SBI to open 20 more branches by 2014-end

State Bank of India (SBI), the country’s most networked bank, has announced that it will open 20 more branches in the state by the end of calendar 2014.

The biggest public sector lender today set up 15 new branches, taking its network to 799 in Odisha. Of the 15 branches, eight branches have come up in gram panchayats that have no access to banking services. “Eighty two per cent of our branches are located in rural and semi-urban areas. In the 19 districts, where SBI has the lead bank responsibility, 17 are affected by Left Wing Extremism (LWE). We have 32 per cent market share of the state’s overall deposits and 35 per cent share of advances. Under the Pradhan Mantri Jan Dhan Yojana, SBI has opened 155,000 bank accounts in the state,” said K M Trivedi, chief general manager, SBI.

Trivedi announced two new loan products designed by SBI keeping in view the upcoming Nabakalebar festival of Puri Jagannath Temple expected to draw over four million pilgrims and tourists.

The first loan in the personal segment, is targeted at individuals who are keen to take up repair and renovation needs of the people during the religious festival. The other loan product is targeted at hoteliers and restaurant owners for expansion and commercial upgradation of their properties.

Speaking on the occasion, state chief secretary G C Pati said, “SBI should take the lead in extending banking services to unbanked gram panchayats.”

State Bank of India