RBI Eyes Plastic Banknotes: India’s Currency Could Get a Major Upgrade

The Reserve Bank of India (RBI) has announced plans to replace paper notes with plastic ones, citing concerns over wear and tear and counterfeiting. The move is part of a broader strategy to modernise the nation’s currency system and improve public confidence in cash transactions. Pilot programmes are slated to begin next year, with a phased rollout across major cities. Experts say the switch could reduce replacement costs and enhance the longevity of notes, though it will also require updates to vending machines and ATMs.