300 Uber, Ola taxis seized for not paying loans

The State Bank of India has seized around 300 taxis belonging to Uber and Ola drivers.

The car loans of these taxis have also been suspended across various cities due to non-payment of loan installments.

The drivers have been complaining about loss of income due to a decrease in incentives from Uber and Ola. The number of cabs have also increased leading to a reduced income of the drivers.

The SBI has also decided to stop the future financing of Ola and Uber vehicles in some places. Axis Bank had suspended vehicle financing for Uber car loans last year.

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