India's largest lender, State Bank of India (SBI) is on a constant spree of expanding its network. The Bank is now planning to expand in the state of Uttar Pradesh by opening new branches.
SBI plans to start 162 new branches in Uttar Pradesh by March 2009. These branches are likely to open in rural and semi-urban areas of the state.
Currently SBI has a network of around 1033 branches across the country. The addition of 162 more branches will increase its branch portfolio to 1195.
Recently, the bank has also taken a step to upgrade its gulf operations. It has acquired a license from the Dubai Financial Services Authority (DFSA) to upgrade its operations in the United Arab Emirates (UAE).
Not only is the bank expanding by opening new branches, its deposits and advances are also on a continuous rise. According to the RBI data of June 2008, SBI has recorded a rise in both its deposits and lending. Even after the end of the second quarter of this fiscal its lending noted an increase of 162%. This is a remarkable figure at the times of liquidity crisis troubling the economy.