Centre working on payment security mechanism to buy 150,000 e-buses

The rollout of a payment security mechanism (PSM) aimed at procuring 150,000 electric buses highlights a significant step towards fortifying the electric vehicle (EV) ecosystem. By safeguarding e-bus service operators against the payment risks associated with state transport utilities (STUs), the PSM promotes confidence and stability in e-bus procurement processes. This initiative underscores the government’s dedication to advancing its EV policy objectives, prioritising sustainable transportation solutions and infrastructure development.

How will introducing the payment security mechanism (PSM) for procuring 150,000 electric buses impact the financial viability and scalability of EV adoption in India?