Published on 20/03/2017 9:42:12 AM | Source: Dion Global Solutions Ltd.

RBI authorised to conduct trials of plastic notes: Government

Posted in Economy News| #RBI #Economy #Banking Sector #Government

The Indian Government has said that the RBI has been authorised to conduct field trials of plastic notes of Rs 10 that have a longer life span. Commenting on the issue, Minister of State for Finance Arjun Ram Meghwal told the media, "it has been decided" to conduct a field trial with plastic banknotes at five locations of the country.”

"Approval for procurement of plastic substrate and printing of bank notes of Rs 10 denomination on plastic banknote substrates has been conveyed to the RBI," he added. He further said plastic notes are expected to last longer than cotton substrate based banknotes. As per reports, over the years, central banks across the world have been exploring different solutions like plastic notes and other developments in banknote substrates for extending the life cycle of banknotes.

The minister also said an inter-disciplinary Standing Committee on Cyber Security has been constituted to review the threats inherent in the existing and emerging technology and suggest appropriate policy interventions to strengthen cyber security and resilience.