NITI Aayog & RMI India releases report ‘Banking on Electric Vehicles in India’ for priority-sector recognition of Electric Vehicles

NITI Aayog, Rocky Mountain Institute (RMI), and RMI India released a report, titled ‘Banking on Electric Vehicles in India’, which outlines the importance of priority-sector recognition for retail lending in the electric mobility ecosystem. The report provides considerations and recommendations to inform the inclusion of EVs in the Reserve Bank of India’s (RBI’s) priority-sector lending (PSL) guidelines.

The report has been developed by NITI Aayog in collaboration with US-based non-profit organisation Rocky Mountain Institute (RMI), and RMI India. The report has indicated electric two-wheelers, three-wheelers, and commercial four-wheelers as early segments to prioritise under Priority Sector Lending. Suggestion has also been made to recognise Electric Vehicles as an infrastructure sub-sector by the Finance Ministry and the incorporation of electric vehicles as a separate reporting category under RBI.