Optimal design of power processors in Electric Vehicles (EVs) plays a crucial role in deciding the power train architecture of EVs. Conventionally, two major power processors are used in an EV; a) propulsion module to drive the motor and (b) on-board charger to charge the battery pack. EV with wireless charging feature requires an additional power processor to convert the high-frequency AC received from receiving coil and to convert to DC for charging the battery pack. Thus, an EV with wireless charging feature requires three separate power processors for three modes of operations; propulsion, on-board charging (wired charging), and wireless charging. But, these modes of operations are mutually exclusive in nature. To take advantage of this situation, a single power processor is proposed which is multifunctional in nature that can reutilize the power electronic components from one mode to another. This multifunctional power processor can behave like a propulsion unit to drive the motor during propulsion mode. The same can behave as an on-board charger with all standard features like galvanic isolation, PFC (power factor correction) operation at the grid side, and the CC-CV (constant current-constant voltage) charging technique at the battery side. The same multifunctional power processor can act as a rectifier module that can convert high-frequency AC to DC for charging the battery. A noble power module is also presented in this proposal for the transmitting side power converter. By replacing three separate power processors (on-board with the vehicle) with the proposed multifunctional power processor, a major chunk of the cost can be saved. Parallelly, as the power electronic components are reutilized to form different circuits during different modes, the weight and volume are also reduced leading to an increased power density and improved component utilization factor. During both wired and wireless charging modes, the proposed schematic draws power from a single-phase utility grid making it convenient for the users. A scaled-down prototype implementing the proposed idea is already developed and its preliminary results are also included in this proposal. With this project, a real-time prototype considering all other circuit operating conditions can be built to implement this idea of a multifunctional power processor in EVs that optimizes the cost, weight, and volume. This reduction in cost will also increase EV adoption in our country. As the same power processor is working as three different power converters during three modes of operations, its versatility and reliability in real-time shall be tested. Upon successful testing of the prototype in the laboratory environment, a higher wattage model can be fabricated jointly with an industry partner and a field trial can also be carried out.