India’s biggest government bank, the State Bank of India, or SBI, is going to take big decisions. Most people don’t know that SBI has turned 100 years old. On this special day, the Finance Minister of the country has given a return gift to more than 50 crore customers of the country. Finance Minister Nirmala Sitharaman announced on the 100th birthday of SBI that the bank will open 500 more branches for the general public in the current financial year. This means that SBI’s reach will increase further from cities to remote areas in the country.
What is the history?
Finance Minister Nirmala Sitharaman on Monday said that the State Bank of India (SBI) will open 500 more branches in the current financial year to take its total network to 23,000. Speaking at the 100th anniversary celebrations of the main branch of a public sector bank in Mumbai, Sitharaman said the size of the bank has increased significantly since 1921.
At that time, three Presidency Banks were merged to form the Imperial Bank of India (IBI). He said the government passed a law in Parliament in 1955 to make the Imperial Bank of India SBI. The network of 250 branches in 1921 has now increased to 22,500.
The Finance Minister gave a return gift of 50 crores
“SBI has 22,500 branches today, and I understand that 500 more branches will be opened in FY 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 accounts for 22.4 percent of the total deposits in the country. It also accounts for one-fifth of its total debt and serves more than 500 million customers.
The FM minister said digital investment in the bank is strong, and it can handle 200 million UPI transactions a day. The Finance Minister said that this has gone far beyond the objective of the merger of three Presidency Banks in 1921. The century-old integration was aimed at extending banking services to the people.
When was the inauguration?
The main branch of SBI located in Mumbai is located in a heritage building. It was inaugurated in 1924. The Finance Minister released a commemorative coin of Rs 100 for the branch and said that 43 branches of SBI across the country are more than a century old. Sitharaman also released a document documenting the history of the bank between 1981 and 1996 during the event.