"There can be significant delays in them getting a renewal of that licence, in some cases eight weeks.
"From their point of view that means potentially a loss of income."
After Mr Bridges raised the issue with the Transport Agency, the agency told him it wasn't happy with those delays and was reviewing the licensing process in a bid to reduce the turnaround time.
Any improvements would also apply to new licence applications but public safety protections such as background checks would not be compromised, Mr Bridges said.
The minister also confirmed he'd asked the agency to investigate a national strategy for the use of bus lanes by taxis.
But that was largely an issue for local government to consider.
Mr Bakshi said he was pleased with the progress on the taxi industry's concerns, "and will continue engaging with industry to ensure their concerns are heard".