India Reopens Polymer Banknote Debate After More Than a Decade

According to sources, the Reserve Bank of India (RBI) has revived discussions about introducing polymer banknotes and is considering a pilot project for public circulation. The proposal was reportedly discussed at a recently held RBI board meeting. However, the RBI has not publicly announced such a programme, and no reference to polymer banknotes appears in its Annual Report for FY2025-26, released on 29 May 2026, covering the year ending 31 March 2026.