Mumbai
The State Bank of India (SBI) plans to open 500 new branches in the financial year 2025, Union Finance Minister Nirmala Sitharaman announced on Monday. Speaking at the centenary celebration of SBI’s Mumbai main branch, Sitharaman highlighted the bank’s growth and its crucial role in India’s banking ecosystem.
Currently, SBI has 23,000 branches, 6,580 ATMs, and 85,000 banking correspondents. The bank serves over 50 crore customers, with 25% of the country’s debit card spending and mobile banking transactions, as well as 29% of ATM usage.
Sitharaman praised SBI’s digital transformation, mentioning that its app has over 8 crore users and its internet banking services cater to 13.2 crore retail customers. She highlighted that SBI processes up to 20 crore UPI transactions daily, a testament to the bank’s digital infrastructure and growth.
Sitharaman also acknowledged SBI’s efforts to reach underserved areas, particularly through government schemes like Jan Dhan Yojana, PM Suraksha Yojana, and Atal Pension Yojana, helping millions of citizens access banking services.
Looking back, Sitharaman reflected on SBI’s evolution, from just 100 branches in 1920 to 22,500 today. She noted that SBI’s expansion has been exponential since 2014, particularly through its digital services. The Finance Minister expressed confidence that the bank’s growth trajectory would continue, emphasizing that SBI’s commitment to financial inclusion and technology would redefine India’s banking landscape in the years ahead.
