Reserve Bank of India plans to introduce plastic notes on a trial basis, according to K.C. Chakrabarty, Deputy Governor.
Replying to a question on plastic notes, on the sidelines of a ‘Town Hall Meet’ organised by the Banking Ombudsman of Karnataka in Mangalore on Tuesday, he said plastic notes of Rs 10 denomination will be introduced on a trial basis, in select cities.
This is part of a move aimed at increasing the life of notes and combating counterfeit currency. Earlier, replying to a query by a bank customer on the soiled and torn notes, Chakarbarty said the average life of a currency note is less than nine months.
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