SBI to open 500 new branches in the Financial year 2025, says Nirmala Sitharaman
SBI to Open 500 New Branches by 2025
Announcement by Union Finance Minister Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman announced that the State Bank of India (SBI), a state-owned banking public sector unit, will open 500 new branches in the financial year 2025. This announcement was made during the centenary celebration of SBI's Mumbai main branch building.
Impressive Growth and Digital Evolution
Minister Sitharaman praised SBI's growth and its significant contribution to the banking ecosystem. She highlighted that SBI currently has 23,000 branches, 6,580 ATMs, and serves over 50 crore customers. The bank has also made substantial advancements in digital banking, with 13.2 crore internet banking customers and the capability to handle 20 crore UPI transactions daily.
Reaching Remote Areas
Sitharaman emphasized SBI's role in reaching remote areas of India, particularly through digital infrastructure and various government schemes like Jan Dhan Yojana and Atal Pension Yojana. She noted the bank's exponential growth over the past decade, comparing its current reach to its status in 1920 and 2014.
Doubts Revealed
Nirmala Sitharaman
Nirmala Sitharaman is the Finance Minister of India. She is responsible for managing the country's finances, including the budget and economic policies.
SBI
SBI stands for State Bank of India. It is the largest bank in India, providing various financial services to people across the country.
500 New Branches
This means that SBI plans to open 500 more places where people can go to do their banking. These are called branches, and they help people access banking services easily.
Financial Year 2025
A financial year is a period used for accounting and financial purposes. In India, it starts on April 1st and ends on March 31st of the next year. So, the financial year 2025 will start on April 1, 2024, and end on March 31, 2025.
Centenary Celebration
A centenary celebration is a special event to mark 100 years of something. In this case, it is the 100th anniversary of SBI's main branch in Mumbai.
Digital Advancements
Digital advancements refer to improvements in technology that make banking easier and faster. This includes things like online banking and mobile apps.
Remote Areas
Remote areas are places that are far away from cities and towns. They often have fewer facilities and services, so opening bank branches there helps people access banking services.
Government Schemes
Government schemes are programs started by the government to help people. These can include things like financial aid, health services, or education programs.
Banking Ecosystem
The banking ecosystem refers to all the banks and financial institutions working together in a country. It includes how they interact with each other and with customers to provide financial services.
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