While delivering a keynote address at ‘Focus Group Discussion: Global Cash Management, 2026’ organised by the Bank Indonesia in Jakarta, RBI Deputy Governor Shirish Chandra Murmu stated that cash remains crucial to the Indian economy and how trust in the currency must be preserved. The keynote address also had contributions from Sanjeev Prakash, Chief General Manager, and Hema Chatterjee, General Manager, Reserve Bank of India.
While highlighting the current challenges and roadmap, the address stated the cash paradox, note durability and sustainability, “Currency in circulation continues to grow at double-digit rates even as cash’s share of individual transactions declines, thanks to growing digital payment adoption. That combination makes future demand harder to predict, which complicates our planning for production and distribution capacity. If any of you have found a good way to model this tension, I would genuinely like to hear it during our discussion. Second, note durability. We are exploring ways to extend the life of banknotes, including surface coatings on the substrate, and polymer notes for lower denominations. Third, sustainability. We are working to reduce the carbon footprint of the cash cycle: optimising our distribution network for efficiency and moving up the value chain in how we dispose of banknote briquettes.”
The address ends with highlighting the need for clean notes, secure logistics, and a currency ecosystem people can rely on and states, “cash remains a significant
mode of payment in the Indian economy, and preserving trust in it, through clean notes, secure logistics, and a currency ecosystem people can rely on, is central to
preserving monetary sovereignty itself. That is a goal every one of us in this room shares, whatever mix of cash and digital payments our own economies settle into. Forums like this one matter precisely because they let us learn from each other’s practices rather than solve these problems in isolation.”
RBI Deputy Governor: Cash Remains Significant Mode Of Payment, Preserving Trust Is Key
