State Bank of India to Add 500 Branches in FY2024-25: FM Sitharaman

According to the minister, SBI’s expansion should set a “global record,” especially given how frequently we are “taunted” by wealth inequality.

According to Finance Minister Nirmala Sitharaman, SBI, the biggest lender in the country, plans to open 500 more branches this fiscal year, bringing its total number of physical locations to 23,000 by March.

The size of SBI has grown significantly since 1921, when three presidency banks (Bombay, Calcutta, and Madras) merged to form the Imperial Bank of India (IBI).

Sitharaman made this statement during an event celebrating the centennial of the state-owned lender’s main branch in Mumbai at Horniman Circle, which served as the headquarters of the 218-year SBI until the mid-1970s.

According to her, this form of the bank had operated in part as the country’s central bank since and until 1935.

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With a network of only 250 branches, SBI was established in 1955 when the government approved legislation merging IBI. Today, the company has over 22,500 branches.

“SBI now has 22,500 branches, and I’ve been informed that a further 500 will open in FY25. 23,00 branches, therefore,” Sitharaman stated.

SBI today has 22,500 branches and is expected to add another 500 in this financial year.

SBI has 65,000 ATMs which is 29% of all ATMs in the country, has 85,000 banking correspondents, share of its deposits are 22.4 per cent of total deposits, has 50 crore plus customers,… pic.twitter.com/lPF3FShDua

— Nirmala Sitharaman Office (@nsitharamanoffc) November 18, 2024

The minister stated that SBI’s expansion should be considered a “global record,” especially considering how frequently we are “taunted” by economic inequality.

She said that SBI serves more than 50 crore clients and holds a 22.4% percent in total deposits and a roughly 5% stake in advances. Although 32 crore of its 50 crore+ clients utilize net banking, up to 8 crore use the Yono mobile app, and the bank processes up to 20 crore UPI transactions every day.

Inaugurated in 1924, the Mumbai main branch today manages about one-fourth of all deposits nationwide and generated Rs 1,800 crore in net profit for the bank last quarter, according to chairman CS Setty.

The branch also manages all of the major government programs, including the now-canceled sovereign gold bonds, electoral bonds, and several other affirmative action programs, in addition to up to eleven important commercial verticals.

The minister stated that SBI manages 22.4% of deposits, 19% of system-wide advances, 25% of debit card charges, 22% of mobile banking transactions, 25% of UPI transactions, and 29% of ATM footprint.