This was done in order to infuse technological efficiency and productivity in the sector and also to serve as a demonstration effect on existing banks. As many as ten new private banks are operating in India at present; foreign banks operating in India numbered over 30 at end-September 2005. Competition was encouraged among public sector banks also.
And the new notes with the new element seek to strengthen that sense of belonging and commitment to Europe. One of the main tasks of the central banks in the euro area is to ensure the integrity of euro banknotes. This means we have to steadily develop the notes to stay ahead of counterfeiters.