SBI's digital transformation immensely benefited customers: FM Sitharaman

Digital transformation undertaken by the State Bank of India (SBI) in the last decade has been immensely beneficial to its customers, Finance Minister Nirmala Sitharaman said on Tuesday.

Congratulating SBI on completing 70 years of service to the nation, she expressed hope that the Bank will continue to innovate and empower as India continues its journey towards 'Viksit Bharat' by 2047.

"With over 23,000 branches, 78,000 Customer Service Points (CSPs) and 64,000 ATMs, SBI's footprint today is formidable and it is truly the Banker to every Indian. The digital transformation it has achieved in the last decade has been immensely beneficial to its customers," Sitharaman said in a post on X. 

 

SBI has been instrumental in supporting 1.5 crore farmers, 1.3 crore Self-Help Groups (SHGs) led by women, 32 lakh street vendors under PM SVANidhi, 23 lakh MSMEs, and lakhs of artisans across various schemes, she said.

SBI has over 15 crore Jan Dhan Accounts, 14.65 crore PM Suraksha Bima Yojana, 1.73 crore Atal Pension Yojana and 7 crore PM Jeevan Jyoti Bima Yojana beneficiaries, she added.

On the occasion of its 70th anniversary, SBI has announced plans to "solarise" 4 million homes by FY27 to help in the country's renewable energy transition efforts.

"Today, we are investing deeply in our people, technology, and infrastructure to serve a billion aspirations with greater speed, empathy, and responsibility.

"Our vision is not just to lead in scale, but to lead with purpose, unlocking long-term value for every stakeholder and powering India's journey towards a more equitable and resilient future," SBI chairman C S Setty said.

With a Rs 66 lakh crore balance sheet and over 52 crore customers, SBI enters its eighth decade focused on sustainability, digital innovation, and inclusive growth.

Since its inception on July 1, 1955, SBI has evolved from supporting India's early development goals into a driving force of its digital and green economy.

As India's premier public sector bank, it touches the lives of over 52 crore people, operates the country's largest banking infrastructure, and powers everything from household savings to strategic infrastructure, startup ecosystems, and global remittances.

As part of its continued focus on customer excellence, SBI is modernising its Trade Finance operations through digitalisation, standardisation, and centralisation. A new centre in Kolkata will serve branches across India, ensuring faster and efficient service.