Finance Minister Nirmala Sitharaman announced on Monday that the State Bank of India (SBI) will open 500 new branches, expanding its network to 23,000 branches by the end of FY25. Speaking at the centenary celebration of SBI's main branch in Mumbai, Sitharaman highlighted the bank's remarkable growth trajectory since its inception.

She recalled that SBI’s origins trace back to 1921 when three presidency banks were merged to form the Imperial Bank of India (IBI). Later, in 1955, the government established SBI through an Act of Parliament, transforming IBI’s network of 250 branches into a financial giant with 22,500 branches today.

"SBI has grown to become a 22,500-branch network, and another 500 branches will be added by FY25, taking it to 23,000," Sitharaman said, terming this expansion a "global record" against the backdrop of India’s economic challenges.

The Finance Minister praised SBI's pivotal role in India’s banking sector, noting its 22.4 per cent share in national deposits and nearly 20 per cent share in advances. With over 50 crore customers, SBI has also embraced digital transformation, enabling it to process up to 20 crore UPI transactions daily.

Reflecting on the bank's century-old history, Sitharaman remarked that the original vision of the 1921 merger — to expand banking access to the public — has been realised on a monumental scale.

The Mumbai main branch, housed in a heritage building inaugurated in 1924, now manages nearly a fourth of all deposits in the city. Sitharaman also noted that 43 SBI branches across India are over a century old, underlining the institution's enduring legacy.

To commemorate the occasion, the Finance Minister unveiled a Rs 100 commemorative coin dedicated to the Mumbai branch. Additionally, she launched a historical volume documenting SBI’s journey from 1981 to 1996 and hinted at a new publication covering the bank's "exponential growth" since 2014.

Sitharaman concluded by highlighting SBI’s significant contributions to India's financial landscape, positioning it as a symbol of resilience and progress.