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Plastic currency project to gather momentum: S S Mundra

Times Of India Feb 28, 2017, 11:45 IST TNN

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JAIPUR: Security agencies have given their nod for the launch of new plastic currency in selected cities, including Jaipur, on a pilot basis. Deputy governor of RBI, S S Mundra on Monday said, the project will now speed up and also highlighted that new notes of different denominations under Mahatma Gandhi series will also be introduced.

Holding meeting with bankers from Rajasthan, Mundra reviewed situation after demonetization in the state and status of ongoing projects. He claimed that project of plastic currency note was under consideration of security agencies and RBI has received their consent. However, deputy governor refrained from giving any timeline citing tedious process involved.

"Not everything is in the hands of RBI when we plan to introduce new currency in the market. Consultation with various ministries and clearance from security agencies are required before carrying out this exercise. Till now this was under security clearance and now we have received it.

He clarified though procurement of ink, plastic and security checks of agencies that will provide it is still pending.On the reports of new Rs 100 and Rs 1,000 notes, Mundra pointed that currency of different denominations under Mahatma Gandhi new series is under RBIs consideration.

"These noes first will have to be designed and approved.Nothing much can be said about it with certainty and neither any timeframe can be committed. At the moment our focus is on refilling the currency post demonetization.

Mundra urged state level bankers to utilize the opportunity of Rajasthan government's schemes particularly on agriculture value chain, food processing industry and livestock improvement to enhance their credit growth.

He also instructed banks to cover villages with that have population above 5000 but still bereft of branches. "Last year, we took decision villages with above 5,000 population should be covered on the priority basis. In Rajasthan, there are 952 villages that have population above 5,000 and out of that 171 villages were found with no bank branches," he added.

Bank managers were also asked to improve their participation in district level meeting aware their customers on the newly launched digital payments and applications. He expressed his satisfaction on the working of banking ombudsman.

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