Centre asks banks to extend long-term loans for electric mobility

The government is set to have a laser sharp focus on e-trucks in India's EV transition journey, which - according to Niti Aayog's findings in a recent report - have virtually not taken off

In a bid by the Centre to identify and address hindrances to the growth of electric vehicles (EVs), central policy think tank NITI Aayog and the De­partment of Financial Services (DFS) have requested banks to extend lon­ger-tenure loans with easier conditions to electric mobility companies, said a senior government official. 

“The DFS and NITI Aayog spoke with banks and urged them to extend the tenure of loans for e-mobility, especially e-trucks and e-buses. The feedback has largely been positive and we are hopeful that there will be progress on this,” Sudhendu J Sinha, programme director for e-mobility at NITI Aayog