Uber Starts Disbursing Money To Drivers From Rs 25 Cr Dedicated Corpus
Uber said on Thursday that the driver partners on its platform have begun receiving the first batch of grants from a Rs 25 crore Uber Care Driver Fund, created in partnership with social enterprises Give India and Samhita.
Uber aims to raise an additional Rs 25 crore to reach a combined target of Rs 50 crore, through contributions from its employees, riders, corporate social responsibility funds and citizens through a partnership with crowdfunding organisation Milaap, to look after the welfare and wellbeing of driver partners on its platform.
"This is a crisis nobody has ever seen or knows how to react to," said Pradeep Parameswaran, President, Uber India and South Asia. "Through the Uber Care Driver Fund we aim to provide a direct grant, not a loan, directly deposited into the bank accounts of our driver partners. The first set of transfers have already been made and within the next week, we expected the fund will be fully deployed," he added.
So far, Uber employees have already contributed Rs 17 lakh to the fund. Besides all other driver partners, the fund will also disburse grants to UberMedic, Uber Essential and Uber’s last-mile delivery service drivers, who have recently been transporting frontline workers, providing essential rides to the elderly and moving everyday supplies to thousands of homes for helping contain the spread of Covid-19 across India.
While he did not disclose the amount transferred per driver partner, he said the amount is enough to help a family of five buy essentials for a month.
Making an appeal Uber riders, corporate partners, philanthropists as well as the general public to support Uber's efforts, Parameswaran said a rider facing fund raising campaign will begin on the app in partnership with Milaap from Thursday.
Over the next few days, Uber will also be rolling out hospital cash insurance for its driver partners. The plan would cover Covid-19 and other illnesses which require hospitalisation for up to 14 days.
Rising Rates, Rising Challenges: Bankers Adapt To Serve Troubled Companies In A Changing Economic Landscape
As interest rates climb, troubled companies are facing heightened financial pressures, prompting them to seek assistance... Read more
The Elusive Nature Of Fraud Detection: Exploring The Auditor's Dilemma
In the intricate world of financial reporting, auditors serve as guardians of integrity, tasked with uncovering discrepa... Read more
The Battle For Depositors: US Lenders Ramp Up Efforts Amidst Rate Uncertainty
In the competitive landscape of the US banking sector, retaining depositors is paramount for lenders seeking to maintain... Read more
Beyond Capital: Unveiling The Complexities Of Bank Failure Prediction
In the realm of banking, the ability to predict and prevent failures is paramount for financial stability and consumer c... Read more
Central Banks And The Economic Horizon: Steering Through Uncertaintie
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more
Transforming Financial Operations With Robotic Process Automation
Author: Ricardo Goulart ... Read more