We seriously considered this alternative as far back as 2008 but our earlier attempts to introduce polymer notes ran into legal hurdles and we first had to change the applicable law before we could proceed – thus missing our chance to be the first in Africa.
As I write this Statement, polymer bank notes in three denominations of Rs25, Rs50 and Rs500 are circulating in parallel with paper bank notes. In the wake of the global financial crisis, banking has become a 24-hr operation. Banks are evolving in an extremely dynamic and competitive environment.