India to Trial ₹10 and ₹20 Polymer Banknotes
Why in News?
The Government of India approved the RBI's proposal to conduct field trials for one billion pieces each of ₹10 and ₹20 polymer banknotes.
Key Points
The trials are managed by Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), a wholly-owned subsidiary of the RBI.
Polymer notes are printed on a non-fibrous, non-porous polymer substrate, unlike current notes made from 100% cotton fibres.
Polymer notes last 2 to 6 times longer than paper notes and cut global warming potential by 32% and primary energy demand by 30%.
Over 60 countries use polymer notes, including Australia, Canada, the UK, Vietnam, and Thailand.
Exam Connect
RBI → established April 1, 1935, under RBI Act, 1934 → recommended by Hilton Young Commission → nationalised January 1, 1949 → headquarters Mumbai
Polymer banknotes → Australia first to issue them in 1988 → India first proposed ₹10 polymer trials in 2012 across five cities