State Bank of India (SBI), state-owned banking PSU, will open 500 new branches in the financial year (FY) 2025, Union Finance Minister Nirmala Sitharaman announced on Monday.
Finance Minister Sitharaman was speaking at the centenary celebration of the SBI Mumbai main branch building.
Sitharaman applauded the impressive growth of the banking PSU and its contribution to the banking ecosystem.
"So, 23 000 branches today, 6580 ATMs, 85 000 banking correspondence, deposits are 22.4 ercent. Advances are 19 percent, 50 crore plus customers, 25 percent debit card expense, 22 percent of mobile banking transactions, 25 percent of bank UPI transactions, and 29 percent ATM footprint," Sitharaman said.
The Finance Minister also appreciated the digital evolution adopted by the SBI.
She said, "The digital app that SBI brought out has eight crore plus customers, and its internet banking customers, particularly in retail, now stand at 13.2 crores; it can handle around 20 crore UPI transactions per day. It's a history on its own."
She acknowledged that the bank has given equal attention to developing digital infrastructure in all of its branches.
The Finance Minister emphasised 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 in the 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 re yourself to. I compared the 100 branches in five years in 1920 at the time of amalgamation to 22,500," she said.
"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 concluded her note.
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