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CAIT urges RBI to stop banks from offering cash back discounts on e-commerce platforms

payments, digital payments

The Confederation of All India Traders wants the Reserve Bank of India to direct banks to stop offering cashback offers on purchases made via e-commerce platforms. The lobby group, in a letter to RBI Governor Shaktikanta Das on Monday, said that banks such as HDFC Bank, SBI, and ICICI Bank among others only offer discounts on purchases made from e-commerce platforms, but when the same products are bought from brick and mortar shops, no such discounts are offered. CAIT called this alleged practice discriminatory. The pressure group said that such exclusive cash backs to online shoppers “assumes the status of a cartel”. CAIT will file a separate complaint with the Competition Commission of India “demanding investigation against cartel between Amazon-Flipkart and Banks sinch such nexus is proving to be a death knell for the small businesses in India,” the organisation…

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