The instruments will be commercial papers (CPs) and non-convertible debentures (NCDs) with a residual maturity of not more than three months and rated as investment grade, the RBI said.
"The facility, however, will not be available for any paper issued after September 30, 2020 and the SPV would cease to make fresh purchases after September 30, 2020 and would recover all dues by December 31, 2020," it added.
NBFCs -- including microfinance institutions, excluding those registered as core investment companies -- and housing finance companies that are registered under the National Housing Bank Act can avail the special liquidity scheme.
However, their net non-performing assets should not be more than 6 per cent as on March 31, 2019 and they should have made net profit in at least one of the last two preceding financial years (2017-18 and 2018-19).
There are other conditions, like the entities should be rated investment grade by a Sebi registered rating agency, it said.