Direct Banks To Withdraw Cashback Offers On Ecommerce Platforms: CAIT To RBI

Amazon And Flipkart Are Economic Terrorists: CAIT Warns Piyush Goyal

SUMMARY

CAIT’s Khandelwal said that the unhealthy nexus between the banks and ecommerce platforms has led to a drastic impact on traditional retailers

In a separate letter written to commerce minister Piyush Goyal, the MP called for suspending the upcoming festive season sales of Amazon and Flipkart

Recently, the CCI reportedly found Amazon India and Flipkart guilty of flouting antitrust norms and prioritising certain sellers and listings

Trade body Confederation of All India Traders’ (CAIT) secretary general emeritus Praveen Khandelwal has reportedly urged the Reserve Bank of India (RBI) to issue directions to banks to withdraw cashback offers on ecommerce platforms.

Citing a letter written to RBI governor Shaktikanta Das, NDTV reported that Khandelwal claimed that “aggressive exclusive discounting and bank cashback offers” have “hurt” traditional retailers. He further alleged that the unhealthy nexus between the banks and ecommerce platforms has led to a drastic impact on traditional brick-and-mortar stores.