India RBI starts procurement for polymer banknote material

India is moving closer to introducing plastic polymer banknotes, with the Reserve Bank of India initiating a formal procurement process for the specialized material required. The central bank’s currency-printing arm, Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), issued a global Expression of Interest on July 17, 2026, seeking suppliers for polymer substrate sheets embedded with advanced security features.

The indicative requirement is for 68,000 reams of biaxially oriented polypropylene-based polymer substrate, split equally between two denominations. While the RBI has not formally confirmed the denominations, official sources indicate the pilot project will likely begin with Rs 10 and Rs 20 notes. The tender specifies stringent eligibility criteria for bidders, including at least three years of experience supplying polymer substrates to central banks and compliance with national security provisions that restrict sourcing or personnel links to China and Pakistan.

This step follows comments made by RBI Governor Sanjay Malhotra last month, who stated that a proposal for polymer currency was under consideration but remained at a preliminary stage. He emphasized that...