Educating Cab Drivers On Necessary Matters Related To Banks, This Woman Entrepreneur Is Making Them Financially Literate
The Logical Indian Crew India
November 17th, 2019 / 9:10 AM
NITI Aayog, through its initiative in collaboration with the United Nations, has come forward with the fourth edition of #WTIAwards2019 to recognise the efforts of women entrepreneurs who are challenging conventions and playing a pivotal role in #TransformingIndia. If you are one of those women entrepreneurs disrupting the status quo, get yourself identified by NITI Aayog by clicking here. Today- 17th November 2019– is the last day to register for #WTIAwards2019. Please apply before 11:59 P.M.
The advent of online cab aggregators like Ola and Uber in the Indian market has disrupted the taxi market in its top-tier cities for the foreseeable future. For cab drivers, this has translated into a big jump in their monthly income, bringing most of them into the taxable bracket and creating a need for financial planning. But with no financial helpdesks, many cab drivers were vulnerable to moneylenders. Yamuna Sastry’s Cab Dost addresses this gap and brings cab drivers into the formal economy.
Founded in 2015, Cab Dost seeks to educate and assist cab drivers in filing their income tax returns, linking their Aadhaar details and completing other essential compliance-related requirements. In addition, the enterprise offers them necessary guidance on matters pertaining to banking, saving schemes and insurance. Today, Cab Dost is a full-fledged for-profit startup, charging drivers a nominal filing fee of INR 500. If drivers are applying for loans, the enterprise charges additional costs for audited financial statements. The startup also runs a financial literacy programme to educate drivers about life insurance, medical insurance, net banking and government saving schemes.
Yamuna’s enterprise operates on marginal returns, with most of the revenue reinvested into free IT-filing and financial literacy campaigns among taxi drivers. So far, Cab Dost has worked with over 7,500 drivers, resulting in over INR 2,00,00,000 worth tax refunds. Yamuna aims to expand Cab Dost to 100 cities in India and offer services to auto drivers, security guards, and housekeepers as well.
To conclude, if you are one such woman entrepreneur or you know one of such women entrepreneurs playing a significant role in #TransformingIndia through their remarkable enterprises, don’t forget to get their names identified at NITI Aayog’s #WTIAwards2019. Click here!
Written by : Apurwa Shrivastava
Edited by : Apurwa Shrivastava