SBI New Branches: Finance Minister Nirmala Sitharaman on Monday said the State Bank of India (SBI) will open 500 more branches in the current fiscal year to take its total network to 23,000. Speaking at a function to mark the bank's 100th anniversary in Mumbai, Sitharaman said the bank has grown significantly in size since 1921, when three Presidency banks were merged to form the Imperial Bank of India (IBI). She said the government passed a law in Parliament in 1955 to convert the Imperial Bank of India into SBI. The network of 250 branches in 1921 has now grown to 22,500.

SBI has 22,500 branches today

Sitharaman said, "SBI has 22,500 branches today and I understand that 500 more branches will be opened in the financial year 2024-25. That is, the number of branches will increase to 23,000." The growth that SBI has achieved in the banking sector should be a global record.

He said that SBI has a 22.4 percent share in total deposits in the country. It also has a one-fifth share in total loans and serves more than 50 crore customers.

20 crore UPI transactions in a day

Sitharaman said the bank has strong digital investments and can handle 20 crore UPI transactions a day. The finance minister said it had gone far beyond the objective of merging the three Presidency Banks in 1921.

The century-old integration was aimed at expanding banking services to the people. SBI's main branch in Mumbai is housed in a heritage building. It was inaugurated in 1924.

Commemorative Coin of Rs.100

The finance minister released a commemorative coin of Rs 100 for the branch and said that 43 SBI branches across the country are more than a century old. Sitharaman also released a document tracing the history of the bank between 1981 and 1996 during the event.

He said that another such document will be released. It will show the 'rapid growth' in SBI's efforts to reach every citizen since 2014.