How Kaarva Makes an Impact on Penalty Fees

As an average Indian salaried employee, we spend about 12–14 hours of our lives at work. Even when we’re off work, we feel anxious about a potential promotion, stressed over rapidly-approaching deadlines, or merely wondering if we remembered to save all the work that we have done.

When something takes up the most significant part of your life, it is essential to ensure that it is indeed aligned with your personal goals and values, to feel that stress isn’t in vain. For most, work boils down to money. Some may consider that the most important aspect. While money is important, the means by which the money is gained is important as well.

This is the promise we promise our members. That’s not just an empty promise; our team is constantly looking at how people use the app and what kind of impact it’s having on their lives. While our users are incredibly varied, just like the Indians. Our user base includes all kinds of people with an extremely diverse financial background, there are definite trends in what people use Kaarva for and how it helps them.

Members of Kaarva who primarily use our services to help pay for very basic necessities like groceries, rent, and transportation. They also tend to be ambitious and focused on improving their lives in some way, whether that’s by furthering their child’s education, getting a promotion at work, or even getting them something extra that normally they wouldn’t think of.

As an example of how Kaarva helps our members be more financially savvy, let’s look at penalty fees. Members can cash out their wages to make sure they have enough in their bank accounts to cover their expenses and still have a comfortable cushion for their smooth monthly run.

While normally consumers could save money by leaving their banks and taking their business to financial institutions with more lenient rules, that’s difficult to do because so many of the largest banks in India have aggressive penalty policies. There’s clearly a need for a solution, and Kaarva is pitching in.

Fighting against penalty fees is just one-way Kaarva helps people make good decisions when they’re managing their money. As Kaarva expands and comes out with new products, we hope our ability to foster positive financial change for salaried employees of India to continue to grow as well.

You could also contact us by writing to khushboo@kaarva.com

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