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It's emergency window for commercial banks to borrow short term funds from RBI at certain interest rate when option to borrow at repo rate exhausted.
How?
Banks already borrowed funds at repo rate and it left with no securities except its SLR quota securities.
Banks can borrow certain percentage of total NDTL, net demand and time liabilities, dipping into SLR quota securities.
Certain percentage of NDTL borrowing limit is 3% due to ongoing covid-19 pandemic, previously it was 2%.

MSF interest rate as on 9th Jun, 2021 is 4.25%.

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