SBI to open 1,500 branches; plus 25 branches in Singapore

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New Delhi, Oct 27 (UNI) State Bank of India Chairman and Managing Director O P Bhatt today said the largest Bank in the country plans to open 1,500 or more branches in the country this year.

Mr Bhatt told a news conference here that the Reserve Bank of India (RBI) has already accorded permission to open some of these branches, while for some others permission is sought to be taken.

On the Qualified Full Banking licence accorded by the Singapore Monetary Authority, Mr Bhatt said the SBI is authorised to open 25 branches.

At present, SBI has three branches and an equivalent number of ATMs in Singapore.

''The bank would focus on retail banking and back-end operations would be handled from India,'' he said.


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