Preparation to open 600 new branches in FY25, thousands of new job opportunities

SBI Share: Expansion across the country with 600 new branches, business will get a boost in emerging areas

SBI Share: State Bank of India (SBI), the country’s largest public sector bank, plans to open 600 new branches across the country in the current financial year (FY25). The announcement was made by the bank’s Chairman C S Setty on October 2, in which the bank aims to capitalize on business opportunities in emerging sectors and large residential townships. With this initiative, SBI wants to further expand its reach, so that banking services can be provided even in those areas where till now these were limited.

Expansion of banking services and economic development

This scheme of SBI is considered important for the economic development of the country and expansion of banking facilities in new markets. Opening of new branches will improve financial services in local and emerging areas, which will take the banking business in these areas to new heights. . Also, this step will further strengthen the reach of the bank, thereby providing more convenient services to the customers.

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Rise in shares and increasing share of SBI in the market

After this announcement, SBI shares also saw a rise. On October 1, the bank’s stock closed at Rs 797 on BSE with a gain of 1.19%. With this, the market cap of the bank increased to Rs 7.11 lakh crore. Currently, the 52-week high level of SBI shares is Rs 912.10 and the 52-week low level is Rs 543.15.

thousands of new job opportunities

This expansion of SBI will not only expand banking services but will also create thousands of new job opportunities. This is a golden opportunity for the youth of the country and the banking sector, which will open new doors of employment and will also give new impetus to the country’s economy.

This initiative of SBI can prove to be a big step in the banking and financial sector, which will benefit the customers as well as the shareholders.

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SBI Chairman shared complete expansion plan

State Bank of India (SBI) Chairman C S Shetty, while revealing the bank’s expansion plans, said, “We have concrete plans for branch expansion, which will mainly focus on emerging areas. We currently do not have access to many big residential colonies, which we now want to cover. We are planning to open around 600 new branches in this financial year.

Services for 50 crore customers, bank for every Indian family

Shetty also pointed out that SBI serves more than 50 crore customers and proudly calls the bank “the banker of every Indian and every Indian family”. This expansion plan will provide the bank an opportunity to further strengthen its presence in rural and urban areas.

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Innovative products planned to attract depositors

SBI is planning to bring new and innovative products to attract depositors. This may include recurring deposits and combo products of SBI. With this initiative, customers will get more attractive and convenient services.

Glimpse of last year’s performance

In the financial year 2023-24, SBI had opened 137 new branches, out of which 59 branches were located in rural areas. As of March 2024, SBI has 22,542 branches across the country. Additionally, 65,000 ATMs and 85,000 banking correspondents further strengthen SBI’s services to meet the financial needs of customers.

This expansion of SBI will not only increase the reach of the bank but will also take the banking industry to new heights.

Disclaimer: Prabhat Khabar does not advise anyone to invest in shares of any company. It is subject to market risks. Before investing, definitely take advice from a market expert.

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