SBI and HUL collaborate providing digital solutions to small retailers

New Delhi: The State bank of India country’s largest bank partners with India’s top packaged consumer goods company Hindustan Unilever Ltd (HUL) to offers digital payment and financing solutions for small store owners and distributors of the company's products.

 

The instant paperless overdraft facility will be provided to retailers by the SBI for enabling payments to distributors. It will also provide UPI-based solutions to HUL's retailers to assist with cashless payments. 

 

It is announced jointly by the HUL and SBI on Thursday which will begin as a pilot starting in the cities of Bengaluru and Mumbai.

 

The Hindustan Unilever Limited gives a wide distribution network in India and reaches out to millions of outlets selling brands such as Dove, Horlicks, lifebuoy, lux, etc.

 

Along with this, the bank will also offer an instant paperless overdraft facility of up to Rs. 50,000 to retailers for their billings with distributors as well as financing facility to HUL’s distributors under this collaboration, the HUL mentioned in the statement. It said, "To ensure customers get the option of digital payments in smaller towns as well, the bank will install SBI Point of Sale machines at multiple HUL touchpoints across the country. Additionally, SBI will provide UPI based solutions to HUL retailers for instant cashless payments to their dealers from HUL’s retailer application “Shikhar". 

 

Shri Rajnish Kumar, Chairman of SBI said, "SBI has always been working towards serving the last mile customers and similar is the case with HUL which caters to its customers in the remotest part of the country. We are glad that SBI has got an opportunity to leverage its strong geographic presence and strategic digital solutions to simplify the financial needs of HUL’s customers, retailers, dealers, and employees.”

 

This partnership will enable the adoption of digital payments among HUL retailers, small entrepreneurs in both semi-urban and rural areas. The digitization is becoming the new trend and new trading system as the COVID is pushing everyone to go with the online transaction from retailers to consumers which is enabling change in the society. 

 

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