SBI to Expand with 500 New Branches by FY25

Finance Minister Nirmala Sitharaman announced that the State Bank of India (SBI) will open an additional 500 branches by the end of FY25, expanding its overall network to 23,000 branches. 

This growth reflects the bank’s continued expansion strategy to serve more customers across India. Speaking at an event commemorating the 100th anniversary of SBI’s main branch in Mumbai, Sitharaman highlighted the bank’s transformation since its inception in 1921, when three presidency banks merged to form the Imperial Bank of India (IBI).

The journey from a modest 250 branches in 1921 to 22,500 branches today demonstrates the immense growth of SBI over the past century. The government passed an Act in 1955 to establish SBI, which now commands a 22.4% share of the nation’s deposits and serves over 50 crore customers. Sitharaman emphasised that this growth should be seen as a global record, particularly given India’s challenges in addressing income disparities.

Digital Investments and Innovation

Sitharaman also praised SBI’s robust digital investments, which allow the bank to handle up to 20 crore UPI transactions a day. These advancements highlight SBI’s commitment to digital banking and the growing demand for cashless transactions in India.

The occasion also marked the launch of a commemorative ₹100 coin for SBI’s Mumbai main branch, a historic building inaugurated in 1924. The branch currently handles nearly one-fourth of the financial deposits in Mumbai. Sitharaman pointed out that there are 43 SBI branches across the country that are over a century old, emphasising the bank’s long-standing presence and contributions to the Indian banking sector. Additionally, the Finance Minister launched a volume documenting the bank’s history between 1981 and 1996.

On November 19, 2024, SBI share price opened at ₹819.00, touching the day’s high at ₹819.00, as of 9:44 AM on the NSE.

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