SBI to add 59 branches in Odisha by March end

Move will take SBI's branch network in the state to 789 from 730 at present

State Bank of India (SBI), the country's most networked bank, is set to open 59 more branches in Odisha by the end of this fiscal.

This will take SBI's branch network in the state to 789 from 730 at present.

“We will open 36 new branches on January 26 while the remaining 23 branches would come up before the end of this fiscal. These branches would be spread over all the 30 districts and some of them would be established in the unrepresented blocks of the state. At present, SBI has 1,435 ATMs in the state and we are going to add 750 more by the end of March”, said K M Trivedi, chief general manager, SBI, Bhubaneswar.

In terms of branch network, SBI has 21.8 per cent share among all commercial branches in the state.

With a deposit base of Rs 48,816 crore in the state, SBI has 31.43 per cent share in deposits. On the advances side, SBI enjoys 28.51 per cent share with its total advances standing at Rs 18584 crore.

“Eighty-two per cent of our branches in the state are located in rural and semi-urban areas. SBI has a CD (credit deposit) ratio of 96.86 in the state which is the highest among all commercial banks”, said Trivedi.

SBI branches in Odisha are serving 11 million deposit accounts and over one million loan accounts. About 35,000 loan accounts for approximately Rs 1,200 crore have been provided to industry and services on relaxed terms and conditions.

In the retail segment, SBI has witnessed substantial growth in home loans and has emerged as the preferred financier due to its attractive interest rates, efficiency in delivery system and no hidden charges, SBI has a portfolio of Rs 2,776 crore in home loans and Rs 627 crore in auto loans in the state.