The Reserve Bank of India (RBI) on Thursday proposed expanding the term money market to include non-bank entities such as NBFCs and corporates, in a move aimed at improving liquidity. Under the proposed guidelines, the RBI has allowed all Indian financial institutions and non-banking financing companies, including housing finance companies, to participate in the term money market both as borrowers and lenders. Meanwhile, the RBI has allowed companies to participate in the term money market just as lenders. These participants are not allowed in the call and notice money market. Stakeholders can submit their feedback by July 17, the RBI said.