Chandni Chowk MP Praveen Khandelwal has written to RBI Governor Shaktikanta Das over the collusion of banks and e-commerce platforms, adding that the unhealthy nexus between the two has led to a drastic impact on traditional retailers.
The aggressive exclusive discounting and bank cashback offers have hurt traditional retailers, the member of parliament said in a letter, seen by NDTV Profit.
Unknowingly or knowingly, banks are a part of cartel creating an unhealthy market, Khandelwal said.
He said 1.5 lakh retailers are struggling due to unfair practices and 50,000 small businesses have already shut down because of the collusion, he added.
He urged the RBI to direct banks to withdraw exclusive discounts and initiate an investigation into these partnerships.
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