI. It is mandatory for banks to park their surplus funds with RBI every day. They need to maintain 6% of their deposits with RBI every fortnight.

The amount of funds parked by banks on Monday was Rs. 4,540 crore as compared to Rs47,530 crore on Friday and an average of Rs52,197 crore this fiscal.

Bankers reason this decline to be connected to a small extent to the small amount of disbursal that they have started towards 3G license fees.

Banks fear a crunch in liquidity which is expected to set in at the end of the fortnight due to the start of 3G loan disbursal. They have thus started working towards maintaining their cash reserve requirements from the start of the fortnight, as said by the treasury head of a private bank. He said that if banks do not act proactive, then they would have to enter the expensive call money market in order to meet the cash reserve requirements.

Bankers also say that the banks' share in the Rs. 70,000 crore 3G license fees would be Rs35,000-45,000 crore.

The liquidity crunch also led to a rise in the intraday call money rate to 4.25% as compared to 3.75% on Friday.