The time when dozens of foreign exchange offices were lined up in all tourist areas of the India seems to be over. Similarly, the 'Traveller checks' have virtually disappeared as a mode of bringing cash in India.
Indeed, with the proliferation of ATMs and the widespread acceptance of credit cards and even some debit cards (Maestro), it is almost pointless to carry euros or dollars.
Visa and Mastercard credit cards are widely accepted in the numerous ATMs and you will get a competitive exchange rate.
You can withdraw up to 10,000 rupees at a time, and you can withdraw money twice a day for a total of Rs 20,000 per day.
It is more advantageous to withdraw a large sum than several small amounts because it roughly cost you 5 euros/US dollars for each transaction.
Most ATMs also accept Maestro. Ask your bank if your Maestro will be accepted in India. If not, you can always ask to activate your Maestro for India. Costs of transaction are slightly lower with Maestro than with credit cards.
As a security you may take some cash (your currency) with you ; in case you encounter a problem with your card. Say 100 euros or USD per person.