SBI to open 300 branches across country this year

State Bank of India plans to open 300 branches to increase its physical presence across the country this year. Currently, there are 22,405 branches across the country and 235 foreign branches and offices. With the addition, the total domestic network will be close to 23,000.

“We are looking at expanding digitally. And even when it comes to physical, we tend to add about 300 odd branches in the current year, depending upon the potential where the branches are required,” SBI chairman Dinesh Khara said in a recent interaction with analysts.

He also said the bank is not only looking at the branches and digitals, but also business correspondents.

“So, with this kind of footprint, what we’re more interested in, is deepening relationships with existing franchises, and sweating the assets, which we already have,” SBI managing director (retail business and operations) Alok Kumar Choudhary said.

So, he said, “Somebody is building an asset, we already have an asset and we’re trying to sweat it out. So, our strategies will have to be different, because somebody who is already 216 years old, with all systems, governance, etc will have different priorities than somebody who is new to the industry and trying to make greater footholds”.