The country's largest government bank SBI has turned 100 years old. On this special day, the Finance Minister of the country has given a return gift to more than 50 crore customers of the country. Finance Minister Nirmala Sitharaman announced on SBI's 100th birthday that the bank will open 500 more branches in the current financial year for the common people. This means that SBI's reach will increase further from cities to remote areas in the country. Let us also tell you what she said…

What is the history

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 the year 1921. At that time, Imperial Bank of India (IBI) was formed by merging three Presidency Banks. She said that the government passed a law in Parliament in 1955 to make Imperial Bank of India SBI. The network of 250 branches in 1921 has now increased to 22,500.

The Finance Minister gave a return gift of 50 crores

Sitharaman said that 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 total deposits in the country. Also, it has a fifth share in total loans and it serves more than 50 crore customers. 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 this is a far cry from the objective of the merger of three Presidency Banks in 1921. The purpose of a century-old integration was to expand banking services to the people.

When was it inaugurated

SBI's main branch in Mumbai is located in a heritage building. It was inaugurated in 1924. 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 program. 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.