RBI for 100% self-sufficiency in banknote manufacturing

Reserve Bank of India Governor Shaktikanta Das on Monday stressed on achieving 100 per cent self-sufficiency in banknote manufacturing in the near future.

He was speaking after dedicating Varnika, the ink manufacturing unit of Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), to the nation in Mysuru.

BRBNMPL, a wholly-owned subsidiary of the RBI, has set up Varnika with an annual ink manufacturing capacity of 1,500 MT to enhance the security of banknotes.

It is a boost to 'Make in India' initiative and it ensures that the entire requirement of banknote printing inks is produced in-house, the RBI said in a statement.

In his address, the governor recognised the substantial progress made towards achieving self-reliance in banknote production ecosystem in India.

He emphasised the importance of continuously building capacity (in terms people, process, and technology), research and development and innovation to achieve 100 per cent self-sufficiency in banknote manufacturing in the near future.

Varnika also manufactures Colour Shift Intaglio Ink (CSII) and meets the entire requirements of banknote printing presses in India, which has resulted in cost efficiency and self-sufficiency in banknote ink production.

Further, commissioning of varnish plant for manufacturing different types of varnishes and production of medium and special additives indigenously in-house has helped the currency ecosystem in achieving twofold goals of cost efficiency and reduced import dependency, the RBI said.

"This is in line with India's march towards achieving complete self-reliance to commence manufacturing of all critical and key raw materials used in printing banknotes," it said.

Das also laid the foundation stone for the establishment of a Learning and Development Centre (LDC) of the Bharatiya Reserve Bank Note Mudran Private Limited BRBNMPL in Mysuru.

Speaking at the event, Das highlighted the importance of setting up such a centre which will facilitate human resource capacity building in the currency production ecosystem of the country and emerge as a global centre of excellence.

RBI said LDC is being established with active collaboration from Security Printing and Minting Corporation of India (SPMCIL), and Bank Note Paper Mill India private Limited (BNPMIPL).

LDC will act as a forum for robust knowledge dissemination, thus ensuring that the best practices, experiences, and innovations are shared efficiently in a congenial environment to ensure uniformity in banknote production, quality and supply.

This centre will be governed by BRBNMPL.