New Delhi, June 6: The Reserve Bank of India (RBI) is contemplating the introduction of polymer or plastic currency notes, but no final decision has been made yet. This information was shared by RBI Governor Sanjay Malhotra.
Malhotra stated that the proposal is still under consideration and remains in the preliminary stages.
He emphasized that discussions regarding polymer notes are ongoing. Any decision made will be communicated to the public promptly.
The governor acknowledged that recent reports about polymer notes contain some truth. However, he clarified that the central bank has not reached any final conclusions.
“We are studying both the advantages and disadvantages, and evaluating how beneficial it would be to implement this. Currently, this process is in its early stages,” he said.
Malhotra explained that the RBI is assessing the potential benefits and challenges associated with polymer currency. A decision on whether to implement plastic notes in the country will follow this evaluation.
During this time, the RBI governor assured that there is sufficient cash available in the banking system. If any region experiences a local cash shortage, the central bank will take immediate necessary actions.
He stated, “If there is a cash shortage anywhere, we will certainly address it.”
Malhotra confirmed that there is an adequate supply of currency for ATMs and bank branches. Cash will be rapidly dispatched wherever needed.
“Our complete effort will be to ensure that if there is a cash shortage in one or two locations, we will promptly and swiftly deliver currency there,” he added.
These comments from the RBI governor come at a time when the central bank is reviewing the feasibility of polymer notes. However, the RBI has made it clear that there is currently ample cash availability throughout the banking system, and the public will not face any cash shortages.
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