The apex bank has been pursuing a national strategy on financial inclusion, said official.Kolkata:With country's GDP increasing in quantitative terms, there could be need for more currency in economy, a Reserve Bank of India official said on Thursday.
Following demonetisation in November 2016, when government junked high value currency notes of denominations 500 and 1,000, there was a shrinkage in currency in system.
Now, with growth in Gross Domestic Product (GDP), "there may be a need for more currency in system," RBI official said during an interactive session here.Post-demonetisation, government re-introduced Rs 500 bank note but Rs 1,000 currency note was discontinued.
However, RBI introduced bank notes of denomination 2,000 during period.
The central bank official said there has been a decline in counterfeit notes and whatever is in circulation at present is "very crude counterfeiting".
"The bank will also be issuing more security features in currency for which pre-qualification bid notice has been floated," he said.
Regarding non-banking finance companies (NBFCs), another official said that RBI would appoint an ombudsman for deposit-taking NBFCs, with addition of a digital ombudsman.
The apex bank has been pursuing a national strategy on financial inclusion, he said.