Mumbai: The State Bank of India (SBI), a leading public sector bank, is set to open 500 new branches in the financial year 2025, according to Union Finance Minister Nirmala Sitharaman. She made the announcement on Monday during the centenary celebrations of the bank's main branch in Mumbai.
Sitharaman praised SBI's remarkable growth, noting its significant role in the banking sector. "SBI is set to open 500 branches in the coming year, bringing the total number of branches to 23,000, along with 6,580 ATMs and 85,000 banking correspondents," she said. The bank also reported a 22.4% increase in deposits, 19% growth in advances, and has built a customer base of over 50 crore. SBI is responsible for 25% of debit card spending, 22% of mobile banking transactions, and 29% of ATM usage across the country.
The Finance Minister also highlighted SBI's digital transformation, stressing that the bank has made significant strides in improving its digital infrastructure across all branches. She said, "The SBI app now has over 8 crore users, and its internet banking service serves 13.2 crore customers. In fact, some countries don't even have that many people, but SBI is reaching such a large number of individuals."
Further, she commended the bank’s capacity to manage up to 20 crore UPI transactions daily, calling it a historic achievement in the banking industry.
Sitharaman also acknowledged the bank's pivotal role in expanding banking services to India's remote areas, especially since 2014. Through its digital services and various government initiatives like Jan Dhan Yojana, PM Suraksha Yojana, and Atal Pension Yojana, SBI has made significant contributions to financial inclusion.
"The growth SBI has achieved over the last decade is unmatched," she said. "Comparing its current 22,500 branches to the 100 branches it had in 1920 shows an extraordinary journey. Over the next five years, this trajectory will continue to transform how banking reaches the common man."
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