Security Printing and Minting Corporation of India Ltd (SPMCIL), a wholly owned company of the Union government, celebrated its Foundation Day at a function held at India Security Press, Nashik. Union Minister of State for Finance Namo Narain Meena was the chief guest on the occasion and the programme was presided over by Security Printing and Minting Corporation of India Ltd Chairman & Managing Director M S Rana. Lok Sabha MP from Nashik constituency Sameer Magan Bhujbal too was present on the occasion.
In his speech, Meena congratulated the SPMCIL employees and management and appreciated that the company has realised the key objectives of corporatisation, namely speedy decision-making, fostering efficiency and higher productivity, reduction of expenditure with optimal resource utilisation, and increasing the pace of modernisation and indigenisation to make the country self-reliant in the production of state-of-the-art security products.
He stated that SPMCIL has repaid all loans taken from the Reserve Bank of India (RBI) and Ministry of Finance and is now a debt-free company. It has also been granted Miniratna category-I status because of its excellent performance.
The company has achieved an 'Excellent' rating in its MoU for three years in a row, which has been possible due to the sheer dedication, hard work and efficiency of the employees and management of SPMCIL.
Meena also commended the excellent performance of the company in terms of production, industrial peace and impressive financial fundamentals. The minister expressed pleasure over the commissioning of one line of currency printing machine at BNP Dewas and appreciated SPMCIL's efforts to employ state-of-the-art machinery with higher speed and the capability to incorporate sophisticated print base security feature which would reduce the menace of counterfeiting of currency notes.
He was glad to learn about SPMCIL's plan to introduce two bank note printing lines, one each at CNP Nashik and BNP Dewas, which would increase the printing capacity by 800 mpcs besides introducing sophisticated high security feature in new series of bank notes.
In his speech, Meena congratulated the SPMCIL employees and management and appreciated that the company has realised the key objectives of corporatisation, namely speedy decision-making, fostering efficiency and higher productivity, reduction of expenditure with optimal resource utilisation, and increasing the pace of modernisation and indigenisation to make the country self-reliant in the production of state-of-the-art security products.
He stated that SPMCIL has repaid all loans taken from the Reserve Bank of India (RBI) and Ministry of Finance and is now a debt-free company. It has also been granted Miniratna category-I status because of its excellent performance.
The company has achieved an 'Excellent' rating in its MoU for three years in a row, which has been possible due to the sheer dedication, hard work and efficiency of the employees and management of SPMCIL.
Meena also commended the excellent performance of the company in terms of production, industrial peace and impressive financial fundamentals. The minister expressed pleasure over the commissioning of one line of currency printing machine at BNP Dewas and appreciated SPMCIL's efforts to employ state-of-the-art machinery with higher speed and the capability to incorporate sophisticated print base security feature which would reduce the menace of counterfeiting of currency notes.
He was glad to learn about SPMCIL's plan to introduce two bank note printing lines, one each at CNP Nashik and BNP Dewas, which would increase the printing capacity by 800 mpcs besides introducing sophisticated high security feature in new series of bank notes.