SBI to Open 500 New Branches in the Financial Year 2025, Says Nirmala Sitharaman

Mumbai: State owned banking PSU, State Bank of India (SBI) will open 500 new branches in financial year (FY) 2025, Union Finance Minister Nirmala Sitharaman said on Monday.

Speaking at centenary celebration of SBI Mumbai main branch building, Finance Minister Sitharaman applauded impressive growth of banking PSU, and its contribution to banking ecosystem.

"I understand 500 branches are going to be opened in this year financial year 2025. So, 23 000 branches today, 6580 ATMs, 85, 000 banking correspondence, Deposits are 22.4 percent vances are 19 per cent, 50 crore plus customers, 25 per cent debit card expense, 22 per cent of mobile banking transactions and 25 per cent of bank UPI transactions and 29 per cent ATM footprint," she said.

Going furr, Finance Minister lauded digital evolution opted by SBI, ding that bank has given equal attention to developing digital infrastructure in all of its branches.

She said, " digital app that SBI brought out has eight crore plus customers, and its internet banking customers, particularly in retail now stands at 13.2 crores, some countries, some countries do not even have population that size, but you're servicing that many people And I understand your digital Investments are kept robust Such that it can handle around 20 crore UPI transactions per day. It's a history on its own."
Highlighting role of SBI over last ten years, Sitharaman said that bank has played a significant role in reaching and serving people even in remote areas of country.

"Between 2014 and today, role of SBI in taking banking to ordinary citizens in far-flung areas, be it through your digital public infrastructure or your digital banking services, or through various comment schemes, which are aimed at reaching common man," she ded.

She emphasized SBI's role of bank in Jan Dhan Yojana, PM Suraksha Yojana, Jivan Bima Yojna, or Atal Pension Yojana through various or priorities sector lending area of activities.

"So I think between 2014 and now let's say 10 years or wait for anor five years, It would be I don't know, a trajectory, which you would never be able to compare yourself. I compared with 100 branches in five years in 1920 at time of amalgamation to 22,500. 

Now, Similarly, if you compare your 22, 500 now or one, which is relevant to up to say 2014 and between 2014 and today, exponential growth in reaching every citizen of this country.," Finance Minister said praising bank for its achievement. (SBI)