The country’s largest bank, State Bank of India (SBI), has plans to further expand its network in the current financial year.
SBI is preparing to open approximately 600 new branches in the financial year 2024-25, with a significant number of these branches being located in rural areas.
Last financial year, SBI opened 137 branches, 59 of which were in rural regions. The bank aims to reach every customer across the country while also increasing its business.
SBI has 22,542 branches and 65,000 ATMs across the country. SBI's Chairman, CS Setty, stated that the bank is currently focusing on emerging markets.
There are still many newly developed residential areas where we do not have a presence, and we aim to establish our reach in these areas quickly.
The goal is to open approximately 600 branches this year, which will help us provide better services to our customers. As of March 2024, SBI had 22,542 branches, along with 65,000 ATMs and 85,000 business correspondents.
The SBI Chairman also stated that we are currently providing services to approximately 500 million customers. We take pride in saying that SBI is the banker for every Indian. We also aim to connect with every family. We are committed to making SBI the best bank in the country.
CS Setty mentioned that we want to work not only for our customers but also in the interests of shareholders and stakeholders. We want everyone to feel that they are a part of the best bank in the country.
SBI will introduce special plans featuring the benefits of Recurring Deposits (RD) and Systematic Investment Plans (SIP). Previously, SBI Chairman CS Setty stated that the bank is planning to make changes to both RD and SIP offerings.
He emphasized that SBI needs to develop its products with customers' needs in mind. To increase deposits, we must provide various investment options to our customers.
CS Setty mentioned that SBI is making several efforts to boost deposits; however, SBI will not get caught up in a rate war.
We will maintain a balanced approach to interest rates. Our next goal is to increase our net profit to ₹1 lakh crore.