RBI Seeks Polymer Note Suppliers in Shift From Paper Currency

India's currency printing authority issued a tender for international suppliers of polymer banknote material, a step toward replacing the country's paper currency with more durable notes. The Reserve Bank of India, which runs the printing operation, said bidders must meet security protocols and show past work with central banks.

The move follows a drop in currency printing costs. Polymer notes, used in countries like Australia and Canada, last longer than paper, cutting replacement expenses. The central bank has studied the shift for years.

The tender is for a pilot supply, not a full conversion. No timeline was given for a wider rollout.