State Bank of India (SBI) and Hindustan Unilever Ltd (HUL) have signed a memorandum of understanding (MoU), under which the bank will provide its digital payment and financing solutions to the FMCG company’s retailers and distributors.
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SBI will offer an instant paperless overdraft facility of up to ₹50,000 to retailers for their billings with distributors as well as financing facilities to HUL’s distributors.
To ensure that customers get the option of digital payments in smaller towns as well, the bank will install point of sale (PoS) machines at multiple HUL touchpoints across the country, SBI said in a statement.
Additionally, it 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 a corporate salary package via