New Delhi: Union Finance Minister Nirmala Sitharaman on Monday lauded the remarkable performance of the Security Printing and Minting Corporation of India Limited (SPMCIL) and expressed optimism that the company is on track to achieve Navratna status, a prestigious recognition among Central Public Sector Enterprises (CPSEs).
Currently designated as a Schedule ‘A’ Miniratna Category-I company under the administrative control of the Department of Economic Affairs in the Finance Ministry, SPMCIL has consistently demonstrated strong financial discipline and operational excellence. The company recently inaugurated its new corporate office, marking a significant milestone in its growth journey.
Financial Strength and Operational Highlights
Sitharaman commended SPMCIL’s crucial role in the Indian economy, highlighting its core functions such as printing currency notes, minting circulation and commemorative coins, and producing essential security documents.
She noted the company’s financial turnaround after its capital restructuring in 2015, citing the complete repayment of loans with interest by 2016-17. The company continues to generate robust returns, having paid a dividend of Rs 364 crore in fiscal 2023-24, following a record Rs 534 crore dividend the previous year.
The Finance Minister also drew attention to the company’s refining activities, which include delivering about 3.4 metric tonnes of refined gold to the Reserve Bank of India (RBI) sourced from Customs seizures, along with refining silver and gold received from prominent institutions like Tirumala Tirupati Devasthanams and the Vaishno Devi Shrine Board.
Massive Production Scale and Cultural Contributions
During the fiscal year 2024-25, SPMCIL produced over 1,200 crore banknotes, 150 crore circulation coins, more than 1.5 crore passport booklets, and over 700 crore Excise Adhesive Labels, alongside various postal and security stationery critical for government operations.
Sitharaman expressed admiration for the popularity of SPMCIL’s souvenir coins, which play a vital role in showcasing India’s rich cultural heritage. She mentioned that out of 210 commemorative coins issued in free India’s history, 105 were released in the last decade. These include coins celebrating significant events such as the 2900th birth anniversary of Jain Tirthankar Shri Parshvanath Bhagwan, the 550th Prakash Purab of Guru Nanak Dev, the new Parliament Complex, the 1000 years of Brihadeeswarar Temple, and India’s G20 Presidency.
The newly introduced series of colour souvenir coins themed around Panchatantra, endangered species, and Shri Ram Janmabhoomi Temple has seen tremendous public enthusiasm, with over 20,000 coins purchased.
Government Support and Future Outlook
Minister of State for Finance Pankaj Chaudhary assured full government support for CPSEs like SPMCIL, emphasizing efforts to enhance their efficiency and profitability.
The Finance Ministry’s endorsement signals a promising future for SPMCIL as it continues to contribute to India’s economic and cultural landscape, strengthening its bid for Navratna status in the near future.
About SPMCIL
The Security Printing and Minting Corporation of India Limited (SPMCIL) is a government-owned company under the Ministry of Finance, responsible for producing currency notes, coins, and security products for the Indian government. It was established in 2006 after the corporatization of nine existing units and has its headquarters in New Delhi.
SPMCIL’s mission is to develop state-of-the-art currency, coins, and security products in a transparent and efficient manner, leveraging its core competency and building design capabilities
