SBI to open 500 more branches in FY25, take overall network to 23,000: FM Sitharaman

Mumbai: Finance Minister Nirmala Sitharaman on Monday said SBI will open another 500 branches to take its overall network to 23,000 by the end of FY25.

Speaking at an event to mark the 100th anniversary of the state-owned lender's main branch in Mumbai, Sitharaman recalled that the size of the bank has increased substantially since 1921 when three presidency banks merged to form the Imperial Bank of India (IBI).

The government passed an Act of Parliament to form SBI in 1955 out of what used to be IBI, and what was a network of 250 branches in 1921 has grown to 22,500 now, she said.

"SBI today has grown to become 22,500 branches, and I understand that another 500 branches are going to be opened in FY25. So, 23,000 branches," Sitharaman said.

The finance minister said this growth of SBI should be a "global record", particularly in the context of India being repeatedly "taunted" for income disparities.

She said SBI commands a 22.4 per cent share in the overall deposits in the country, nearly one-fifth in advance and serves over 50 crore customers.

Sitharaman said the digital investments are "robust" at the bank, and it can handle up to 20 crore UPI transactions a day.

This is a long way from the objective of the merger of three presidency banks in 1921, Sitharaman said, pointing out that one of the stated aims of the century-old consolidation move was to extend banking services to people.

The Mumbai main branch is housed in a heritage building inaugurated in 1924 and currently handles nearly a fourth of all the deposits in the country.

The minister launched a Rs 100 commemorative coin for the branch and said there are 43 branches of SBI across the country which are over a century old.

A volume documenting the history of the bank between 1981 and 1996 was also launched at the event by the minister. Sitharaman said a similar document starting 2014 will capture the "exponential growth" in SBI's efforts to reach every citizen of the country.