SBI aims to reach out to every Indian in the next fiscal
By Ankit Sharma
Jan 20, 2009
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With a view to reach out to every Indian, State Bank of India (SBI) is planning to expand its presence across the nation.

SBI's Chairman, O P Bhatt said that the bank is planning to start 1,000 new branches all over the country in the next financial year. The main aim of the bank would be to cover one lakh villages and reach out to the doorsteps of population that still does not have an access to the banking facilities.

Mr Bhatt said that the bank wants "to reach out to every Indian and become the bank of every Indian."

He also told that SBI is considering the launch of mobile banking in order to cover the remote villages where it would be difficult to set up a branch. An officer would regularly visit such villages to fulfill the banking requirements of the population.

In additional the lender is planning for a tie-up with the postal department in order to manage the banking and insurance services on bank's behalf. In fact the bank is on its final stages of agreement with the postal department about the insurance schemes, Bhatt said.

Also the bank has targeted to add 300 new customers every year to each branch. The branch heads have been given directives to adopt fresh method to ensure that new customers are lining up with the bank, he said.

Talking about the bank's exposure to Satyam, Bhatt said that they had not extended any loan to the company. However the bank had an exposure of Rs 240 crore to Matyas but it had a full collateral security against that loan. Also the bank stated that it will hold on any further lending until there is clarity on the status of the firms.


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