Reserve Bank of India (RBI) Governor Shaktikanta Das has emphasised the importance of building capacity to achieve 100% self-sufficiency in bank note manufacturing in the country.
Mr. Das was delivering an address after dedicating Varnika, the ink manufacturing unit of Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), a wholly owned subsidiary of RBI, to the nation in Mysuru on Monday.
He recognised the substantial progress made towards achieving self-reliance in bank note production eco-system in India while emphasising the importance of “continuously building capacity (in terms of people, process and technology), research and development and innovation to achieve 100% self-sufficiency in banknote manufacturing in the near future”.
A press statement from RBI said BRBNMPL has set up Varnika with an annual ink manufacturing capacity of 1,500 MT to enhance the security of banknotes. “It is a boost to ‘Make in India’ initiative. It ensures that the entire requirement of banknote printing inks is produced in-house”, the statement said.
“This unit also manufactures Colour Shift Intaglio Ink (CSII) and meets the entire requirements of bank note printing presses in India, which has resulted in cost efficiency and self-sufficiency in bank note ink production. Further, commissioning of varnish plant for manufacturing different types of varnishes and production of medium and special additives indigenously in-house has helped the currency eco-system in achieving two-fold goals of cost-efficiency and reduced import dependency”, the statement added.
This is in line with India’s march towards achieving complete self-reliance to commence manufacturing of all critical and key raw materials used in printing bank notes, the statement added.
Mr. Das also laid the foundation stone for establishment of a Learning and Development Centre (LDC) of BRBNMPL in Mysuru. Such a Centre will facilitate human resource capacity building in the currency production eco-system of the country and emerge as a global centre of excellence, he said.
“LDC is being established with active collaboration from Security Printing and Minting Corporation of India Limited (SPMCIL), a wholly owned Schedule ‘A’ Miniratna category-1 company of the Government of India and Bank Note Paper Mill India Private Limited (BNPMIPL), a joint venture of BRBNMPL and SPMCIL. LDC will act as a forum for robust knowledge dissemination, thus ensuring that the best practices, experiences and innovations are shared efficiently in a congenial environment to ensure uniformity in banknote production, quality and supply. This Centre will be governed by BRBNMPL”, the statement added.
The function was attended by executive director of RBI Jose K. Kattoor, MD of BRBNMPL Manas Ranjan Mohanty, MD of BNPMIPL K.G. Viswanathan, Government officials, senior officials from SBI, officers and staff of BRBNMPL and BNPMIPL.
