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.

Equipment

12 Dec 2025

Schwing Stetter India Unveils New Innovations at Excon 2025

Schwing Stetter India unveiled more than 20 new machines at Excon 2025, marking one of its most significant showcases and introducing several India-first technologies to the construction equipment sector. The company launched the country’s first 56-metre boom pump designed and manufactured in India, the first fully electric truck mixer, the first CNG mixer variant and the first hybrid boom pump. Executives said the launch portfolio was engineered to support India’s move toward faster, greener and more vertically oriented infrastructure through advanced engineering, clean-energy solutions a..

SEPC Resolves Hindustan Copper Dispute, Wins Rs 725 Mn Order

Engineering, procurement and construction firm SEPC Ltd has recently settled a dispute with Hindustan Copper Ltd (HCL) and secured a mining infrastructure order valued at Rs 725 million from the state-owned company. SEPC informed the stock exchanges that it has executed a settlement deed with HCL, bringing closure to all inter-se claims and counterclaims arising from arbitration proceedings. As part of the settlement, SEPC will receive Rs 304.5 million as full and final payment, marking the resolution of all pending disputes between the two entities. The company also stated that Hindustan Co..

20% Ethanol Blending Cuts India’s CO2 Emissions by 73.6 Mn Tonnes

Union Road Transport and Highways Minister Nitin Gadkari recently said that India has reduced carbon dioxide emissions by 73.6 million metric tonnes due to the adoption of 20 per cent ethanol blending in petrol. He made the statement while replying to supplementary questions during the Question Hour in the Lok Sabha. Describing ethanol as a green fuel, the minister said it plays a key role in reducing pollution while also supporting higher incomes for farmers. He underlined that ethanol blending contributes both to environmental sustainability and rural economic growth. Nitin Gadkari also po..