SBI plans to open 400 new Branches in FY25. SBI Chairman Khara stated that the bank plans to open approximately 400 new branches across the country in the financial year 2025. This expansion aims to increase the bank’s physical presence and reach a wider customer base.
“Somebody asked me if 89 per cent of digital and 98 per cent transactions were happening outside the branch, whether the branch is required anymore. My answer is yes. It is still required because there are newer areas which are emerging,” SBI Chairman Dinesh Kumar Khara told Press in an interview. The bank’s plans might be evolving based on market conditions and regulatory approvals.
Key points from SBI Chairman statement:
- SBI is prioritizing locations with strong growth potential and customer demand when selecting new branch locations.
- The bank is also exploring the use of business correspondents to extend its services to customers in remote and rural areas.
- In addition to physical branches. SBI is also focusing on expanding its digital offerings to provide customers with a seamless banking experience.
The exact number of new branches may depend on factors. Like market demand, regulatory approvals, and the bank’s overall expansion strategy. However, it’s clear that SBI is committed to increasing its physical presence across India and also its digital offerings.
The bank is focusing on identifying locations with growth potential and customer demand for new branches. It is also exploring the use of business correspondents to reach customers in remote areas.