CAIT Urges RBI to Halt Bank Cashback Offers on Ecommerce Platforms

• Trade body CAIT has called on the RBI to direct banks to stop cashback offers on ecommerce platforms, citing harm to traditional retailers.
• In a letter to Commerce Minister Piyush Goyal, CAIT's Khandelwal also demanded the suspension of Amazon and Flipkart's festive season sales.
• The CCI recently found Amazon India and Flipkart guilty of antitrust violations, including prioritizing certain sellers.
• Khandelwal claims 1.5 lakh retailers are struggling due to unfair practices, with 50,000 small businesses already shut down.
• The CAIT, representing over 8 crore Indian retailers, has long advocated for a ban on these ecommerce platforms.

Source: Inc42