The bank note printing in India started in 1928 with the establishment of India Security Press at Nashik by Government of India. Until the commissioning of Nashik Press the Indian Currency Notes were got printed from Thomas De La Rue Giori of United Kingdom. The second bank note printing press was established in Dewas (Madhya Pradesh) in 1975 by Government of India. With the growth in population and economic activity, the demand for bank notes has been steadily increasing. To bridge the demand and supply gap, the Government of India decided to establish two new bank note printing presses one at Mysore (Karnataka) and the other at Salboni (West Bengal)
The New Note Press Project for setting up two new bank note printing presses was initiated by Government of India. However, the project was transferred to Reserve Bank of India(RBI), in December 1989. RBI formed a wholly owned subsidiary Bharatiya Reserve Bank Note Mudran Private Limited to Complete the project and finally manage the affairs of the two presses. The BRBNMPL was incorporated as a Private Limited Company on 3rd February 1995. By virtue of the provisions of 43 A of the companies Act, 1956 the Company became a deemed Public Limited Company from 5th March 1997. Consequent to amendment of sec 43A in Company's (Amendment) Act 2000, the Company again became a Private Limited Company w.e.f. 24th Feb 2002.
Considering the magnitude of the project, the Company decided to establish the presses in two phases viz, Phase I for establishing a Mini Press with a single production line at each site which would be used as a testing ground for the new work methods and train the personnel for efficient running of the Phase II machines. The Phase II involved establishment of the Main Presses with 7 lines of production in Mysore and 8 lines of production in Salboni. The phase I was operationalised at Mysore and Salboni in June and December 1996 respectively. During 1998-99, the Mini Press machinery at both the sites after testing the work methods and the performance the machines was shifted to the Main Press. While all the seven lines of production at Mysore went on stream on 12th May 1999, the Salboni Press was inaugurated on 12th February 2000.