India nears self-reliance in banknotes, says RBI governor

RBI governor Shaktikanta Das said that the country has made substantial progress in achieving self-sufficiency in the production of banknotes while launching a facility for manufacturing specialised currency ink.

The governor inaugurated Varnika, the ink manufacturing unit of Bharatiya Reserve Bank Note Mudran (BRBNMPL), a subsidiary of the central bank. He emphasised the importance of continuously building capacity, research & development and innovation to achieve 100% self-sufficiency in banknote manufacturing soon.

Varnika can manufacture 1,500 metric tonnes of specialised ink, which enhances the security features of banknotes. “It is a boost to the ‘Make in India’ initiative. It ensures that the entire requirement of banknote printing inks is produced in-house. This unit also manufactures Colour Shift Intaglio Ink (CSII) and meets all the requirements of banknote printing presses in India, which has resulted in cost-efficiency and self-sufficiency in banknote ink production,” the RBI said in a statement.