SBI to expand with 600 branches

08 Oct 2024 CW Team

The State Bank of India (SBI) plans to add 600 new branches to its vast network during the financial year 2024-2025 (FY25), as announced by Chairman Dinesh Khara. This move is part of the bank's ongoing strategy to expand its presence and strengthen its customer service network across the country. The new branches aim to cater to the growing banking needs of both urban and rural areas, ensuring greater financial inclusion and accessibility for more people.

SBI’s decision to expand comes at a time when the Indian banking sector is experiencing significant digital transformation. However, the bank believes that physical branches still play a crucial role, especially in semi-urban and rural regions where personal interactions and branch banking services remain essential. By increasing its physical presence, SBI intends to bridge the gap between digital and traditional banking, offering a blend of technology-driven and personalized banking experiences.

This expansion plan is aligned with SBI’s broader vision of improving financial accessibility, expanding its product offerings, and staying competitive in the market. The addition of these branches will also contribute to job creation, providing employment opportunities in the banking sector.

Furthermore, this initiative is expected to enhance SBI’s customer base, offering services such as savings accounts, loans, and other financial products to a larger audience. With the continued focus on branch expansion, SBI aims to reinforce its position as India’s largest public-sector bank and maintain its leadership in the financial services industry.

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