Banks acting as villains for traders, alleges CAIT

The Confederation of All India Traders (CAIT) on Monday urged Union Finance Minister Nirmala Sitharaman to prevent banks from entering into an “unholy nexus” with e-commerce companies which is damaging “small businesses”.

In a communication sent to Sitharaman, it expressed serious concern over granting of 10 per cent cash back or discount by some of banks on purchase made via their cards from e-commerce portals.

It alleged that several banks are entering into an “unholy nexus with Amazon, Flipkart and other e-commerce companies, forming a cartel with them for indulging into anti-competitive practices and offending ‘Fair Practices Code’ of RBI for banks”.

“CAIT has also charged the banks for infringing the ‘Fundamental Right to Trade’ and discrinination within the people of the country which is prohibited under the Constitution of India,” the confederation said in a statement.

Read More: https://www.bhaskarlive.in/banks-acting-as-villains-for-traders-alleges-cait/