Overview
- Citing Wednesday's post‑MPC briefing, RBI Governor Sanjay Malhotra said the central bank is targeting circulation of polymer ₹10 and ₹20 notes at the start of the next financial year if field trials succeed.
- The government has authorised a two‑billion‑note pilot—one billion each of ₹10 and ₹20—and the RBI’s printing arm BRBNMPL has floated tenders to buy polymer (BOPP) substrate for the tests.
- Tender documents seek about 68,000 reams of BOPP substrate with built‑in security features such as a clear window with a portrait, metallic numerals, a magnetic pseudo‑thread, a shadow image and an iridescent pattern.
- RBI says polymer notes last roughly two to four times longer than cotton paper, which could cut replacement and transport costs over time even though printing costs are higher up front; the pilot will also check ATM, handling and climate performance.
- If trials validate performance, polymer notes would circulate alongside existing paper currency and could advance India’s goals on currency quality, anti‑counterfeiting and indigenised production, with wider rollout decisions based on operational results.