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SBI and HUL signs MoU

Published on October 03, 2020
Current Context: State Bank of India (SBI) and Hindustan Unilever (HUL) has entered into MoU to offer Digital Payment Solutions and Financial Solutions to retailers and distributors of HUL.
SBI and HUL signs MoU
  • Initially, the services related to this MoU will be available to retailers and distributors of HUL in Mumbai and Bengaluru.
  • Under this MoU, SBI will provide paperless OD (overdraft) facility of up to Rs 50,000 to retailers for their billings and finance facilities to distributors of HUL. 
  • The Point of Sale (PoS) machine will be installed by SBI at various HUL touchpoints so that products and services of HUL reached customers in smaller towns as well. 
  • SBI will also offer UPI based solutions to retailers to have safe and hassle free cashless payments to dealers through an app called ‘Shikhar’. 
  • A corporate package will be offered to HUL employees which will provide them retail products at competitive prices. 
  • Also, SBI will be integrating its YONO app with HUL’s ‘Shikhar’ app. 
  • Static Part: 
    • HQ of SBI: Mumbai
    • Chairman of SBI: Rajnish Kumar
    • HQ of HUL: Mumbai
    • Chairman and MD: Sanjiv Mehta

Question: 

Q.1 With whom Hindustan Unilever (HUL) has entered into MoU to offer Digital Payment Solutions and Financial Solutions to its retailers and distributors?
a. ICICI Bank
b. Bank of Baroda
c. Bandhan Bank
d. SBI
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