SBI Plans Major Expansion with 600 New Branches to Tap Emerging Business Opportunities

State Bank of India (SBI) intends to open 600 new branches in the current financial year, focusing on emerging business opportunities, such as large residential townships. SBI Chairman C S Setty aims to transform SBI into a highly valued bank for all stakeholders. The initiative includes innovative deposit products.

The State Bank of India (SBI) has announced plans to open 600 new branches across the nation within the current financial year, in a strategic move to capitalize on emerging business opportunities, including large residential townships.

In an exclusive interview with PTI, SBI Chairman C S Setty revealed, 'We have robust branch expansion plans focused primarily on new and emerging areas. Many residential colonies remain underserved by our services. This year, we aim to establish around 600 new branches.'

India's largest lender inaugurated 137 new branches last fiscal year, with 59 of them serving rural areas. As of March 2024, SBI boasts a network of 22,542 branches. The bank also has 65,000 ATMs and 85,000 business correspondents, serving about 50 crore customers nationwide.

(With inputs from agencies.)