SBI Expansion: Breaking New Ground with 500 Branches

The State Bank of India plans to open 500 new branches nationwide during this fiscal year. Already 135 have been added by October 31, 2024. The initiative aims for a banking outlet within 5 km of all villages. Manpower needs in banks are evaluated and adjusted based on various factors.

The State Bank of India (SBI) is set to expand its footprint with the opening of 500 new branches across the nation this financial year, as revealed in Parliament on Monday.

Minister of State for Finance Pankaj Chaudhary, in his written response to the Lok Sabha, shared that 135 branches have already been inaugurated by October 31, 2024. This move aligns with the government's strategy to ensure banking accessibility within a five-kilometer radius of every inhabited village.

The availability of these banking outlets is tracked through the Geographic Information System-based Jan Dhan Darshak app. Addressing manpower concerns, Chaudhary mentioned that public sector banks like SBI manage their staffing based on business needs and other factors, assuring that the current workforce is adequate.

(With inputs from agencies.)