SBI to expand Operations with 500 New Branches in FY2025, Says Finance Minister Nirmala Sitharaman

• Finance Minister Nirmala Sitharaman announced that the State Bank of India will open 500 new branches in the financial year 2025 during the centenary celebration of SBI's Mumbai main branch building.
• Nirmala Sitharaman praised the growth and contribution of the State Bank of India to the banking ecosystem, highlighting its advancements in digital infrastructure and expanded reach across India since 2014.
• The Minister provided detailed statistics regarding the State Bank of India's current operations and lauded its development in digital infrastructure.

Sitharaman shared key figures about SBI's current reach: 23,000 branches, 6,580 ATMs, 85,000 banking correspondents, serving over 50 crore customers. The bank holds 22.4 percent of deposits and 19 percent of advances. SBI also handles 25 percent of debit card expenses, 22 percent of mobile banking transactions, 25 percent of bank UPI transactions, and has a 29 percent ATM footprint.



“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 Advances 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.”

The Finance Minister emphasized SBI’s digital progress and its customer base using the YONO app and internet banking. She noted the robustness of SBI’s digital investments, capable of handling approximately 20 crore UPI transactions per day.

“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 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.”

Sitharaman highlighted SBI’s significant role in expanding banking services to remote areas between 2014 and the present, utilizing digital public infrastructure and various government schemes. She specifically mentioned Jan Dhan Yojana, PM Suraksha Yojana, Jivan Bima Yojna, and Atal Pension Yojana, along with other priority sector lending activities.

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

Sitharaman emphasized SBI’s contribution to government initiatives aimed at financial inclusion. The Finance Minister commended the bank's exponential growth in reaching citizens across the country, contrasting its current status with its historical growth from 100 branches in five years in 1920 to 22,500 branches currently.

“She emphasized 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 praised SBI's significant growth trajectory and its impact on financial inclusion. She compared the bank’s expansion from its amalgamation in 1920 to its current extensive network.

“So I think between 2014 and now let's say 10 years or wait for another five years, It would be I don't know, a trajectory, which you would never be able to compare yourself. I compared with the 100 branches in five years in 1920 at the 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.”

Content inputs from: ANI