SBI to add 600 branches in its network during FY25: Chairman C S Setty

New Delhi: State Bank of India (SBI) plans to open 600 branches nationwide in the current financial year.

The goal is to tap into business opportunities in emerging areas, including large residential townships. SBI Chairman C S Setty mentioned, "We have strong branch expansion plans, mainly focused on emerging areas. Many residential colonies are not covered by us. We are planning to open around 600 branches in the current year."

The country's biggest lender opened 137 branches last fiscal. Of the total, 59 new rural branches were inaugurated. SBI has a network of 22,542 branches across the country as of March 2024.

Apart from branch presence, SBI has 65,000 ATMs and 85,000 business correspondents. In a bid to attract depositors, the State Bank of India is contemplating coming out with innovative products including a combo product of recurring deposit and SIP.

Besides, he said, the bank has undertaken a massive outreach program for the deposit mobilization. With the economy progressing, he said, customers are becoming financially more aware and demanding, and have started looking for innovative investment instruments.