SBI plans to open 600 new branches nationwide in FY 2024 to tap emerging business opportunities

State Bank of India (SBI), the nation's largest lender, is set to open 600 new branches across the country in the current financial year. This expansion is aimed at capitalizing on business opportunities in emerging regions, including large residential townships. SBI Chairman C S Setty revealed these plans during an interview, emphasizing that the focus would be on areas where the bank currently lacks coverage.

"We have strong branch expansion plans, particularly in emerging areas. Several residential colonies are not yet served by us. We are planning to open around 600 branches this year," Setty stated. As of March 2024, SBI has a vast network of 22,542 branches, including the 137 branches it opened last fiscal year, 59 of which were in rural areas. Additionally, the bank boasts 65,000 ATMs and 85,000 business correspondents nationwide.

SBI serves around 50 crore customers, and Setty highlighted the bank’s commitment to becoming the best and most valued bank from the perspective of all stakeholders, including customers, shareholders, and the broader community. In an effort to attract more depositors, SBI is working on innovative financial products. One proposed product is a combination of a recurring deposit and a Systematic Investment Plan (SIP), offering a mix of security and growth.

"With the economy growing, customers are becoming more financially savvy and seeking diverse investment options. We are exploring innovative banking products that cater to this demand," Setty noted. SBI is also intensifying efforts to mobilize deposits, leveraging its vast network and undertaking outreach programs to engage both existing and potential customers.