CAIT demands investigation into unholy nexus between banks & foreign- funded eCommerce companies
CAIT demanded Investigation into unholy nexus of Banks with E commerce Companies to differentiate consumers Gross Violation of Right to Equality, FDI Policy and Competition Act.
Confederation of All India Traders
“Vyapar Bhawan”
925/1, Naiwala, Karol Bagh, New Delhi-110005,
Phone: +91-11-45032664, Telefax +91-11-45032665
E-mail: teamcait@gmail.com Website: www.cait.in
Ref. No.: 3403/1/51 | Dated: 21st April,2022
Smt Nirmala Sitharaman
Hon’ble Minister for Finance
Government of India
New DelhiDear Smt Nirmala Sitharaman Ji, Sub: Investigation into unholy nexus of Banks with E commerce Companies to differentiate consumers Gross Violation of Right to Equality, FDI Policy and Competition Act We invoke your kind and immediate attention towards an unfair and unholy act of both several Government & Private sector Banks which are colluding with foreign funded e-commerce giants including Amazon & Flipkart by helping them in creating an uneven level playing field by providing cash back on usage of credit & debit cards of their respective Banks on purchase of goods from e-commerce portals. It is astonishing that this facility is not available to consumers who purchase goods from the offline market even using the same cards . It’s a crystal clear gross violation of Right to Equality, FDI Policy and several sections of the Competition Act.. Prominent banks who are indulged in this most uncalled for and sinister game of collusion with e commerce giants like Amazon & Flipkart are State Bank of India, HDFC Bank, ICICI Bank, Citi Bank, Kotak Mahindra Bank, HSBC, Bank of Baroda, RBL Bank, Axis Bank etc. Such unfair practice gives a shopping advantage to people for purchasing goods exclusively from e commerce portals but not to people who shop from offline shops. Thus, creating an inequality scenario between online and offline markets of the Country. This act of the Banks clearly discriminates […]
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