SBI to unveil 400 branches in FY25

24 Jun 2024 CW Team

State Bank of India (SBI) is gearing up for a substantial network expansion in the current financial year, aiming to establish 400 new branches nationwide.

SBI, the largest lender in the country, inaugurated 137 branches in the previous fiscal year, including 59 branches in rural areas as part of its on-going efforts to extend its reach.

In an interview with the source, SBI Chairman Dinesh Kumar Khara addressed queries about the relevance of branches in an increasingly digital age, where 89% of transactions occur digitally and only 2% are conducted within branches. Khara emphasised the continued importance of branches, especially for delivering advisory and wealth management services that require personal interaction.

"We will strategically identify locations with growth potential and prioritise them for new branch openings. Our plan is to add approximately 400 branches this year," Khara stated.

As of March 2024, SBI operates a vast network of 22,542 branches across India, underscoring its commitment to serving diverse customer needs nationwide. (Source: PTI & ZEE)

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