Security Printing and Minting Corporation of India Limited (SPMCIL) was formed after corporatisation of nine units including four mints, four presses and one paper mill which were earlier functioning under the Ministry of Finance. Its chairman and managing director MS Rana spoke to HT on a range of issues. Excerpts:
What are the achievements of SPMCIL during 2012-13?
SPMCIL has produced 7,421 million pieces of the bank notes and supplied 7,391 million pieces as against the original target of 6,920 million pieces and the revised target of 7,320 million pieces. This is 13.5% higher than the production of 6,539 million pieces of the bank notes during last year. Production of the bank notes per employee has increased to 1.83 million pieces as against 1.63 million pieces achieved during last year. These are the highest ever figures achieved in the history of the bank note presses.
Similarly 6,707 million pieces of the circulating coins were produced against the target of 6,600 million pieces. This is 6.75% higher than the amount last year.
After corporatisation, have a lot of modernisation and indigenisation projects been taken up?
After corporatisation, SPMCIL has taken up modernisation of the mints wherein state-of-the-art blanking lines, pickling and polishing lines and coining presses and finishing lines have been commissioned at a cost of R200 crore. One new bank note printing line in place of the old printing line has been commissioned in BNP, Dewas. In order to indigenise the production of the bank note paper, a major decision has been taken after 40 years and the security paper mill in Hoshangabad was commissioned.
Where do you see SPMCIL five years down the line?
SPMCIL was incorporated in 2006 and continues to deal with the sovereign function of production of the currency, coins and other security products but it was corporatised primarily with the limited objective of bringing in an element of productivity, efficiency and introduction of latest technology in its operations to reduce the budgetary support from the government.
In the present market scenario, where business is tough, what strategy are you adopting?
There has been a substantial increase in the indents for currency and coins from the RBI which constitutes to about 80% of our turnover. SPMCIL has substantially increased its production and has been able to meet the increasing demand for production of currency and coins in the last three years in succession. We have also been able to diversify into new areas like the tickets for archeological survey of India, excise labels, warehousing receipts and university degree certificates.