State Bank of India and Hindustan Unilever Limited have entered into an agreement under which retailers will be catering to their needs by providing digital payment and financing solutions. The deal will provide digital solutions for HUL retailers and customers. It will empower HUL vendors and distributors digitally through SBI’s customized solution. Under this agreement, the bank will offer instant paperless overdraft facility up to 50 thousand rupees to the company’s vendors and a financing solution to distributors.
The statement said the bank will install SBI Point of Sale machines at several HUL touch points across the country to ensure that customers in small towns also get the option of digital payment. Apart from this, SBI will provide UPI based solution to the HUL vendors, so that they can make payments to their dealers without interruption, secure and instant cashless payment. For this, they have to use the retailer application peak of HUL.
The bank will also offer the option of corporate salary package to the employees of HUL. It will be introduced through SBI’s microsite, which will be on HUL’s Internet.
