NEWS & ADVICE : SAVINGS ACCOUNTS
Plastic Notes to be launched by next year : RBI
By Vaibhav Aggarwal
Aug 22, 2014
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The apex bank of the country – Reserve bank has decided to come up with the plastic notes by the next year. In order to reduce the problems of fake currency the bank is planning to launch the plastic form of notes.

This will enhance the security and will bring more efficiency in the payment system. From past few years bank is working on this concept and looking forward for other measures as well that can help to improve the life of the notes. Initially the notes will be introduced in five cities first and then on the basis of results of pilot testing they will be launched on a larger scale.

Notes of the lower denominations will be use for the pilot testing. These notes will be costlier than the than cotton-fibre based paper currency, however they will have advantages of being stain proof and will not get torn so easily.


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