SBI - HUL join hands to transform retailer payments digitally
- The partnership will enable digital solutions for retailers and customers of HUL
- SBI will provide paperless instant OD facility to retailers to enable payments to distributors via hassle free online platform
- SBI will provide financing to HUL’s distributors at reasonable rates
- The partnership will act as a change catalyst in adoption of digital payments among HUL retailers, small entrepreneurs in semi urban and rural areas
Mumbai – October 1, 2020: 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 customised solutions. Under this collaboration, the bank will offer 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.
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. Additionally, SBI will provide UPI based solutions to HUL retailers for hassle-free, safe and instant cashless payments to their dealers from HUL’s retailer application “Shikhar”. The Bank will also offer HUL employees the option of corporate salary package via an SBI microsite hosted on HUL’s intranet.
Mr. Rajnish Kumar, Chairman, SBI said, “It is an honour 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. We are glad that SBI has got an opportunity to leverage its strong geographic presence and strategic digital solutions to simplify financial needs of HUL’s customers, retailers, dealers and employees. We are confident that our alliance with HUL will turn out to be an exemplary amalgamation of SBI’s banking prowess and HUL’s inspiring customer connect.”
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. 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 for our economy by creating employment opportunities for a wide spectrum of people. It is our endeavour to digitise and modernise this channel; support the retailers with 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 catalyse 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.
About State Bank of India:
State Bank of India (SBI) is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. As on June 30, 2020, the bank has a deposit base of over Rs. 34 lakh crore with CASA ratio of more than 45% and advances of nearly Rs. 24 lakh crore. SBI commands nearly 34% market share in home loans and nearly 33% in the auto loans segment. The Bank has the largest network of over 22,100 branches in India with an ATM / CDM network of over 58,500 and total BC outlets of more than 62,200. The number of customers using internet banking facilities is about 76 million and mobile banking services stand a little more than 17 million. The integrated digital and lifestyle platform by SBI - YONO has crossed the landmark of 58 million downloads. YONO which has 26 million registered users, witnesses 5.5 million logins per day along with over 4000 daily disbursals of personal loans, 16,000 YONO Krishi Agri Gold Loans. The bank recently launched the YONO Global app in the UK and Mauritius and plans to cover 9 more countries by the end of 2020. On social media platforms, SBI has the highest number of followers on Facebook and Twitter amongst all banks worldwide.
About Hindustan Unilever Limited:
Hindustan Unilever Limited (HUL) is India's largest Fast Moving Consumer Goods Company with a heritage of over 85 years in India. On any given day, nine out of ten Indian households use our products to feel good, look good and get more out of life, giving us a unique opportunity to build a brighter future. For more information visit www.hul.co.in.