In a major move, the State Bank of India (SBI) has stated its plan to open 300 brand new branches all over the country in this financial year. Currently, SBI already has a massive network of 22,405 branches spread across India, along with 235 branches and offices in foreign lands. This expansion spree shows SBI’s commitment to making banking easier for everyone.
Dinesh Khara, the head honcho of SBI, also mentioned that the bank is thinking about increasing its “business correspondents.” These correspondents help in taking banking services to even the remote areas. So, banking could get a whole lot closer to you.
SBI is on a roll. The bank just reported its highest-ever profit in the first quarter of this financial year – a whopping ₹16,884 crore! Last year, during the same time, it made a profit of ₹6,068 crore. This jump in profits happened because SBI managed to reduce the number of loans that were not being paid back, gave out more loans, and took advantage of higher interest rates.
So, while SBI is already pretty big, it’s getting even bigger. With its eyes set on more branches and helping hands in the form of business correspondents, it’s clear that SBI is gearing up to make banking simpler and more profitable for itself and its customers.