Bhubaneswar, June 5 -- The Reserve Bank of India (RBI) is reportedly planning to introduce plastic currency in a move aimed at modernising India's cash system and reducing the cost associated with printing paper banknotes.

"The proposal for introducing such currency had been under consideration for nearly a decade. However, the discussions around its implementation have now gained momentum," informed RBI Governor Sanjay Malhotra.

The central idea behind the initiative is to replace selected denominations of paper currency with plastic or polymer-based notes. In the initial phase, the RBI is planning to introduce Rs 10 and Rs 20 denomination notes made of plastic material. These notes are expected to be launched on a pilot basis in selec...