1. The issue of good and clean banknotes in adequate quantity, as the sole issuer of notes, and management of currency is one of the core [functions](https://rbi.org.in/scripts/PublicationsView.aspx?Id=18086#CH14:~:text=Chapter%2014%3A%20Currency%20Management) of the Reserve Bank of India.
2. The [department]((https://rbi.org.in/commonman/English/scripts/deptofcm.aspx) of currency management has the responsibility of administering the functions of currency management.
1. Shri Sanjeev Prakash is Chief General Manager-[in-Charge](https://www.rbi.org.in/commonman/english/Scripts/Departments.aspx#:~:text=Manager%2Din%2DCharge-,Department%20of%20Currency%20Management,-Reserve%20Bank%20of) as on October 28, 2025.
2. It is part of the [portfolio](https://www.rbi.org.in/commonman/english/Scripts/Departments.aspx#DCM:~:text=Deputy%20Governors-,Portfolios,-Telephone) of Shri T. Rabi Sankar, deputy governor as on October 28, 2025.
3. It is enshrined in the preamble to the RBI Act, 1934 as _“…to regulate the issue of Bank Notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage.
4. The [mandate](Department of Currency Management) here is :
1. to protect the integrity of banknotes through new design and security features,
2. estimate the demand for banknotes and coins,
3. plan the supply and distribution of adequate quantity of banknotes and coins and
4. ensure quality of banknotes in circulation by timely withdrawal of soiled banknotes.
5. maintain confidence in currency through improvement in systems / procedures and by raising public awareness by enlisting support from all associated with the design, production and supply of banknotes.
5. Currency management function entails a certain degree of reputational risk for the central bank. This is because people expect the central bank to provide the ease of continuous access and quality of notes in their possession.
6. Section 33 of the RBI Act, 1934 - In terms of Section 33 of the RBI Act, 1934, all banknotes issued by RBI are backed by assets such as gold coin, gold bullion, foreign securities, rupee coin and rupee securities.
7. **High cash-in-circulation to GDP ratio:** The value of notes in circulation in the country has increased from about ₹172 crore in 1935 to more than ₹7 lakh crore in 2009, to ₹12.468 lakh crore as on December 31, 2013, to about ₹36,87,827.04 as on 31-March-2025.
1. However, the large numbers in India present a unique situation as compared to other countries
2. Globally, the cash in circulation to GDP ratio has ranged from 2.5% to 8% whereas in India it has been around 13% (at least till the end of year 2013) due to the predominant usage of cash by a majority of the population. It was 12 per cent in 1951.
3. As on March 31, 2025, the ratio for cash in circulation to GDP ratio as on 31st-March-2025 is estimated to be around 11.14%. India's estimated Nominal GDP for 2024-25 was estimated at ₹330.68 lakh crore (at current prices).
4. Despite several innovations in the field of payment and settlement leading to the increased use of technology-driven non-cash modes of payments/e-currency/virtual currency-bit coins, etc., common people in our country, as indeed in many other developing countries, still use paper currency for their routine financial transactions.
8. **Volume:**
1. The total banknotes (₹2 and above) in circulation is at *155.07 billion pieces* as on March 31, 2025.
2. It has increased from 124 million pieces in 1935 to more than 51 billion pieces in 2009, to 76.47 billion pieces as on December 31, 2013.
3. In fact, after China, India is the largest producer and consumer of currency notes.
## History
*This section is an excerpt of a speech 'Some Issues in Currency Management' by ex-RBI governor Duvvuri Subbarao. [^2]*
1. Currency/bank notes are among the most mass-produced commodities in the world.
2. The genesis of paper money is generally attributed to the token money that evolved around the 10th century in China.
3. In India, the enthusiastic experiment by Muhammed Bin Tughlaq in the 14th century to issue token money and replace silver taka with copper, though a genuine monetary experiment, ended in disaster.
4. Use of paper money started in the West in the (1650 AD) 17th century.
5. However, paper currency did not catch on in India because of the political turmoil following the collapse of Mughal Empire in the 17th century.
6. ==Early currency in the form of ‘I owe you / promissory notes’ issued by banks or royal courts made appearance in India only in late 18th century.==
1. Among the early issuer of bank notes in India were Bank of Hindostan (1770-1832), the General Bank of Bengal and Behar (1773-75), the Bengal Bank (1784-91), the Commercial Bank, etc.
2. Use of bank notes, however, became widespread only after the semi-government Presidency Banks started issuing notes, notably the Bank of Bengal which was established in 1806. These banks were established under a Government Charter and were required to observe some prudential norms like cash reserve, maximum exposure limit, limit for note issue, etc.
7. ==Use of official Government of India paper currency commenced in 1861 with the enactment of the Paper Currency Act. ==
8. The management of currency across the Indian sub-continent was evidently a huge task, requiring creation of currency circles. The Presidency banks were made agents for issue and redemption. In 1913, the Office of Controller of Currency was established replacing the Currency Department in the Government.
9. In 1935, Reserve Bank of India was created which took over the function of note issue from the Controller of Currency. Thus until the creation of RBI through the enactment of the Reserve Bank of India Act, 1934, the Government of India handled currency printing.
10. Indian currency notes were printed in England till late 1920s.
11. ==Recognizing that production of currency notes is a strategically important activity, the then Government of India set up a currency printing press at Nashik in Maharashtra in 1928.== It became a unit of Security Printing and Minting Corporation of India Limited [(SPMCIL)](https://www.spmcil.com/en/) during corporatization in 2006. It is wholly owned government-of-India company.
12. This was followed by the setting up of another press at Dewas in Madhya Pradesh nearly fifty years later in 1975.
13. Meanwhile, in 1967, a security paper mill with a capacity of 1500 metric tonnes per year was established at Hoshangabad in MP.
14. By the late 1980s, the demand for currency notes exceeded the capacity of the two Government note presses.
15. In 1997-98, the Government of India, as a [one-time measure](https://indianbanknote.blogspot.com/2016/04/the-import-of-currency.html), issued orders through the Reserve Bank of India to import a quantity of 3,600 million notes printed by German, Canadian, American, French and British companies. [^4]
16. However this move was met with criticism in the country.
17. To meet the demand-supply gap, at the instance of Government of India, the Reserve Bank established, in 1996, two currency presses - this one here in Mysore and the other at Salboni in West Bengal. These were set up through a wholly owned subsidiary of RBI viz. the Bharatiya Reserve Bank Note Mudran Pvt. Ltd. (BRBNMPL).
18. By 1999, the BRBNMPL’s these two new presses started working to their full capacity making the country self reliant once again in currency note printing. They are different from currency chests.
19. Thus, as of 2025, 4 banknote presses, two owned by govt. of India, and other two by RBI, produce banknotes in India.
>Must Read - [Chapter 9 - Currency Management](RBI_History%20of%20The%20Reserve%20Bank%20of%20India%20(1997-2008)_Volume%20V.pdf#page=368&selection=8,0,8,42) in History of The Reserve Bank of India (1997-2008)-Volume V
## Production of Notes & Coins
1. This [page](https://rbi.org.in/CommonPerson/english/scripts/FAQs.aspx?Id=3158) on RBI's website has information about production of notes and coins in India.
2. ==The [chapter 14](https://rbi.org.in/scripts/PublicationsView.aspx?Id=18086#CH14:~:text=Chapter%2014%3A%20Currency%20Management): Currency Management (in RBI's Functions and Working) has detailed notes on currency management by RBI.==
## ==Major Challenges==
### 1. Quality of Notes:
1. A banknote paper must be such that it can resist dirt and moisture without compromising on security, thereby ensuring improvement in the life and quality (longevity) of the banknotes. For this, more investment in research and development efforts are required by the vendors.
1. **RBI's Clean Note Policy-1999:** In this context, let us discuss about this policy
1. In 1999, after sufficient printing capacity has been firmly established, the Reserve Bank adopted the ‘[Clean Note Policy](https://www.rbi.org.in/scripts/PublicationsView.aspx?Id=5907)’ for circulation of fairly good quality banknotes and withdrawal of unfit/soiled banknotes from circulation and their destruction.
2. The relevant master circular is '*Master Circular – Facility for Exchange of Notes and Coins'*.
3. RBI then mechanized the process of note sorting/processing and destruction of unfit notes starting in 2000-01.
4. **Discontinuation of stapling of notes:** Recognizing that the practice of stapling of notes was resulting in disfiguration of notes, impeding machine processing and reducing their longevity, RBI issued a directive to banks under Section 35A of the Banking Regulation Act to stop stapling of currency notes and instead secure them with paper bands.
5. RBI advised banks to sort notes into re-issuable and non issuable categories and reissue only clean notes to the public.
6. Finally, RBI launched an awareness campaign exhorting public to desist from writing on the watermark window of the notes or folding or stapling the notes.
7. As part of the mechanization and systems improvement drive, RBI installed high speed currency verification and processing machines, shredding and briquetting machines in many offices across the country.
8. RBI also advised bank branches with currency chests to equip all their chests with Note Sorting Machines and to ensure that only clean notes are reissued to the public over the counter and through ATMs.
9. Benefits:
1. The above efforts resulted in credible improvements.
2. In the two year period between September 2007 and September 2009, the accumulation of soiled notes at currency chests and issue offices has been brought down from 190 days of processing capacity to 68 days.
3. Fresh notes issued to currency chests and the public increased from 10.7 billion pieces in 2006/07 to 13.8 billion pieces in 2008/09.
2. **Fake Notes:**
1. Banks do not put cash receipts in the denominations of Rs100 and above into re-circulation without being machine processed for authenticity.
2. Counterfeit notes detected by banks are duly impounded and reported by following the prescribed procedure.
### 2. Withdrawal
1. **Huge volume of withdrawal:**
1. RBI in India, withdraws more number of banknotes from circulation than the number of banknotes collectively produced by all countries taken together with the exception of China ([[Currency Management#References|Chakrabarty, 2014]]). <span style="color:red;">In fact, we are constrained to withdraw over 75% of all notes. This data is found in the currency management section of the RBI's annual report. One can create table of total notes printed vs withdrawn.</span>
2. Such massive withdrawal of banknotes from circulation means additional cost for printing of fresh notes.
3. It also leads to additional requirement of various resources used in production of banknotes.
4. If notes are durable, wastage will be reduced, resources will be used in a sustainable manner, thereby ensuring that the environmental footprint of our currency management operations is minimised.
5. Here quality of lower denomination notes, especially Rs10, continues to be a cause for concern, possibly due to reluctance/constraints on the part of banks to mop up such notes from circulation.
6. The disposal of soiled notes increased from 7.3 billion pieces to 11.9 billion pieces in the two year period between September 2007 and September 2009
2. **Processing of soiled notes:**
1. Mechanization of soiled note processing while augmenting capacity has also thrown up new challenges like
1. ensuring standardisation of machine parameters,
2. slow progress in improvement in processing capacity by commercial banks
3. security risks on account of manual intervention.
### 3. Distribution
1. In a country like India having an area of approximately 3.3 mn sq. km. and a population of more than 1.2 billion, reaching the currency to the end users in far flung areas dotted with difficult terrains, poses an enormous challenge.
1. As on December 31, 2013, there is a network of 110,520 commercial bank branches and 137,080 ATMs and the notes in circulation were approximately 76.47 billion pieces while the coins in circulation were around 89.91 billion pieces.
2. As on March 31, 2025, there is a network of 1,64,225 [^1] commercial bank branches and about 2,19,669 ATMs, and the notes in circulation were approximately 155 billion pieces.
2. The task here is improving operational efficiency in distribution of notes, providing security in transit /storage, last mile connectivity at reasonable cost, ensuring adequacy and equity in distribution and repositioning RBI as an upstream facilitator in the fresh note/coin supply chain, rather than as a retailer with limited reach, along with controlling cost of handling activities.
3. **Infrastructure:**
1. The functions relating to issuance of currency (i.e., banknotes and coins) and their management are performed by the Reserve Bank through its 19 issue offices, 2,689 currency chests and 2,299 small coin depots across the country.
2. As on March 31, 2025, State Bank of India accounted for the highest share of currency chests ([Table VIII.4](https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1438#TVIII4)).
3. The primary responsibility for reaching currency to the banks rests with RBI because of the currency management structure, despite the large number of currency chests (extended arms of RBI’s Issue Department).
4. Every year, based on the Bank’s indent for banknotes and coins, the Printing Presses (BRBNMPL and SPMCIL) and Mints (four mints owned by SPMCIL) dispatch notes and coins to the RBI offices.
5. From the RBI offices, the notes and coins are remitted to currency chests operated by commercial banks. The central bank arranges for transport and police escort for transfer of treasure and bears all the expenditure related to it unlike other countries where the commercial banks are responsible for transport of cash. Thus, distribution of cash in India is the primary responsibility of the central bank.
6. The treasure held in the currency chests is the property of the central bank and is subject to audit/verification. Any withdrawal or deposit in the currency chest by the bank holding the chest is reflected as debit/credit in the bank’s account held with RBI.
1. To facilitate the distribution of banknotes and rupee coins, the Reserve Bank has authorised select scheduled banks to establish currency chests. These designated branches act like extended arm of the issue department of RBI.
2. They are storehouses where banknotes and rupee coins are stocked on behalf of the Reserve Bank for distribution to bank branches in their area of operation.
3. As on February 28, 2025, there were 2691 currency chests.
7. To improve last mile connectivity, we have decided to involve private entrepreneurs in the distribution function. The Cash-in Transit (CIT) companies/[Business Correspondents](Business%20Correspondents.md) (BCs) have been allowed to transport coin and banknotes, including packaging, sorting and delivery to banks’ customers and for retrieval. Banks, including urban co-operative banks and regional rural banks, are also being involved to ensure that last mile delivery of cash related services penetrates throughout the country.
8. RBI also started a pilot exercise in 2014 under the [lead bank scheme](https://rbi.org.in/Scripts/BS_ViewMasCirculardetails.aspx?id=12808) for currency management and intend to upscale it going forward, based on the experience gained.
9. RBI has also adopted direct emittance of banknotes from Banknote Printing Presses to the commercial banks instead of routing them through RBI Issue offices to save time, efforts and resources.
### 4. Forecasting demand for currency
1. The demand for notes and coins is subject to diverse socio-economic, behavioural and other often unpredictable factors.
2. At present, the system poses considerable difficulties in capturing the structural and cyclical demands for currency and projecting demand with precision.
3. It is a challenging one and can be subject to large variations.
### 5. Security:
1. **Forged Notes:**
1. Counterfeiting of money is almost as old as printing of currency.
2. It was in 1650 AD that paper money was developed and counterfeiting flourished, especially within America where counterfeit money was more common than genuine money. At some period in history, it was considered treasonous enough to warrant punishment by death.
3. **Data:** [^2]
1. At home here in India, fake notes reported as detected by banks and fake notes found in remittances received by RBI during 2008-09 amounted to eight per one million notes in circulation.The data however does not include the counterfeits that are seized by police
2. While in Australia, counterfeit notes detected were around seven pieces per million notes in circulation (2008-09),
3. In Canada it was 76 in 2008.
4. In New Zealand, the number was a low of 0.71 counterfeits per million notes in circulation (2008-09), whereas
5. In Switzerland it was ten.
6. As for the euro, there was roughly about one counterfeit per 14,600 bank notes in circulation (2008).
7. The above data shows that, by an international metric, the incidence of counterfeit notes in India is not alarming
4. *Advent of color copiers:* However, it was the advent of colour copiers and other electronic devices in late twentieth century that made counterfeiting easier.
5. **Measures by RBI to reduce counterfeiting of money:**
1. Governments are also tightening measures to check counterfeiting, apprehend counterfeiters and impose deterrent and harsher punishments.
1. In India, the Unlawful Activities (Prevention) Act, 1967 criminalises production or smuggling or circulation of fake notes, coin or any other material as a terrorist act.
2. Changing the designs and security features of notes to stay ahead in the fierce race with counterfeiters.
3. Awareness and publicity campaigns
4. Augmenting the security features. Non disruptive withdrawal of notes in old series by replacement with notes in new series.
5. Use of note sorting machines in all large cash handling branches in a phased manner so that all notes are sorted before reissuing to customers. To start with, all branches, where the daily average cash receipts are more than Rs. 1 crore, will have to do this by March 2010, and those where the daily average cash receipts are between Rs. 50 lakh and Rs. 1 crore, by March 2011.
6. Installation of note sorting machines at select non-chest bank branches (210) by RBI on a mix of criteria viz. volume of cash handling, counterfeit detection and proximity to international border.
7. ATMs to be equipped with sensors for detecting counterfeit notes. Till then, banks are to ensure that the ATMs are filled only with notes that have been sorted through Sorting Machines.
8. Creation of Forged Notes Vigilance Cells in banks.
9. Formation of security committees in each state including representatives of police, banks, etc. to deal with the problem of counterfeiting.
10. Strengthening security systems at currency chests and more intensive supervision of chests by RBI.
6. **Role of Banks to reduce counterfeiting of money:**
1. RBI’s efforts at checking counterfeiting will be effective only if there are equally effective efforts by banks.
2. Banks should ensure that counterfeit notes are promptly detected once they enter the banking system, and that there is prompt and accurate reporting.
3. They should ensure that only clean and genuine notes are issued through their ATMs and over the counters.
7. **Role of Public:**
1. Enhanced public awareness will by far be the most effective deterrent to counterfeiting.
2. As currency notes are an integral part of our daily life, we, as users, should understand the various security features of the notes. These features are prominent, and can be easily identified.
### 6. Cost
1. The aim is to eventually bringing down the cost of printing of banknotes for the society as a whole.
2. 18. The currency production costs in our country have been substantial over the years. We in RBI have incurred an expenditure of ` 23.76 billion in 2010-11, ` 27.36 billion in 2011-12 and ` 28.72 billion in 2012-13 on this activity.
3. The two note printing presses, BRBNMPL and SPMCIL, exhibit an increasing trend in their overall expenses with the cost of paper and ink contributing significantly in the overall costs.
4. Additionally, RBI also has to incur expenses for acquisition, upgradation and overhaul of its CVPS machines and 28 SBS (Shredding and Briquetting system) machines employed for destruction of soiled notes.
### 7. Reputational Risk for RBI
1. The issue of shortage/ ‘perceived’ shortage of coins and the lack of understanding on the exact role of the central bank in its distribution, can evolve into a reputational risk for RBI.
2. <span style="background-color: #f1ffae">It needs to be understood that while the responsibility for issue of coins is that of the Government of India (GoI), RBI’s role is restricted to putting into circulation the coins received by it.</span>
3. Then, there are issues arising out of similar shapes and sizes of coins of different denominations.
### 8. Raw Material for Banknotes
1. Until recently, India imported raw materials for its presses.
1. This kept us exposed to vulnerabilities of a suppliers market in terms of price, quantity and timelines, something that India wanted to avoid or at any rate minimize.
2. By 1999 the entire requirement of the country’s currency needs is printed within the country. However raw materials were imported.
2. <span style="background-color: #ecf9ee">As of 2025, India does not import any raw material for its currency notes.</span>
1. *With persistent efforts, all the primary raw materials used for the production of banknotes, i.e., banknote paper, all types (4) of inks (offset, numbering, intaglio and colour-shifting intaglio ink) and all other security features are now being procured from domestic sources.* [^3]
2. The entire requirement of the country’s currency needs is printed within the country.
3. Before domestic manufacturing increased, the main foreign supplier of ink was SICPA, a Swiss company that provides security inks to many countries.
3. RBI established its own ink manufacturing unit called Varnika in Mysuru in March 2022. This initiative, run by Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), a wholly owned subsidiary by RBI which owns two of the four banknote presses in India, produces printing inks for the entire requirement of high-security banknotes.
4. The proposed paper mill is a joint venture between the Bharatiya Reserve Bank Note Mudran Private Ltd. (BRBNMPL) and the Security Printing and Minting Corporation of India Ltd. (SPMCIL), the two agencies which are collectively responsible for printing of all currency notes in the country.
>==Automation of Banknote Handling Process in RBI's Annual Report-2021==
## Initiatives in 2024-25:
Few initiatives by RBI in 2024-25 are:
1. *Awareness Campaign on Coins*-During the year, the Reserve Bank conducted awareness campaigns through digital media, social media and All India Radio (AIR) to increase awareness about coins among members of the public.
2. *MANI*-The Reserve Bank also conducted awareness campaign for the visually impaired through AIR about Mobile Aided Note Identifier (MANI) App which facilitates identification of denomination of Indian banknotes.
3. *Exchange Facility for Soiled Banknotes*-Further, print, digital and social media campaigns were organised for creating awareness on exchange facility for soiled notes
## Agenda of the department (2024-25)
1. The following agendas of the department have been mentioned in the *Annual Report of the RBI 2024-25/Part II :The Working and Operations of The Reserve Bank of India/Currency Management.*
2. The department had set out the following goals for 2024-25:
- Carrying forward the project on modernisation of the currency management infrastructure
- Exploring more sustainable and eco-friendly disposal of currency note briquettes ;
- Fine-tuning policies and initiating measures for improving delivery of banknotes/coins to members of the public; and
- Implementation of technical standards issued by BIS for NSMs used by banks across the country.
3. For 2025-26, the department will focus on the following:
- Carrying forward the project on modernisation of the currency management infrastructure;
- Strengthening the integrity of Indian banknotes through introduction of new/ upgraded security features;
- Installation and commencement of operation of new SBS machines;
- Capacity augmentation for processing of banknotes; and
- Understanding the payment behaviour of the public through survey.
## CBDC
1. Apart from Banknotes and coins, a digital form of currency notes is also issued by some central banks. It is called Central Bank Digital Currency (CBDC), and in India, it is referred to as ₹ (digital Rupee)
2. A short note on [Central Bank Digital Currency (CBDC)](Central%20Bank%20Digital%20Currency%20(CBDC).md)
## FAQs
1. ==Basics of Indian Currency/Currency Management==. [Link](https://rbi.org.in/CommonPerson/english/scripts/FAQs.aspx?Id=3158)
2. [Digital Rupee (e₹)](https://www.rbi.org.in/commonman/english/Scripts/FAQs.aspx?Id=3686)
## Boxes (Articles) in Annual Reports
[Link](Boxes%20in%20Annual%20Reports.md)
1. 2001 - Overt Security Features in Indian Bank Notes
2. 2002 - Currency Verification and Processing Systems
3. 2003 - Non-stapling of Notes
4. 2003 - New Security Features in Bank Notes
5. 2003 - Phasing out of Ashoka Pillar Series Notes
6. 2005 - Growth of ATMs and Demand for Higher Denomination Banknotes
7. 2005 - Security Features in Banknotes
8. 2006 - Introduction of Star Series of Banknotes
9. 2006 - Automation in Currency Chests
10. 2006 - ISO Certification on Currency Management and Banking Services
11. 2007 - Printing Cost of Banknotes
12. 2008 - Non-sequential Numbering of Banknotes
13. 2009 - Steps taken by the Reserve Bank to curb currency counterfeiting
14. 2010 - Procedure for Dealing With Counterfeit Currency
15. 2011 -Determinants of Currency Demand – What Caused the Shift in Trend?
16. 2011 - Procedure for Dealing with Counterfeit Currency
17. 2012 - Demand for coins
18. 2013 - Plastic Banknotes
19. 2015 - Efforts for Indigenisation of Currency Printing
20. 2016 - Banknotes: New Numbering Pattern and Visually Impaired-Friendly
21. 2016 - Currency Demand in India
22. 2017 - Survey-Based Estimation of Fake Indian Currency Notes (FICNs)
23. 2018 - Cryptocurrency: Evolving Challenges
24. 2018 - Committees on Currency Movement
25. 2023 - Currency Demand Paradox in India
26. 2024 - Survey on the Usage of Coins and Banknotes
27. 2025 - Sustainable Use of Banknote Shreds/Briquettes
## Directions
1. April 1, 2026 - [Master Direction – Facility for Exchange of Notes and Coins](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=13362)
2. April 1, 2026 - [Master Direction on Counterfeit Notes – Detection, Reporting and Monitoring](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=13361#MD)
3. April 1, 2026 - [Master Direction on Incentives for Currency Distribution and Exchange and Penalties / Penal Provisions for Bank Branches and Currency Chests for Deficiency in Rendering Customer Service and Reporting of Transactions / Balances](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=13360)
## Related Notes
1. [[Reserve Money]]
## Related Data Releases
1. ==[Currency in Circulation-Weekly](https://www.rbi.org.in/Scripts/BS_CurrencyCirculationDetails.aspx)==
2. [Disposal of Soiled Bank-Monthly](noteshttps://www.rbi.org.in/Scripts/BS_DisposalSoiledBanknotesDetails.aspx)
3. [State wise and Region wise Deployment of ATMs-Quarterly](https://rbi.org.in/Scripts/StateRegionATMView.aspx)
4. [DBIE - Statistical Tables Relating to Banks in India > Other Tables-Annual](https://data.rbi.org.in/DBIE/#/dbie/reports/Publication/Time-Series%20Publications/Statistical%20Tables%20Relating%20to%20Banks%20in%20India/Other%20Tables)
5. [Annual Report of the RBI->Part II :The Working and Operations of The Reserve Bank of India->Currency Management-Annual](https://www.rbi.org.in/Scripts/AnnualReportMainDisplay.aspx)
6. [Report on Trend and Progress of Banking in India-Annual](https://www.rbi.org.in/Scripts/AnnualPublications.aspx?head=Trend%20and%20Progress%20of%20Banking%20in%20India)
## References
1. RBI. (Aug 21, 2003). ==Recent Technological Developments in Indian Banking (Currency Management)==. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=135) | [ppt](External_Recent%20Technological%20Developments%20in%20Indian%20Banking_Currency%20Management_2003.ppt)
2. RBI. (Dec 29, 2003). ==Reserve Bank’s Clean Note Policy : An Overview Clean Note Policy==. [Link](https://www.rbi.org.in/scripts/PublicationsView.aspx?Id=5907)
3. RBI. (May 29, 2004). ==Action Taken Report on Tarapore Committee Recommendations on Currency Management (Report)==. [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=388)
4. Duvvuri Subbarao. (2010, Mar 22). ==Some Issues in Currency Management==. (Remarks by Dr. D. Subbarao, Governor, Reserve Bank of India, at the Foundation Stone laying function for the Bank Note Paper Mill at Mysore on March 22, 2010). [Link](https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=11107#ST1)
5. K. C. Chakrabarty. (May 12, 2014). ==Currency Management in India: Issues and Challenges (Speech)==. RBI. [Link](https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=14900) | [pdf](RBI_Speech_20140408_Currency%20Management%20in%20India-%20Issues%20and%20Challenges_RBI_2014_KC%20Chakrabarty.pdf)
6. Razack, R. (April 19, 2016). The Import Of Currency (Blog post). Indian Banknote. [Link](https://indianbanknote.blogspot.com/2016/04/the-import-of-currency.html)
7. RBI. (Jan 17, 2018). ==RBI reiterates legal tender status of ₹ 10 coins of different designs (Press Release)==. [Link](https://www.rbi.org.in/commonman/english/scripts/PressReleases.aspx?Id=2499)
8. RBI. (Aug 07, 2020). ==Chapter 14: Currency Management (in RBI's Functions and Working)==. [Link](https://rbi.org.in/scripts/PublicationsView.aspx?Id=18086#CH14:~:text=Chapter%2014%3A%20Currency%20Management) | [pdf](RBI_RBI's%20Functions%20and%20Working_2020.pdf)
9. RBI. (March, 2025). ==State wise and Region wise Deployment Of ATMs as on March 31, 2025==. (Data Release). [Link](https://rbi.org.in/Scripts/StateRegionATMView.aspx) | [pdf](State-wise:region-wise%20ATMs_RBI_March%2031,%202025.pdf)
10. RBI. (April 01, 2025). ==Master Direction - Facility for Exchange of Notes and Coins==. [Link](https://rbi.org.in/scripts/NotificationUser.aspx?Mode=0&Id=12818)
11. RBI. (May 29, 2025). ==Annual Report of the RBI 2024-25/Part II :The Working and Operations of The Reserve Bank of India/Currency Management ==(Data Release). [Link](https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?year=2025) | [pdf](Annual%20Report_2024-25_RBI.pdf)
12. RBI. FAQs on ==Basics of Indian Currency/Currency Management==. [Link](https://rbi.org.in/CommonPerson/english/scripts/FAQs.aspx?Id=3158)
13. RBI. List of Departments. [Link](https://www.rbi.org.in/commonman/english/Scripts/Departments.aspx#DCM)
14. RBI. Organisation Structure. [Link](https://www.rbi.org.in/commonperson/English/Scripts/OrgStructure.aspx)
15. RBI. Portfolios of Deputy Governors. [Link](https://www.rbi.org.in/commonman/english/Scripts/Departments.aspx#DCM:~:text=rbi.org.in-,Deputy%20Governors,-Portfolios)
16. RBI. The Coinage Act, 2011. [Link](https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/COIN281114.pdf) | [pdf](Act_The%20Coinage%20Act,%202011.pdf)
[^1]: Website -Database on Indian Economy. Keyword - Population Group-Wise Number of Branches of Scheduled Commercial Banks
[^2]: Duvvuri Subbarao. (Mar 22, 2010). Some Issues in Currency Management. (Remarks by Dr. D. Subbarao, Governor, Reserve Bank of India, at the Foundation Stone laying function for the Bank Note Paper Mill at Mysore on March 22, 2010). [Link](https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=11107#ST1)
[^3]: RBI. (2025, May 29). Annual Report of the RBI 2024-25/Part II :The Working and Operations of The Reserve Bank of India/Currency Management (Data Release) [Link](https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?year=2025) | [pdf](app://obsidian.md/Annual%20Report%20RBI_2024-25.pdf)
[^4]: Page 338-History of The Reserve Bank of India (1997-2008) | [pdf](RBI_History%20of%20The%20Reserve%20Bank%20of%20India%20(1997-2008)_Volume%20V.pdf#page=370&selection=15,0,17,65)