SBI – HUL join hands to transform retailer payments digitally

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The partnership will enable digital solutions for retailers and customers of HUL SBI will provide a paperless instant OD facility to retailers to enable payments to distributors via a hassle-free online platform SBI will provide financing to HUL’s distributors at reasonable rates The partnership will act as a change catalyst in the adoption of digital payments among HUL retailers, small entrepreneurs in semi-urban and rural areas.

On the 151st birthday of Mahatma Gandhi, two of the country’s iconic companies, State Bank of India (SBI) and Hindustan Unilever Limited (HUL) have come together to cater to the needs of small retailers by providing them digital payment and financing solutions. 

This partnership will help digitally empower HUL retailers and distributors through SBI’s customized solutions. Under this collaboration, the bank will offer an instant paperless overdraft facility of up to Rs. 50,000 to retailers for their billings with distributors as well as financing facilities to HUL’s distributors.

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 touch points across the country.

Mr. Rajnish Kumar, Chairman, SBI said, “It is an honor for SBI to be
associated with one of the most trusted companies globally and offer
comprehensive and customized offerings for its stakeholders. 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.

Mr. Sanjiv Mehta, Chairman & Managing Director, HUL said, “Our partnership with SBI is a push to provide digital solutions to important constituents of our ecosystem. It is our endeavor to digitize and modernize this channel; support the retailers with the right assortment and enable them to access timely and affordable funding. The timing of the partnership could not have been better as this addresses one of the key needs for retailers and distributors, given the economic fallout of the pandemic.”

SBI’s 22000 branches and 58000 ATMs spread out across the country
complements HUL’s deep rural reach. The partnership between the two
companies will catalyze the adoption of digital (UPI) payments among
small-scale entrepreneurs and retailers in the farthest corners of the
country and pave way for a truly transformative leg of the digital
India journey.

Business Gujarat News

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