MUMBAI: State owned banking PSU, State Bank of India (SBI) will open 500 new branches in the financial year (FY) 2025, Union Finance Minister Nirmala Sitharaman said on Monday.
Speaking at the centenary celebration of SBI Mumbai main branch building, Finance Minister Sitharaman applauded the impressive growth of the banking PSU, and its contribution to the overall banking ecosystem in the country.
“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,” she said.
Going further, Finance Minister lauded the digital evolution adopted by the SBI, adding that the bank has given equal attention to developing digital infrastructure in all of its branches.
She said, “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 do not even have population that size, but you’re servicing that many people. 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.”
Highlighting the role of SBI over the last ten years, Sitharaman said that the bank has played a significant role in reaching and serving people even in the remote areas of the country.
“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,” she added.
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.
“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.,” the Finance Minister said praising the bank for its achievement.
