Banknote Production in India

Banknote production in India is carried out jointly by BRBNMPL and SPMCIL.

BRBNMPL has banknote presses in Mysuru and Salboni and meets about 60% of India’s currency needs. The other 40% of the production is handled by SPMCIL at its two units, the Currency Note Press in Nashik and the Bank Note Press in Dewas.

Demand remains strong, as India’s total banknote requirement in FY2025-26 stood at 28.1 billion pieces, compared to 30.3 billion in FY2024-25 and 24.3 billion in FY2023-24.

Paper production

Currently, all Indian banknotes are printed on cylinder mould watermark banknote (CWBN) paper, a specialised high-security cotton paper. It features watermarks and colour-shift security threads, fibres and taggants.

India manufactures this paper domestically at the Security Paper Mill (SPM), a unit of SPMCIL, in Narmadapuram, and at the Bank Note Paper Mill India Private Limited (BRBNMPL), a joint venture between SPMCIL and BRBNMPL in Mysuru.