Reserve Bank of India to Start Plastic Money Project on Trial Basis
RBI decided to launch Plastic notes in the denomination of 10 Rupees in five selected cities of India on trial basis.
The Reserve Bank of India on 16 April 2013 announced that it would start the introduction of Plastic Notes in the market on trial basis. The announcement was made by the Deputy Governor of RBI, K.C. Chakrabarty in Magalore.
The Deputy Governor in his announcement informed that the Central Bank would launch the plastic notes the denomination of 10 rupees and will continue with other small denominations depending upon the success of these notes. The introduction of the scheme would start on a trial basis following the mandate of the Union Government to introduce plastic/polymer currency notes of 10 rupees on a field trial in five cities of India. The date for launch of the Plastic Notes was not cleared by the Bank.