Delhi will disburse subsidies within two days of electric vehicle purchase. ICICI Bank develops software to facilitate the disbursement of subsidies
The Delhi government announced that it would soon introduce a subsidiary scheme under its recently launched electric vehicle (EV) policy for electric vehicle buyers, according to a report by the Press Trust of India (PTI). The grant program is likely to launch in a week.
In August 2020, the Delhi government issued the Delhi Electric Vehicle Policy, 2020, to accelerate the pace of adoption of electric vehicles, mainly in the category of two-wheelers, public transport vehicles and freight carriers. It also planned to drive the adoption of battery electric vehicles, to contribute 25% of all new vehicle registrations by 2024.
The policy, led by an “electric vehicle cell”, presented a five-year roadmap that will see 500.00 electric vehicles on the roads of the national capital.
Under the policy, the Delhi government will provide purchase incentives of ₹ 30,000 (~ $ 408.09) to electric two-wheelers, electric rickshaws and freight carriers, while purchase incentives range from ₹ 10,000 (~ $ 136.03) to ₹ 150,000 (~ $ 2040.47) will be provided for electric cars. To be eligible for these incentives, EVs must meet the same performance and efficiency eligibility criteria as specified in the central government’s FAME India Phase II (FAME India Phase II) policy on Faster Adoption and Manufacturing of EVs in India. .
The government plans to pay the subsidies within two days to eligible electric vehicle buyers in Delhi through software developed by ICICI Bank.
Executives from a private bank in a meeting with Transport Minister Kailash Gahlot recently held a software demonstration for the disbursement of the subsidy under the policy.
Sellers of electric vehicles must register with the Delhi Government Department of Transport to process incentives on electric vehicles. Sellers of electric vehicles will need to add details about consumers in the software for selling electric vehicles. The government will credit the incentives to the bank account of electric vehicle buyers after authentication by the vehicle licensing officer.
The Delhi Electricity Regulatory Commission recently wrote a letter to distribution licensees in the city asking them to implement the necessary safety measures before providing power to newly installed electric vehicle charging stations.
Last year, Delhi cut charging station fees for rickshaws and other electric vehicles. This has further spurred the pace of the electric vehicle adoption process, which in turn is likely to push consumers towards electric mobility.
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