SBI to Open 500 New Branches in FY 2025: FM Sitharaman

State Bank of India (SBI), the country’s largest public sector bank, plans to open 500 new branches in the financial year (FY) 2025, Union Finance Minister Nirmala Sitharaman announced on Monday. The declaration came during the centenary celebration of the SBI Mumbai main branch building, where the Finance Minister commended the significant growth of the banking PSU and its contributions to India’s banking ecosystem.

Impressive Milestones of SBI

During her address, Sitharaman shared detailed statistics highlighting SBI’s substantial presence in the banking sector. “I understand 500 branches are going to be opened in this financial year 2025. Currently, there are 23,000 branches, 6,580 ATMs, and over 85,000 banking correspondents. Deposits have grown by 22.4 percent, while advances are up by 19 percent,” Sitharaman noted. She further emphasized that SBI caters to over 50 crore customers and holds a 25 percent share in debit card expenses, 22 percent of mobile banking transactions, 25 percent of bank UPI transactions, and a 29 percent share of ATM usage nationwide.

The Finance Minister praised SBI’s strong focus on digital evolution and infrastructure development across all its branches. “The digital app introduced by SBI now serves over eight crore customers, and the bank’s internet banking clientele stands at 13.2 crores. This number exceeds the population of many countries,” Sitharaman stated, adding that SBI’s digital investments are robust enough to handle nearly 20 crore UPI transactions per day.

SBI’s Role in Reaching Remote Areas

Highlighting SBI’s expansion over the past decade, Sitharaman acknowledged the bank’s pivotal role in extending banking services to citizens in remote areas. “Since 2014, SBI has played a significant role in taking banking services to ordinary citizens, whether through digital public infrastructure or digital banking services. The bank has been instrumental in implementing various government schemes aimed at reaching the common man,” she said.

The Finance Minister mentioned key initiatives such as the Jan Dhan Yojana, PM Suraksha Yojana, Jeevan Bima Yojana, and Atal Pension Yojana, underscoring SBI’s active participation in priority sector lending and other social welfare programs.

Comparing SBI’s growth trajectory over the years, Sitharaman reflected on the bank’s transformation. “From having 100 branches during its amalgamation in the 1920s to reaching 22,500 branches today, the growth has been remarkable. Between 2014 and now, the exponential expansion of SBI in reaching every citizen is unprecedented,” she remarked, lauding the bank’s achievements and its vision for continued growth.

SBI’s ongoing expansion and commitment to digital innovation position it as a critical player in India’s banking sector, with its reach extending to even the most distant corners of the country.