SBI Plans to Open 400 Branches in FY2024-25

SBI Plans to Open 400 Branches in FY25: As part of the network expansion plan, State Bank of India (SBI) is planning to open 400 branches across the country in the current financial year. The country’s biggest lender opened 137 branches last fiscal. Of the total, 59 new rural branches were launched. “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 PTI in an interview. There are certain services like most of the advisory and wealth services that can be offered only from the branch, he said. “We will be identifying locations where the opportunity exists, and in those locations, we plan to open branches. Almost 400 branches we plan to add this year,” he said. SBI has a network of 22,542 branches across the country as of March 2024.