UFlex and Spectra Systems Bid for India's Polymer Banknote Program
UFlex, an Indian flexible packaging company based in Noida, has joined forces with US-based Spectra Systems to bid for India's proposed polymer banknote program. The initiative, spearheaded by Bharatiya Reserve Bank Note Mudran Pvt Ltd (BRBNMPL), a subsidiary of the Reserve Bank of India (RBI), aims to enhance the durability and cost efficiency of lower-denomination currency notes, particularly the ₹10 and ₹20 denominations.
The tender, issued on 17 July with a deadline of 18 August for expressions of interest, seeks 68,000 reams of biaxially oriented polypropylene (BOPP) film, evenly divided between the two denominations. The film must be coated with pacifying ink and finished with an anti-static coating to ensure optimal printing and ink adhesion. UFlex and Spectra Systems have submitted a joint proposal, combining UFlex's polymer manufacturing expertise with Spectra Systems' banknote authentication and security technologies.
In a Lok Sabha reply on 27 July, Minister of State for Finance Pankaj Chaudhary confirmed that the RBI had proposed the issuance of one billion pieces each of ₹10 and ₹20 polymer notes for field trials, pending government approval. The introduction of polymer notes is still in its preliminary stages, and any impact on digital payments will only be assessed after regular issuance begins. The program is expected to involve technical evaluations and testing of substrate samples before larger procurement decisions are made.
The RBI targets circulation of polymer notes from the start of FY28, subject to successful testing and operational assessments. Governor Sanjay Malhotra had previously stated that the central bank would test the notes under Indian climatic, usage, and infrastructure conditions before deciding on a wider rollout. The push for polymer notes aims to improve durability, as they typically last three to four times longer than conventional paper notes and resist water and dirt. The move also seeks to expand India's currency printing capacity as cash requirements grow.