SBI to expand with 600 branches
ECONOMY & POLICY

SBI to expand with 600 branches

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.

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.

Next Story
Technology

BBMP Pledges Faster E-Khata Processing Amid Citizen Complaints

Facing mounting complaints over delays in e-khata issuance, the Bruhat Bengaluru Mahanagara Palike (BBMP) has promised to resolve the issue within 10 days. BBMP Chief Commissioner Tushar Giri Nath assured citizens that efforts are underway to expedite processing rates from the current 2,000 to a target of 10,000–15,000 applications daily. "We have cleared 90% of the 90,000 pending applications, leaving only 4,500 to process. To meet the demand, over 800 additional staff and assistant revenue officers (AROs) have been deployed to manage applications in each ward," Nath stated. Persistent Dela..

Next Story
Real Estate

Delhi HC Orders DDA to Assist CBI in Housing Lapses Probe

The Delhi High Court has instructed the Delhi Development Authority (DDA) to fully cooperate with the Central Bureau of Investigation (CBI) in its probe into alleged lapses in the construction of 336 high-rise HIG/MIG houses at Signature View Apartments, north Delhi. Justice Chandra Dhari Singh emphasized that DDA must furnish information about any internal inquiry and the officials involved to facilitate the investigation. The court noted CBI’s submission that DDA had not responded to multiple reminders since July, delaying the probe. The CBI is investigating allegations of "cheating, crimi..

Next Story
Infrastructure Urban

Mahindra Lifespace to Appeal Tamil Nadu GST Tax Demand

Mahindra Lifespace Developers Ltd has announced a tax demand of Rs 20.9 million imposed by the Tamil Nadu GST department, including interest and penalties. The order, issued by the Assistant Commissioner of State Tax, Chengalpattu, cites an alleged shortfall in GST payments under Section 74 of the GST Act, 2017. The realty firm refuted the allegations, stating, “Based on the company's assessment, there is no noncompliance, and a general penalty has been imposed.” The company plans to appeal the order, expressing confidence in a favorable resolution. Mahindra Lifespace assured stakeholders ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000