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There will be a network of 23000 branches, and SBI preparing to open 500 new branches.

Siddhi Jain November 19, 2024 01:15 AM

Finance Minister Nirmala Sitharaman said on Monday that the State Bank of India (SBI) will open 500 more branches in the current financial year to take its total network to 23,000. Sitharaman said in a program organized on the occasion of the 100th anniversary of the main branch of the public sector bank in Mumbai that the size of the bank has increased significantly since 1921. At that time, the Imperial Bank of India (IBI) was formed by merging three Presidency Banks. He said that the government passed a law in Parliament in 1955 to make Imperial Bank of India SBI.

Network of 22500 branches

The network of 250 branches in 1921 has now increased to 22,500. Sitharaman said, "SBI has 22,500 branches today and I understand that 500 more branches will be opened in the financial year 2024-25. That is, the number of branches will increase to 23,000." The growth that SBI has achieved in the banking sector should be a global record. She said that SBI holds a 22.4 percent share in the total deposits in the country. It also has a fifth share in the total loan and serves more than 50 crore customers.

Smt @nsitharaman delivers the Keynote Address and participates in a Question & Answer Session at the 11th SBI Banking & Economics Conclave 2024 on the theme 'Making Aspiration of Viksit Bharat a Reality' in Mumbai, Maharashtra.#SBIConclave #ViksitBharat2047 pic.twitter.com/WETah63v2Y
— Nirmala Sitharaman Office (@nsitharamanoffc) November 18, 2024

20 crore UPI transactions in 1 day from SBI

Sitharaman said that digital investment in the bank is strong and it can handle 20 crore UPI transactions in a day. The Finance Minister said that it had gone far beyond the objective of merging three Presidency Banks in 1921. The century-old integration was aimed at expanding banking services to the people. SBI's main branch in Mumbai is located in a heritage building. It was inaugurated in 1924.

A commemorative coin of Rs 100 released.

The Finance Minister released a commemorative coin of Rs 100 for the branch and said that 43 SBI branches across the country are more than a century old. Sitharaman also released a document depicting the history of the bank between 1981 and 1996 during the event. She said that another such document will be released. It will reflect the 'rapid growth' in SBI's efforts to reach every citizen since 2014.