Will India Get Plastic Currency? RBI Weighs Polymer Notes to Fight Counterfeit Money

Despite the rapid growth of digital payments through systems like UPI, cash in circulation across the Indian economy has continuously expanded. However, this sustained dependence on physical paper money brings persistent security challenges. Recent annual data from the Reserve Bank of India (RBI) reveals a notable surge in counterfeit currency detections within the banking system, driven primarily by fake ₹500 and ₹200 denomination notes.