Abstract: The present invention discloses a centralized charging station (CCS) for rapid charging and discharging of electric vehicles (EVs). The CCS has: (a) a power converter unit (PCU) having: a bidirectional converter for converting an input AC supply to an output DC voltage and vice-versa; and a master control unit (MCU) for regulating operations of the bidirectional converter; (b) one or more vehicle interface power converter units (EVPCUs) for charging and discharging of one or more EVs; and (c) a storage unit interface module (SUIM) for fast charging and discharging of a battery storage unit; the battery storage unit being used for recharging one or more EVs under predefined conditions. The CCS is capable of charging a first set of EVs and discharging a second set of EVs simultaneously.