Union Cabinet Approves PM-eBus Sewa-Payment Security Mechanism Scheme
| Aspect | Details |
|---|---|
| Scheme Name | PM-eBus Sewa-Payment Security Mechanism (PSM) |
| Budget | INR 3,435.33 crore |
| Duration | FY 2024-25 to FY 2028-29 |
| Objective | Support deployment of over 38,000 electric buses (e-buses) |
| Operation Period | Up to 12 years from deployment |
| Funding Mechanism | Public Private Partnership (PPP) on Gross Cost Contract (GCC) model |
| Payment Security | Dedicated fund managed by Convergence Energy Services Limited (CESL) |
| Environmental Impact | Reduction in greenhouse gas emissions and fossil fuel consumption |
| Related Initiative | PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme with a total outlay of INR 10,900 crore |
| Related Initiative Details | - 24.79 lakh electric two-wheelers- 3.16 lakh electric three-wheelers- 14,028 e-buses- Public charging stations, electric trucks, and e-ambulances |