SBI to Open 400 New Branches Nationwide

25 Jun 2024 CW Team

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.

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