SBI to Open 400 New Branches Nationwide
ECONOMY & POLICY

SBI to Open 400 New Branches Nationwide

State Bank of India (SBI), the country?s largest lender, has unveiled an ambitious plan to open 400 new branches across India in the current financial year. This move, part of SBI's broader network expansion strategy, was confirmed by Chairman Dinesh Kumar Khara.

In the previous fiscal year, SBI opened 137 new branches, 59 of which were in rural areas. Khara emphasized the continued importance of physical branches despite the rise of digital transactions. ?Even though 89 percent of our digital and 98 percent of our transactions occur outside of branches, there is still a need for branches to provide essential services like advisory and wealth management,? he explained.

As of March 2024, SBI boasts a network of 22,542 branches nationwide. Khara also mentioned that SBI will focus on identifying and capitalizing on new locations with significant potential for growth.

Regarding the bank's subsidiaries, Khara stated that SBI is in no rush to list them on the capital market. He highlighted that SBI General Insurance and SBI Payment Services are primary candidates for future monetization, but the bank plans to scale up these operations further to maximize valuation and returns.

In the fiscal year ending March 2024, SBI infused an additional Rs 489.67 crore into SBI General Insurance, which saw a 30.4 percent increase in net profit to Rs 240 crore. Meanwhile, SBI Payment Services reported a decline in net profit to Rs 144.36 crore but remains a key player with over 33.10 lakh merchant payment acceptance touchpoints, including 13.67 lakh POS machines.

Khara?s strategic vision underscores SBI?s commitment to expanding its physical presence while leveraging its robust digital platform to serve a diverse and growing customer base across India.

State Bank of India (SBI), the country?s largest lender, has unveiled an ambitious plan to open 400 new branches across India in the current financial year. This move, part of SBI's broader network expansion strategy, was confirmed by Chairman Dinesh Kumar Khara. In the previous fiscal year, SBI opened 137 new branches, 59 of which were in rural areas. Khara emphasized the continued importance of physical branches despite the rise of digital transactions. ?Even though 89 percent of our digital and 98 percent of our transactions occur outside of branches, there is still a need for branches to provide essential services like advisory and wealth management,? he explained. As of March 2024, SBI boasts a network of 22,542 branches nationwide. Khara also mentioned that SBI will focus on identifying and capitalizing on new locations with significant potential for growth. Regarding the bank's subsidiaries, Khara stated that SBI is in no rush to list them on the capital market. He highlighted that SBI General Insurance and SBI Payment Services are primary candidates for future monetization, but the bank plans to scale up these operations further to maximize valuation and returns. In the fiscal year ending March 2024, SBI infused an additional Rs 489.67 crore into SBI General Insurance, which saw a 30.4 percent increase in net profit to Rs 240 crore. Meanwhile, SBI Payment Services reported a decline in net profit to Rs 144.36 crore but remains a key player with over 33.10 lakh merchant payment acceptance touchpoints, including 13.67 lakh POS machines. Khara?s strategic vision underscores SBI?s commitment to expanding its physical presence while leveraging its robust digital platform to serve a diverse and growing customer base across India.

Next Story
Resources

Skyview by Empyrean is Making Benchmarks in the Indian Ropeway Industry

FIL Industries Private Limited, the parent company of Empyrean Skyview Projects that pioneered ropeway mobility solutions in India with Jammu’s Skyview Gondola, is currently developing the Dehradun-Mussoorie ropeway and is on track to complete Phase I by September 2026. The ropeway is set to be India’s longest passenger aerial monocable covering 5.8 km between the foothills of Dehradun in Purkulgam and MDDA taxi stand in the hills of Mussoorie in just under 20 minutes. The firm pioneered green mobility solutions in India with the development of the flagship Skyview Gondola in Jam..

Next Story
Technology

Creativity is for Humans, Productivity is for Robots!

On most construction sites, the rhythm of progress is measured by the clang of steel, the hum of machinery and the sweat of thousands. But increasingly, new sounds are entering the mix: the quiet efficiency of algorithms, the hum of drones overhead, and the precision of robotic arms at work. Behind the concrete and cables, an invisible force is taking hold: data. It is turning blueprints into living simulations, managing fleets of machines, and helping engineers make decisions before a single brick is laid. This is not the construction of tomorrow; it is the architecture of today – built on ..

Next Story
Infrastructure Urban

Bhartiya Urban Unveils ‘Bhartiya Converge’ GCC Enablement Platform

Bhartiya Urban has launched Bhartiya Converge, its latest business venture designed to become India’s premier platform for enabling Global Capability Centres (GCCs). The initiative offers an integrated ecosystem aimed at helping global clients gain a competitive edge in today’s rapidly evolving business environment. Focused on enhancing turnaround time and operational efficiencies, the company seeks to deliver better business outcomes powered by top-tier talent. Bhartiya Converge presents a customised and integrated suite of microservices that addresses the nuanced and evolving operational..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?