State Bank Of India To Open 1,200 Branches, Eight Overseas Offices-The Economic Times

The Economic Times reported that State Bank Of India plans to open about 1,200 branches in the country and another eight branch offices overseas, including China and the UK, in the next fiscal. Plans are afoot to open two branches each in Bangladesh and the UK and one each in China, the Netherlands, South Korea and Sri Lanka, bank sources said. In the case of South Korea, the existing representative office of SBI would be upgraded into a full-fledged branch. The move to open branches in offshore locations is aimed at catering to Indian businesses and Non-Resident Indians. With addition to these eight branches, SBI's offshore network will increase to 59. Under the bank's domestic expansion plans, about 100 branches would be opened in West Bengal, Uttar Pradesh, Tamil Nadu, Maharashtra and Andhra Pradesh.