SBI To Open 500 New Branches In Financial Year 2025: FM Nirmala Sitharaman

Mumbai: The State Bank of India (SBI) will open 500 new branches in the financial year (FY) 2025, Union Finance Minister Nirmala Sitharaman said on Monday. Speaking at the centenary celebrations of SBI, Sitharaman added that the State Bank of India (SBI) has touched most lives of Indian citizens directly or indirectly.

SBI To Open 500 New Branches In Financial Year 2025: FM Nirmala Sitharaman

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

Citing that the number of people serviced by SBI stands at 13.2 crore, Sitharaman noted that the bank handles over 20 crore UPI transactions on a daily basis.

Lauding the digital evolution adopted by the SBI, Sitharaman further added that the bank has managed a perfect balance between legacy and modernity and given equal attention to developing digital infrastructure in all of its branches.

"The digital app that SBI brought out has eight crore plus customers, and its internet banking customers, particularly in the retail now stands at 13.2 crores, some countries, some countries do not even have a 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,' she said.

Highlighting SBI's role of the bank in the Jan Dhan Yojana, PM Suraksha Yojana, Jivan Bima Yojna, or Atal Pension Yojana through the various other priorities sector lending area of activities, Sitharaman said that the bank has shown 'exponential growth in reaching every citizen of the country.