The Ministry of Heavy Industries (MoHI) on October 28, 2024, notified the PM-eBus Sewa-Payment Security Mechanism (PSM) scheme for Procurement and Operation of Electric Buses.
The following has been stated: -
•The Government of India has approved the PM-eBus Sewa-Payment Security Mechanism scheme to create a Fund for the procurement and operation of electric buses, addressing payment delays for operators under Concession Agreements with Public Transport Authorities (PTAs).
•The scheme aims to cover 38,000 e-buses, providing payment security for up to 12 years and ensuring sustainability through recouping funds from parent State Governments.
•Eligible PTAs must adopt the Gross Cost Contract model and register a Direct Debit Mandate with RBI.
•The total financial outlay for the scheme is ₹3,435.33 crore.
The detailed notification is given in the document below.
[Notification No. S.O. 4711(E)]
