CAIT accuses some banks of colluding with Amazon-Flipkart
Business organization demanded RBI to take immediate action
New Delhi, 23 November Amazon-Flipkart and some other e-commerce portals, which were in discussion due to huge discounts, have been accused of collusion with some banks. The trade organization Confederation of All India Traders (CAT) on Monday called the instant discount offer along with the cashback offered by banks for purchasing goods from these portals a serious issue. CAT says that some banks in the country are making unholy alliances with these portals, which is causing a big loss to small businessmen across the country.
Complaint with Reserve Bank
Kat said that banks, along with some other e-commerce portals like Amazon and Flipkart, are violating the fundamental rights of merchants and customers of the country. The business organization says that these portals are an open violation of the Preamble of the Constitution of the country and the FDI policy of the Government of India. The organization has complained to the banking regulator Reserve Bank of India (RBI), accusing it of creating a cartel between banks and Amazon and Flipkart to promote unfair trade in the e-commerce business.
Will also complain to CCI
CAT’s National General Secretary Praveen Khandelwal said that he would also file a separate complaint before the Competition Commission to investigate and take action against banks and Amazon-Flipkart cartels to promote unhealthy competition. He said that such a lump is proving the death knell for small businessmen in India.
Banks are doing improper work
In a memorandum sent to Reserve Bank Governor Shaktikanta Das, Kat said that many banks offer 10% instant discount or cashback on purchase of debit or credit card products from Amazon and Flipkart’s e-commerce portals. Huh. At the same time, if the goods are bought from a shop with the same card, then this discount is not available.
Khandelwal says that this is an unfair act. This mainly includes HDFC Bank, State Bank of India, ICICI Bank, Citibank, Kotak Mahindra Bank, HSBC, Bank of Baroda, RBL Bank, Axis Bank, etc. This act of banks clearly discriminates between traders and buyers, which is a violation of the Preamble of the Constitution of India. The Reserve Bank has been demanded to act on these banks immediately.(HS)
