₹10 and ₹20 notes may be the first polymer currency as RBI's printing arm invites global bids: Report

The Reserve Bank of India's currency printing arm on Friday invited global bids from manufacturers to supply polymer substrate sheets embedded with security features that will be used to print Indian banknotes at its own presses as well as that of Security Printing and Minting Corporation of India.

Interested companies have until August 18, 2026 to submit their bids, according to a report by Bloomberg News.

This development comes shortly after RBI Governor Sanjay Malhotra said last month that polymer banknotes are under consideration, but only at a preliminary stage. The move marks the clearest step yet towards introducing plastic currency that could eventually replace some paper notes.

What does India seek to manufacture polymer banknotes?

The initial requirement is for around 68,000 reams of biaxially oriented polypropylene (BOPP)-based substrate, split across two denominations. Each ream will consist of 500 sheets.

Bharatiya Reserve Bank Note Mudran Pvt Ltd (BRBNMPL) said that if the field trials are successful, it intends to procure larger quantities of the material for additional denominations through future tenders.

The material must carry several security features, including a clear window with portrait, metallic numeral, magnetic pseudo thread, shadow image and iridescent pattern, suitable for printing at BRBNMPL and SPMCIL presses.

First polymer notes likely in lower denominations

The first polymer notes are likely to be introduced in the lower denominations of ₹10 and ₹20, ANI reported, citing sources familiar of the matter.

They also told the news agency that the banknotes will be printed using specially formulated security ink designed to meet the country's security requirements.

RBI printer imposes strict security norms on bidders

The expression of interest (EOI) released by the RBI currency printer on Friday for the bidding process lays down strict national security conditions for the participants. Some conditions include:

• Companies must ensure their operations in China or Pakistan are firewalled from any India-linked business.
• They must also not source raw material from either country, and must not deploy personnel who have worked in China or Pakistan in any capacity.
• Entities from countries sharing a land border with India must be registered with the DPIIT's Registration Committee to be eligible.

BRBNMPL said the current requirement is only an immediate one, and a larger procurement across multiple denominations is likely to follow in subsequent tenders once field trials of the material prove successful, ANI reported.

Who can participate in the bidding process?

Both domestic and global bidders, including technology collaborators, joint venture partners or subsidiaries, must have at least three years of experience in supplying polymer substrate with security features to a central bank or banknote and security printing organisation.

They must also offer a minimum of 20,400 reams (30% of the indicative quantity) to qualify for the requirement.

Applicants are also required to submit at least 10 sample polymer sheets for laboratory testing, certified free of animal tallow or DNA content, along with proof of financial net worth, manufacturing capacity and security clearance eligibility, the news agency reported.