State Bank of India (SBI) is set to embark on a significant expansion drive, planning to hire approximately 11,000 to 12,000 new employees and establish up to 250 additional branches during the current financial year. This announcement was made by Chairman CS Setty in an interview with news agency PTI.
The recruitment effort will target both clerical and officer-level positions, bolstering the bank's workforce across its extensive network. Setty indicated that while the target is around 12,000 hires, the final number could fluctuate based on upcoming retirements and the evolving operational needs of the bank.
Reduced IT Hiring Compared to Last Year
In the previous financial year, 2025-26, SBI saw a substantial intake of 25,633 employees, as detailed in its annual report. This figure included 4,640 officers, 19,340 associates, and 1,653 contractual staff. Chairman Setty noted that last year's recruitment was particularly high due to the hiring of 1,500 specialist IT officers. He clarified that such a large number of IT hires would not be necessary this year.
As of March 2026, SBI maintained a workforce exceeding 2.45 lakh (245,000) employees, solidifying its position as one of India's largest employers.
Branch Network Expansion and Rationalization
Despite its already vast presence nationwide, SBI intends to further expand its branch network. Setty identified existing "white space" in various regions, including new residential developments and commercially active districts, where the bank aims to enhance its accessibility and service delivery.
Simultaneously, the bank is also considering the rationalization of some existing branches. This strategic approach suggests a net growth of approximately 200 to 250 branches annually, optimizing its physical footprint while expanding into underserved areas.
SBI to Dilute NSE Stake
In related news, Chairman Setty also confirmed SBI's intention to participate in the National Stock Exchange's (NSE) proposed initial public offering (IPO), valued at Rs 30,000 crore. SBI, along with its subsidiary SBI Capital Markets Ltd, plans to dilute up to 1% of their combined stake in the exchange.
Specifically, SBI proposes to divest 0.65% of its holding, while SBI Capital Markets Ltd intends to sell 0.35%. Together, the SBI group aims to offload about 1% of its stake, though this percentage could be adjusted if other shareholders opt to join the divestment. Currently, SBI holds a 3.23% stake in NSE, with SBI Capital Markets owning 4.33%.