The country’s largest lender State Bank of India, and the largest fast-moving consumer goods, Hindustan Unilever Limited have come together to support small retailers by providing them digital payment and financing solutions.
SBI will be offering customised solutions to HUL retailers and distributors.
Commenting on this association, Rajnish Kumar, Chairman, 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.”
Sanjiv Mehta, Chairman & Managing Director, HUL said, "Our partnership with SBI is a push to provide digital solutions to important constituents of our ecosystem. General trade is a very important channel for the country as it serves the needs of millions of consumers by making essential products available. This channel also plays a significant role in our economy by creating employment opportunities for a wide spectrum of people.”
What are the customised services and how will it help:
This support will help digitise and monetise the funding options of small retailers associated with HUL.
This association will enable the timely and affordable funding needs of the retailers.
The bank will offer an instant paperless overdraft facility of up to Rs 50,000 to retailers. This is for their billings with distributors as well as financing facilities to HUL’s distributors.
This will help small businesses in semi-urban and rural areas as well.
SBI will set-up SBI Point of Sale machines at various HUL’s touchpoints across the country. This will enable customers to use digital payments in smaller towns as well.
SBI will provide UPI-based solutions to HUL retailers for safe and instant cashless payments to their dealers from HUL’s retailer application, Shikhar.
The Bank will also offer HUL employees the option of a corporate salary package via an SBI microsite hosted on HUL’s intranet.