Mumbai: Country's largest lender State Bank of India (SBI) on Wednesday said it is undertaking a major change in branch formats and new branches will be opened purely based on customer needs.
The new initiative would focus on more digital branches like InTouch and InTouch Light branches, e-corners at existing branches to target young customers, apart from relocating existing branches in older parts of cities to newer locations, SBI chairperson Arundhati Bhattacharya told reporters here.
"The entire SBI branch network is undergoing a transformation. There will be changes in the branch location as well as depending on where the habitation is moving.
"It is going to be an activity which is going to be well thought out and based on the type as well as need of the clientele," she said.
She added that SBI's existing branches in many tier-I and tier-II cities are in older parts of towns and very few are located in newer localities.
"We will also relocate our branches according to the shift in the population," she said.
Bhattacharya said the bank would also target younger population by opening more e-corners at existing branches.
"If the younger population is the kind of clientele we have in an area and we already have a traditional branch over
there, we will look at opening either an e-corner or InTouch light branches," she said.
InTouch and InTouch Light, the two formats of branches are part of SBI's digital banking strategy, she said.
These digital outlets offer multiple services like instant account opening, instant issuance of debit card, live interaction with experts, opportunity to buy financial products and home loans under a single roof, she added.
