If this is a serious suggestion, then it raises the issue of why this short-term debt was useful in the first place, if the proceeds of the short-term borrowing have to be stacked away in reserves (at a lower rate of return than the cost of borrowing).
Issuances are predominantly through private placement and dominated by high credit issuers. In 2018-19, 79% of the issuances were by entities rated ‘A’ or higher. Secondary market trading has also picked up in the recent past, with trading volumes rising from USD 170 billion in FY 2014-15 to USD 267 billion in 2018-19.