State Bank of India (SBI) is planning to open 300-400 branches annually in the medium term, aiming to enhance financial service penetration in India, reported Business Standard citing bank’s chairman C S Setty.
Setty said the bank has identified a growing need for branches in the emerging residential colonies across India.
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As of September 2024, SBI’s branch network totals 22,640, a significant increase from 15,870 in March 2014. This marks an increase from 15,870 in March 2014.
SBI’s market capitalisation stands at Rs7.26tn ($86bn), while India private lender HDFC Bank boasts a market capital of Rs13.06tn ($154bn).
SBI is not only eyeing Rs1tn of annual net profit but is also working towards reporting Rs1tn of operating profit this year.
Currently, the bank operates over 63,000 ATMs, engages 80,300 banking correspondents, and serves more than 500 million customers.
In a separate announcement, Indian Finance Minister Nirmala Sitharaman said that SBI is planning to add 500 new branches in the country in the financial year 2025.
Sitharaman was quoted by The Times of India as saying: “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% Advances are 19 per cent, 50 crore plus customers, 25% debit card expense, 22% of mobile banking transactions and 25% of bank UPI transactions and 29% ATM footprint.”
