SBI to open 500 more branches in FY25, take overall network to 23,000: Finance Minister

Finance Minister Nirmala Sitharaman connected Monday said SBI volition unfastened different 500 branches to instrumentality its wide web to 23,000 by the extremity of FY25.

Speaking astatine an lawsuit to people the 100th day of the state-owned lender's main subdivision successful Mumbai, Sitharaman recalled that the size of the slope has accrued substantially since 1921 erstwhile 3 presidency banks merged to signifier the Imperial Bank of India (IBI).

The authorities passed an Act of Parliament to signifier SBI successful 1955 retired of what utilized to beryllium IBI, and what was a web of 250 branches successful 1921 has grown to 22,500 now, she said.

"SBI contiguous has grown to go 22,500 branches, and I recognize that different 500 branches are going to beryllium opened successful FY25. So, 23,00 branches," Sitharaman said.

The concern curate said this maturation of SBI should beryllium a "global record", peculiarly successful the discourse of India being repeatedly "taunted" for income disparities.

She said SBI commands a 22.4 per cent stock successful the wide deposits successful the country, astir one-fifth successful beforehand and serves implicit 50 crore customers.

Sitharaman said the integer investments are "robust" astatine the bank, and it tin grip up to 20 crore UPI transactions a day.

This is simply a agelong mode from the nonsubjective of the merger of 3 presidency banks successful 1921, Sitharaman said, pointing retired that 1 of the stated aims of the century-old consolidation determination was to widen banking services to people.

The Mumbai main subdivision is housed successful a practice gathering inaugurated successful 1924 and presently handles astir a 4th of each the deposits successful the country.

The curate launched a Rs 100 commemorative coin for the subdivision and said determination are 43 branches of SBI crossed the state which are implicit a period old.

A measurement documenting the past of the slope betwixt 1981 and 1996 was besides launched astatine the lawsuit by the minister. Sitharaman said a akin papers starting 2014 volition seizure the "exponential growth" successful SBI's efforts to scope each national of the country.