SBI to set up 100 new branches in Orissa by June

State Bank of India (SBI), India’s largest public sector bank, would set up about 100 new branches in Orissa to take its branch network in the state to around 650 by the end of June this year.

“We have opened 22 branches in Orissa in 2008-09 so far and 20 more branches would be opened in different parts of the state by the end of this fiscal”, said MN Rao, chief general manager, SBI, Orissa circle. Rao inaugurated the 558th branch of SBI in Orissa here on Wednesday.

Apart from ramping up its branch network, SBI has decided to add 130 ATMs in Orissa by the end of March this year. At present, 419 ATMs of SBI are functioning in the state.

Rao said that the global economic downturn had no impact on SBI’s business growth in Orissa.

SBI has achieved around 38 per cent growth in deposits and around 20 per cent year-on-year growth in advances in Orissa. The bank has a business target of about Rs 7,000 crore for the state for 2008-09 which includes Rs 5,000 crore in deposits and Rs 2,000 crore in advances.

"We expect to achieve our business target despite the market meltdown. We have expanded our branch network and the people have faith on us”, claimed Rao.

He pointed out that despite recession, SBI has recruited 22,000 people in clerical posts across the country out of which around 1,000 were recruited for Orissa.

“SBI has already disbursed agricultural loans of Rs 2,000 crore. The bank is giving top priority to agriculture loans and about 50 per cent of its total advances are deployed in the agricultural sector. Besides agricultural loans, the bank is offering credit to sectors like education, housing and Small and Medium Enterprises (SMEs)”, Rao said.

SBI has already provided about Rs 500 crore advances to three lakh Self-Help Groups (SHGs) in the state so far and about 95 per cent of the outstanding SHG loans have been recovered by the bank.