Central Banking

RBI to recall 15% of notes

According to central bank sources the Reserve Bank of India plans to take up to 15% of banknotes out of circulation as part of its clean note policy.

Source: Reuters

The Reserve Bank of India (RBI), as part of its 'clean note policy' drive, will withdraw 10-15 per cent of the currency notes in circulation and inject an equivalent quantum of mint-fresh notes every year, according to a senior central bank official.

"Of the 41 billion notes in circulation, around 10-15 per cent of the soiled notes