Mumbai, Aug. 5 -- Governor Sanjay Malhotra on Wednesday said the Reserve Bank of India is targeting to launch long-lasting polymer currency notes at the beginning of the next financial year.
Speaking to reporters at the customary briefing after the monetary policy review, Malhotra said the polymer currency notes have lasted for over 30 years in some jurisdictions and will come in handy, especially for the lower denomination notes which have high velocity.
"We are targeting that they are in circulation, if everything goes as per plan, in the beginning of the next financial year," Malhotra said.
He said the next move of the RBI on the crucial aspect of interest rates and also the stance of the policy will be data-dependent, and underlined that the prime focus of the central bank is to align the headline inflation with its target of 4 per cent over the medium term.
Published by HT Digital Content Services with permission from Millennium Post.