State Bank of India is planning to open 300 new branches across the country in the current financial year. The SBI currently has 22 thousand 405 branches across the country and 235 foreign branches and offices. SBI chairman Dinesh Khara said, the bank is also looking at having more business correspondents. SBI has reported its highest-ever quarterly profit in the first quarter of the current fiscal at 16 thousand 884 crore rupees driven by a fall in non-performing assets, higher loan growth and higher interest rate. Its net profit in the year-ago quarter was 6 thousand 68 crore rupees.
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