RBI to pilot polymer banknotes in 2027, Sanjay Malhotra announced
The Reserve Bank of India (RBI) is set to test out polymer currency notes in 2027, hoping to solve the problem of paper notes wearing out too fast, especially the smaller denominations everyone uses daily.
Announced by Governor Sanjay Malhotra, these plastic-based notes are tougher, more resistant to water and dirt, and come with better security features to fight counterfeiting.
Polymer notes used in 60+ countries
Polymer banknotes are already a hit in more than 60 countries, including Australia, Canada, the UK and Singapore.
They last way longer than paper (sometimes over 30 years) and cost less to replace in the long run.
The RBI's pilot will see how well these notes handle Indian weather, from steamy monsoons to scorching heat.
If all goes well, your wallet could soon get a much-needed upgrade!