Union Finance Minister Nirmala Sitharaman, during the centenary celebration of the State Bank of India’s (SBI) Mumbai main branch building, announced the opening of 500 new SBI branches in the financial year 2025. This development marks another milestone in the remarkable journey of the country’s largest public sector bank, which continues to play a pivotal role in shaping India’s financial ecosystem.
Growth and Achievements of SBI
Sitharaman began by highlighting SBI’s impressive growth metrics and its widespread presence across the country. With 23,000 branches, 6,580 ATMs, and 85,000 banking correspondents, SBI has become a cornerstone of India’s financial network. She also emphasized SBI’s robust deposit growth of 22.4%, advances growth of 19%, and its massive customer base exceeding 50 crore.
Union Finance Minister Nirmala Sitharaman, during the centenary celebration of the State Bank of India’s (SBI) Mumbai main branch building, announced the opening of 500 new SBI branches in the financial year 2025. pic.twitter.com/d4jXmbVslC
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Key contributions to the digital economy include:
- 25% share in debit card expenses
- 22% of mobile banking transactions
- 25% of bank UPI transactions
- 29% of ATM operations nationwide
Contribution to Government Schemes
Sitharaman praised SBI’s role in implementing government schemes that have had a transformative impact on the lives of ordinary citizens, particularly those in rural and remote areas. The bank has been at the forefront of several flagship initiatives, including:
- Pradhan Mantri Jan Dhan Yojana: Providing bank accounts to millions of unbanked citizens.
- Pradhan Mantri Suraksha Bima Yojana and Jeevan Jyoti Bima Yojana: Offering affordable life and accident insurance.
- Atal Pension Yojana: Ensuring financial security for individuals post-retirement.
The minister commended the bank for leveraging its digital public infrastructure to extend the benefits of these schemes to far-flung areas, significantly improving accessibility for underserved populations.
Digital Transformation and Innovations
SBI’s focus on digital innovation came in for special praise. Sitharaman acknowledged the bank’s ability to adapt to evolving customer needs by developing robust digital infrastructure:
- 8 crore customers using SBI’s digital app
- 13.2 crore retail internet banking users
- Capability to handle 20 crore UPI transactions daily
These achievements are a testament to the bank’s forward-thinking approach and its commitment to staying at the forefront of technology.
A Legacy of Growth
Reflecting on SBI’s remarkable journey, Sitharaman compared its present-day achievements
to its modest beginnings. In the five years following its amalgamation in 1920, SBI opened only
100 branches. In stark contrast, the bank now boasts over 23,000 branches,
with 500 more to be added in FY 2025. This exponential growth, particularly
since 2014, has positioned SBI as a financial powerhouse capable of reaching every citizen in the country.
“The growth trajectory of SBI is unparalleled. From its early days to today, it has not only
grown in size but has also played a crucial role in supporting the nation’s economy through
financial inclusion and innovation,” Sitharaman said.
A Vision for the Future
The finance minister concluded her address by lauding SBI’s unwavering commitment to the nation’s development. She emphasized that the bank’s focus on digital transformation, financial inclusion,
and customer-centric services ensures its continued relevance and leadership in the banking sector.
SBI’s achievements, coupled with its plans for further expansion, reflect its dedication to serving as a catalyst for economic growth and modernization in India. By opening 500 new branches, the bank aims to deepen its reach and strengthen its impact, reaffirming its position as the backbone of India’s banking industry.
