SBI to open 500 new branches, taking network to 23,000 this fiscal: FM Nirmala Sitharaman

India’s largest public-sector bank, State Bank of India (SBI), is set to open 500 additional branches by the end of this fiscal year, bringing its total network to 23,000 branches, Union Finance Minister Nirmala Sitharaman announced.

Speaking at an event commemorating the centenary of SBI's main branch in Mumbai's Horniman Circle, Sitharaman reflected on the bank’s remarkable growth. Established in 1921 through the merger of three presidency banks—Bombay, Calcutta, and Madras—the entity was initially named the Imperial Bank of India (IBI). Before the Reserve Bank of India was formed in 1935, the IBI partially functioned as the nation’s central bank.

In 1955, SBI was born through government legislation, amalgamating the Imperial Bank of India, which had around 250 branches at the time. Today, that number has grown to over 22,500, with plans to reach 23,000 by the end of FY25.

Highlighting SBI’s achievements, Sitharaman stated, “SBI has set a benchmark in global banking. It commands 22.4% of overall deposits, nearly 19% of total advances, and serves over 50 crore customers.” She added that 32 crore customers actively use SBI’s internet banking services, while 8 crores rely on its YONO mobile app. Additionally, the bank facilitates approximately 20 crore UPI transactions daily.

The Mumbai main branch, housed in a heritage building inaugurated in 1924, is a key contributor to the bank’s success. Chairman CS Setty noted that the branch handles nearly a quarter of all deposits nationwide and generated Rs 1,800 crore in net profit last quarter. It also oversees 11 key business verticals and supports government initiatives like sovereign gold bonds and other affirmative action programs.

SBI continues to dominate key financial metrics, accounting for 25% of debit card expenditures, 22% of mobile banking transactions, 25% of UPI volumes, and 29% of the nation’s ATM network. The bank’s expansion plans reinforce its role as a cornerstone of India’s financial system.