NEW DELHI: The government will soon create a Rs 4,100 crore corpus under the payment security mechanism (PSM) for uninterrupted operation of nearly 38,000 electric buses, which the state or city transport corporations will take on lease from bus manufacturers for 12 years, reports Dipak Dash. The corporations will release payment based on the predetermined per-km charge to the operators.
Sources said the PSM with such a corpus will be set up to ensure that bus operation continues even when transport corporations fail to make monthly payments as per agreement. They said the fund will be operational for the entire cycle of the contract period of 12 years.
