SBI to add 600 branches in current fiscal

State Bank of India (SBI) is planning to open 600 branches across the country in the current financial year in a bid to tap business opportunities in emerging areas including large residential townships.

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“We have strong branch expansion plans...this would be mainly focused on emerging areas. A lot of residential colonies are not covered by us. Around 600 branches is something we are planning in the current year,” SBI Chairman C S Setty said.

The country’s biggest lender opened 137 branches last fiscal. Of the total, 59 new rural branches were inaugurated. SBI had a network of 22,542 branches across the country as of March.

SBI has 65,000 ATMs and 85,000 business correspondents.