State Bank of India (SBI), under Chairman Dinesh Kumar Khara, aims to open 400 new branches across India in the fiscal year 2024-25. This expansion is part of SBI’s strategy to enhance customer service, particularly in emerging areas such as wealth management and advisory services, despite the growing trend towards digital transactions.
Branch Expansion Strategy
In the previous fiscal year, SBI opened 137 branches, with a significant focus on rural areas. These branches play a crucial role in providing essential banking services like deposits, withdrawals, and lending operations for a minimum of four hours daily, five days a week, as mandated by the RBI.
Integration of SBIePay with eMigrate Portal
Additionally, SBI has partnered with the Ministry of External Affairs to integrate its payment gateway, SBIePay, with the eMigrate portal. This integration facilitates seamless payment transactions related to emigration processes for Indian migrant workers and recruiting agents, enhancing efficiency and transparency in the emigration check required (ECR) process.
About State Bank of India
- Established under the State Bank of India Act 1955
- SBI stands as India’s largest commercial bank by assets, branches, ATMs, and profitability.
- Headquartered in Mumbai, Maharashtra
- SBI continues to uphold its commitment to “Pure Banking Nothing Else,” emphasizing robust expansion and innovative service delivery nationwide.
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