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Digital payment service for SBI-HUL retail customers

by BQ News Bureau
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On the 151st birth anniversary of Mahatma Gandhi, State Bank of India (SBI) and Hindustan Unilever Limited (HUL) launched digital payment and financing solutions to retail customers.

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, according to an official statement.

Rajnish Kumar, Chairman, SBI, said, “We are glad that SBI has got an opportunity to leverage HUL’s strong geographic presence and strategic digital solutions to simplify the financial needs of HUL’s customers, retailers, dealers, and employees.”

Sanjiv Mehta, Chairman and Managing Director, HUL, said, “This channel also plays a significant role in our economy by creating employment opportunities for a wide spectrum of people. It is our endeavour to digitize and modernize this channel; support the retailers with the right assortment and enable them to access timely and affordable funding.”

SBI’s 22,000 branches and 58,000 ATMs spread across the country complements HUL’s deep rural reach, the statement added

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