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The phase of aggressive branch expansion is over. The deepening of presence in the country - increase access points -- would happen through variety of channels. After opening 1,053 branches in 2013-14, the pace slowed down in 2014-15. It opened only 464 in a year gone by that is FY15. SBI had 16,333 branches at end of March 2015, according to annual report for 2014-15.
Indicating shift in approach to open branch SBI chairman Arundhati Bhattacharya said bank will continue to new branches, including digital branches at places where the customers are comfortable. Now much background research is being done before deciding place for new branch, she said.
Digital branches named sbiINTOUCH, are intended to serve tech-savvy customers of the bank. These branches will offer facilities such as instant account opening with personalised debit cards, instant loan approvals for education, car and home and remote expert advisory through video links. It will open about 250 sbiINTOUCH branches.
As a step to improve access for customers, SBI is relocating braches in new part of town from old places. It relocated 50 branches in urban area in 2014-15, it said.
The new age banking is all about digital banking as people of all generations are increasingly using the Internet, social media and their smart phones to do their banking.
