India has approved the Reserve Bank of India's proposal to begin large-scale field trials of polymer banknotes in ₹10 and ₹20 denominations. The RBI will print 2 billion polymer notes for testing to evaluate their durability, cost-effectiveness, and performance in circulation. Officials clarified that there is no plan to replace existing paper currency, with both polymer and paper notes expected to circulate together if the pilot succeeds. Polymer banknotes, already used in over 60 countries including Australia, the UK, and Canada, last significantly longer than conventional paper notes and offer improved resistance to wear, moisture, and dirt. The move revives a proposal first announced in 2012 and aims to improve the lifespan of Indian currency while reducing long-term currency management costs.

India Approves Polymer ₹10 & ₹20 Banknote Trials | RBI to Test 2 Billion Plastic Currency Notes

The central bank had slashed the repo rate by 115 basis points since late March 2020 to support growth

India's central bank to keep repo rate unchanged at 4%

The newly-constituted Monetary Policy Committee (MPC) of the Reserve Bank will begin its three-day deliberations on Wednesday amid expectations that the central bank this time around may refrain from changing the benchmark lending rates.

RBI'S MPC panel likely to hold rates

The impact of the pandemic could cause a structural downshift in the potential output of Indian economy, the RBI said on Tuesday in its 2019-20 annual report.

Economic recovery post COVID-19 will be different from that of 2008

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India Approves Polymer ₹10 & ₹20 Banknote Trials | RBI to Test 2 Billion Plastic Currency Notes

India's central bank to keep repo rate unchanged at 4%

RBI'S MPC panel likely to hold rates

Economic recovery post COVID-19 will be different from that of 2008