New Delhi, June 6 (IANS). The Reserve Bank of India (RBI) is considering the proposal to introduce polymer i.e. plastic currency notes, but no final decision has been taken yet in this regard. This information was given by RBI Governor Sanjay Malhotra.
Malhotra said that this proposal is still under consideration and is currently in the initial stage.
He said that as far as polymer notes are concerned, this proposal is under consideration. As soon as a decision is taken on this, its information will be made public.
Sanjay Malhotra admitted that there is some truth in the recent news regarding polymer notes. However, he clarified that the central bank has not yet reached any final conclusion.
He said, “We are studying both its advantages and disadvantages and also how beneficial it would be to implement. At present the process is at an early stage.”
The RBI Governor said that the central bank is currently evaluating the potential benefits of polymer currency and the challenges associated with it. Only after this it will be decided whether plastic notes should be implemented in the country or not.
During this, the RBI Governor also assured that there is sufficient amount of cash available in the banking system and if there is a local cash shortage in any area, the central bank will immediately take necessary steps.
He said, “If there is any shortage of cash, we will definitely fill that shortage.”
Malhotra said adequate currency reserves are available for ATMs and bank branches. Wherever there is a need, work will be done to deliver cash quickly.
He said, “We will make every effort to ensure that if there is a shortage of cash in ATMs at one or two places, the money should be delivered there immediately and at a fast pace.”
The RBI Governor’s comments come at a time when the central bank is reviewing the feasibility of polymer notes. However, RBI has clarified that at present there is adequate availability of cash in the entire banking system and the common people will not face cash shortage.
–IANS
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