SBI to replace over half of its ATMs and add 1 lac Customer Service Points by this year

- Advertisement -

State Bank of India (SBI) is planning to replace over half of its ATMs/ADWMs (Automated Teller Machine/ Automated Deposit cum Withdrawal Machine) in the next three years and expand its Business Correspondent (BC) network by 30,000 in FY24 to reduce the footfall at branches and free the manpower for sales and marketing.

Also Read: The number of customers in SBI is more than the population of 99% countries

Currently, about 97 per cent of the Bank’s transactions are through alternative delivery channels, including digital means (comprising internet, mobile, UPI & mobile banking app YONO, and Green Channel Counter at branches), ATMs/ADWMs, and BC channel.

- Advertisement -

India’s largest bank is planning to procure 34,250 new ATMs/ADWMs in the next three years to replace more than seven-year-old machines, per the Bank’s business plan. As of December-end 2022, SBI had 65,650 ATMs/ADWMs (64,216 as at December-end 2021).

“BC channel is another robust way of decluttering the branches. We aim to achieve the milestone of 1 lakh CSP (customer service point) outlets by end of March 2024,” SBI Chairman said.

In the short to medium term, all CSP outlets will have Micro ATMs. As of December-end 2022, SBI had 70,258 BC/CSP outlets (69,500 as of December-end 2021). BCs/CSPs are extended arms of Banks, providing financial and banking services to customers in unbanked and underbanked areas.

- Advertisement -

Colour coding of branches

In FY24, the Bank plans to “colour code” (categorise) branches based on continued achievement of business targets, long standing high value relationships, audit ratings, high market share, among others, in order to leverage the full business potential of high performing branches.

High potential branches will be augmented with suitable staff, ambience, and mentors so that they continue to perform better, SBI Chairman said. As of December-end 2022, SBI had 22,381 branches.

- Advertisement -

Share this article...

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News...

Latest

HDFC Bank Held Liable By NCDRC For Not Sending SMS Alerts Regarding Unauthorized Transactions

HDFC Bank Held Liable By NCDRC For Not Sending SMS Alerts Regarding Unauthorized Transactions

Rs.15 crore loan fraud in SBI, ED attached properties worth Rs.3 crore

Rs.15 crore loan fraud in SBI, ED attached properties worth Rs.3 crore

RBI released new Master Circular on Fraud Risk Management [Download PDF]

RBI released new Master Circular on Fraud Risk Management [Download PDF]

RBI Master Circular – Bank Finance to Non-Banking Financial Companies (NBFCs)

RBI Master Circular - Bank Finance to Non-Banking Financial Companies (NBFCs)

RBI Master Circular on SHG-Bank Linkage Programme

RBI Master Circular on SHG-Bank Linkage Programme

RBI Master Circular on Conduct of Government Business by Agency Banks – Payment of Agency Commission

RBI Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission

RBI Master Circular on Board of Directors – UCBs

RBI Master Circular on Board of Directors - UCBs

RBI Master Circular: Lead Bank Scheme

RBI Master Circular: Lead Bank Scheme

RBI Master Circular: Housing Finance

RBI Master Circular: Housing Finance

RBI Master Circular: Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM)

RBI Master Circular: Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM)

Latest News