India must achieve 100% self-sufficiency in banknote making: RBI Governor

RBI Governor Shaktikanta Das stressed the importance of capacity building and innovation to achieve 100% self-sufficiency in banknote manufacturing in the near future.

Reserve Bank of India Governor Shaktikanta Das on Monday insisted on achieving 100 percent 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 of Mysuru.

BRBNMPL, a wholly owned subsidiary of RBI, established Varnika with an annual ink manufacturing capacity of 1,500 MT to enhance banknote security.

This is a boost for the “Make in India” initiative and ensures that all banknote printing ink requirements are produced in-house, the RBI said in a statement.

In his address, the Governor acknowledged the substantial progress made towards self-sufficiency in India’s banknote production ecosystem.

He stressed the importance of continuous capacity building (in terms of personnel, process and technology), research and development and innovation to achieve 100% self-sufficiency in banknote manufacturing in the future. close.

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

In addition, the commissioning of a varnish plant for the manufacture of different types of varnish and the production of medium and special additives in-house has helped the monetary ecosystem to achieve the dual objectives of profitability and reduction of the dependence on imports, the RBI said.

“This is in line with India’s march towards full self-reliance to commence manufacturing of all critical and essential raw materials used in printing banknotes,” he said.

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

Speaking at the event, Das stressed the importance of setting up such a center which will facilitate human resource capacity building in the country’s coinage ecosystem and emerge as a center of excellence. global.

RBI said that LDC is being established with the active collaboration of 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, ensuring that best practices, experiences and innovations are shared effectively in a user-friendly environment to ensure consistency in ticket production, quality and supply.

This center will be governed by the BRBNMPL.

Published on

March 28, 2022

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