Living upto its reputation of creating milestones in Indian banking, State Bank of India today created another milestone by simultaneously opening 101 Branches across the country. The Branches were inaugurated online by the Union Finance Minister, Shri P. Chidambaram at an elegant function organized at the Bank’s Local Head Office in New Delhi to celebrate State Bank Day. Present on the occasion were the Bank’s Chairman Shri O.P. Bhatt, Senior Finance Ministry & other Govt. officials, the Bank’s customers and staff. The occasion was celebrated at the Bank’s Branches across the country by organizing Community Services Programmes and loans to the poor.

At the function in the Local Head Office in Delhi, the Bank distributed at the hands of the Finance Minister fresh loans to some farmers whose debts were written off under the Agriculture Debt Waiver & Debt Relief Scheme which the Bank has fully implemented. Other beneficiaries of financial assistance were Women Self-Help Groups, Differential rate of interest (DRI) borrowers and students who needed Educational Loans for further studies. The FM also gave away scholarships to meritorious students and dresses and school kits to several disadvantaged girl child under the Bank’s Scheme for Talent Award Scholarships and the Adoption of Girl Child Scheme respectively. A donation was also made on behalf of the Bank to Prayas – an NGO for street children.

The Finance Minister later interacted with some of the branch staff and customers of the newly opened branches of the Bank across the country through video conferencing.

This on-line inauguration of 101 branches in a single day is unprecedented in the country. With this, the Bank’s network of Branches has touched 10486, reaching the remotest areas of the country. The Bank plans to add 2000 branches during the current financial year out of which more than 1000 branches are marked for semi-urban and rural areas. The Bank aims to reach its banking services to 1,00,000 unbanked villages by 2010, in furtherance of the Government’s vision of complete financial inclusion.

State Bank of India has reinvented itself as a financial services powerhouse, riding the cutting edge of technological and innovative products and processes to drive its business model. The Bank is moving with the savviness of an agile market player to enter new businesses such as Pension Funds, General Insurance, Private Equity, Mobile Banking etc.

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