Mumbai: State Bank of India (SBI) will open 500 new branches by the end of the financial year 2025, aiming to boost its total branch count to 23,000, announced Finance Minister Nirmala Sitharaman on Monday.
Speaking at an event in Mumbai to mark the 100th anniversary of SBI’s main branch, Sitharaman highlighted how the bank’s network has grown significantly over the years. What started as the Imperial Bank of India in 1921, with just 250 branches, has now expanded to 22,500. With this upcoming addition of 500 branches, the bank aims to strengthen its presence across the country.
SBI currently holds a 22.4% share of all deposits in India and provides nearly one-fifth of all banking advances. It serves over 500 million customers, making it one of the largest banks in the country. The bank’s digital capabilities have also expanded, with the infrastructure to handle up to 200 million UPI transactions a day, reflecting its focus on both physical and digital services.
During the event, Sitharaman also launched a Rs 100 commemorative coin and a book documenting SBI’s history from 1981 to 1996. The Mumbai main branch, a heritage site since 1924, manages a significant share of deposits in the city and is one of 43 century-old branches across the country.
The expansion plan comes as part of SBI’s efforts to improve accessibility and provide better services to customers nationwide.
