On 1st October, 2020 India’s largest public-sector lender SBI, and packaged consumer goods company HUL (Hindustan Unilever Limited) announced a partnership to enable credit access to small dealers, retailers, and customers.
As well as the partnership among both will also offer digital payment solutions for small store owners and distributors of the company’s products.
After the tie-up with SBI, HUL’s retailers will be able to avail credit facility through HUL’s ‘Shikhar’ app. HUL’s Shikhar app is an online ordering platform that is designed for its retailers. The bank will also offer an instant paperless overdraft facility of up to ₹ 50,000 to small retailers.
Sanjiv Mehta, chairman, and managing director, HUL, said that “the partnership will help its ecosystem of traders and retailers.”
Rajnish Kumar, chairman, SBI, said that “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.”
To ensure customers get the option of digital payments in smaller towns as well, the bank will install SBI point of sale (POS) machines at multiple HUL touchpoints nationwide.
In also addition, SBI will provide hassle-free UPI (Unified Payments Interface) based solutions to HUL retailers for safe and instant cashless payments to their dealers from HUL’s retailer application ‘Shikhar’.
Additionally, the bank will also offer HUL employees the option of a corporate salary package via an SBI microsite hosted on HUL’s intranet.