The Reserve Bank of India is planning to introduce plastic notes on a trial basis, said Mr. K.C. Chakrabarty, Deputy Governor of RBI.
Replying to a question on plastic notes, on the sidelines of a ‘Town Hall Meet' organised by the Banking Ombudsman of Karnataka, Mr. Chakrabarty said plastic notes of Rs 10 denomination will be introduced on a trial basis, in few cities.
This is part of a move targeting 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, Mr. Chakarbarty said the average life of a currency note is less than nine months.
One of the participants said that customers are put to discomfort when the bank officials find fake notes while paying at the counters, though the amount was withdrawn from ATMs. In such a situation, there should be a mechanism for customers to check the genuineness money withdrawn from ATMs.