SBI to Open 400 New Branches Despite Digital Growth

State Bank of India (SBI) plans to expand its network by opening 400 new branches across the country in the current financial year. Despite significant digital transactions, SBI Chairman Dinesh Kumar Khara emphasizes the need for branches to offer essential advisory and wealth services. SBI General and SBI Payment Services will scale up before monetization.

State Bank of India (SBI) is set to expand its network by opening 400 new branches across the nation this financial year, a substantial increase from the 137 branches inaugurated last year, 59 of which were in rural areas.

In an interview with PTI, SBI Chairman Dinesh Kumar Khara highlighted the importance of physical branches, citing the necessity of certain services like advisory and wealth management that can only be provided in-house. 'Despite 89 per cent of digital transactions, branches remain essential in newer areas,' Khara stated.

SBI currently operates 22,542 branches nationwide. The bank is also focusing on scaling up its subsidiaries, like SBI General Insurance and SBI Payment Services, to boost their valuation before potential monetization through capital markets. While SBI General Insurance saw a significant profit rise, SBI Payments experienced a slight profit decline.

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