<span style="color: #222222;">NITI Aayog, Rocky Mountain Institute (RMI), and RMI India today released a report, titled Banking on Electric Vehicles in India. The report outlines the importance of priority-sector recognition for retail lending in the electric mobility ecosystem. NITI Aayog said, that retail finance for electric Vehicles has been slow to pick up. CEO of NITI Aayog Amitabh Kant said that Reserve Bank of India, RBIs priority-sector lending mandate has a proven track record of improving the supply of formal credit towards areas of national priority. The report provides considerations and recommendations regarding the inclusion of Electric Vehicles in RBIs priority-sector lending guidelines.<br />'' <br />''The report indicates that electric two-wheelers, three-wheelers, and commercial four-wheelers are early segments to prioritise under Priority Sector Lending. It recommends a clear sub-target and penalty mechanism for priority sector lending to renewable energy and Electric Vehicles. It also suggests recognition of Electric Vehicles as an infrastructure sub-sector by the Finance Ministry and the incorporation of electric vehicles as a separate reporting category under RBI.</span><br />