SBI's Expanding Legacy: 500 New Branches by 2025

Finance Minister Nirmala Sitharaman announced that SBI would add 500 branches by fiscal year 2025, raising its total to 23,000. She highlighted the bank's growth since its 1955 formation and its leading position in deposits and digital transactions. A commemorative coin and historical volume were launched.

Finance Minister Nirmala Sitharaman announced that the State Bank of India (SBI) will expand its network by opening an additional 500 branches by the end of fiscal year 2025. This will bring the bank's total number of branches to 23,000, marking a significant expansion effort.

Sitharaman, speaking at an event celebrating the 100th anniversary of SBI's main branch in Mumbai, reflected on the bank's remarkable growth. Established in 1955, transformed from the Imperial Bank of India, SBI now operates 22,500 branches compared to a network of 250 in 1921.

The minister emphasized SBI's influence in India, noting its 22.4% deposit market share and robust digital infrastructure capable of managing 20 crore UPI transactions daily. A commemorative Rs 100 coin and a historical volume from 1981-1996 were also launched to celebrate the bank's legacy.

(With inputs from agencies.)