Include electric vehicles in RBI’s priority sector lending guidelines: Niti Aayog report

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NEW DELHI: Including electric vehicles in the Reserve Bank of India’s (RBI) priority sector lending (PSL) guidelines can complement the $300 million facility and encourage the financial sector to mobilise necessary capital, a Niti Aayog report has recommended.
“Inclusion for retail lending to EVs has the potential to increase investor confidence by providing a market signal of ongoing government commitment to the sector,” according to the Niti Aayog, RMI, and RMI India report unveiled on Friday,
“It can also ensure a swift and equitable transition by providing a mandate for financial institutions to direct credit to segments and use cases where credit deficiency persists despite compelling economics,” said the report.
To operationalise the concept of including EVs in priority sector lending, the central government policymakers can liaise with the Reserve Bank of India to…

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