by Not Zero | 11:23 pm

The SBI has suspended car loans  for Uber  and Ola  taxis across most of the country amid a rise in defaults by their drivers . The bank has seized close to 300 cars for payment defaults, which reflect lower earnings by drivers amid a surge in cab numbers and a decline in incentives paid out by the aggregators. SBI, which has total exposure of Rs 120 crore toward cabs, had seen considerable stress in these accounts.
-Economic Times

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