SBI to open 50 more branches in Gujarat by fiscal-end

AHMEDABAD: The nation's largest lender State Bank of India (SBI) on Wednesday said it will open 50 more branches in Gujarat by this fiscal-end.

"We shall be adding 50 more branches by this fiscal- end to the existing network of 1,150 branches in Gujarat," SBI Gujarat Circle Chief General Manager P Nanda Kumaran told reporters here.

Moving towards paperless banking culture, the state- run lender has proposed to open a separate 24X7 operational Self Service branch.

"We will open a Self Service branch in Ahmedabad before this fiscal-end in one of the non-banked areas of the city, which shall be followed with another such branch in Vadodara," Kumaran said.

The concept of Self Service branch promotes paperless banking culture where automated machines offer routine services like cash deposit, withdrawal, remittances, passbook updates and statements.

The bank has proposed to add 225 ATMs in Gujarat to its existing network of 1,300 machines. It will also install high-end ATMs which provide direct cash deposit facility.

"In order to get rid of disputes arising from envelope -based ATM cash deposits, the bank has decided to introduce direct cash deposit ATMs at seven locations in five major cities of Gujarat," Kumaran said.

The bank has inked an MoU with Gujarat Livelihood Promotion Company for lending Rs 5,000 crore over the next 3 to 5 years with a view to link SHGs, producer groups and the poor with banking channel, he said.

Source: economictimes