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.

Infrastructure Urban

13 Oct 2025

Daikin Boosts Haryana’s Innovation Push with Rs 10 billion R&D Plan

Japanese multinational Daikin Industries has committed an investment of Rs 10 billion to set up a new research and development centre in Haryana. The proposed facility will focus on advanced technologies and sustainable industrial solutions, marking a significant boost to the state’s innovation and industrial ecosystem. The announcement follows the signing of a Memorandum of Understanding (MoU) in Osaka, Japan, during a visit by a Haryana government delegation held from October 6 to 8. The MoU was signed by Amit Kumar Agrawal, Commissioner and Secretary, Industries and Commerce Department, ..

Lloyds Metals to Build Rs 250 billion Steel Plant in Gadchiroli

Lloyds Metals & Energy Limited (LMEL) has announced an investment of Rs 250 billion aimed at transforming Gadchiroli in Maharashtra from a region once associated with the red corridor into a key industrial and growth hub. The company’s plans are centred on establishing an integrated steel production ecosystem, which will contribute significantly to regional development and employment. As part of its expansion strategy, LMEL is setting up a 4.5-million-tonne blast furnace in Gadchiroli, scheduled for completion by 2027–28, along with another 1.2-million-tonne facility in Chandrapur by 2029..

UPI Crosses 500 Million Users, Fuels MSME and Digital Growth

The Unified Payments Interface (UPI) has achieved a new milestone, surpassing 500 million consumers and 65 million merchants across India. The platform, developed by the National Payments Corporation of India (NPCI), has expanded its reach to nearly 99 percent of the country’s pin codes, underlining its deep penetration into both urban and rural markets. According to a report by NPCI and the Boston Consulting Group (BCG) launched during the Global Fintech Fest 2025, UPI has evolved from being a digital payments mechanism into a key enabler of financial inclusion and small business growth. I..