Has the RBI introduction of TLTROs helped Indian corporates to be able to raise funds more easily?

A recent report by the RBI on Targeted Long-Term Repos Operations (TLTRO) show that banks have invested only in high-rated debt papers of companies. The RBI was actually expecting that banks would invest in bonds with lower ratings. TLTRO was introduced by RBI to help companies manage their cash flows in the wake of the COVID-19 outbreak. Banks are allowed to access 3-year funding and use it to invest in investment grade corporate bonds, commercial paper and debentures. However, the recent experience is that most banks have refused to go below “AA” rated bonds and have largely stuck only to AAA or AA rated companies. The idea of this facility was to help companies with funding problems and for that reason the RBI is giving banks cheap funding at 4.40%.