SBI Expands Network to 23,000 Branches by FY25

Finance Minister Nirmala Sitharaman announced that SBI plans to open 500 new branches, boosting its network to 23,000 by FY25. Celebrating the 100th anniversary of SBI's main branch, she recounted the bank's growth from 250 branches in 1921 to 22,500 today, underscoring its market dominance.

In a significant announcement, Finance Minister Nirmala Sitharaman revealed plans for the State Bank of India (SBI) to open 500 additional branches by the end of FY25, bringing its total network to 23,000 outlets.

Addressing a gathering at the centenary celebration of SBI's main branch in Mumbai, Sitharaman highlighted the bank's transformative journey. Originating as a merger of three presidency banks in 1921, the institution evolved into IBI and was later reconstituted as SBI in 1955, growing to 22,500 branches today. The minister emphasized that this growth should be seen as a global milestone against critiques of India's income disparities.

Sitharaman lauded SBI's sizable footprint, commanding 22.4% of the country's total deposits and serving over 50 crore customers. She also praised SBI's digital capabilities, capable of handling 20 crore UPI transactions daily, and launched a Rs 100 commemorative coin for the historic Mumbai branch.

(With inputs from agencies.)