State Bank of India (SBI), one of India's largest employers, is gearing up for significant expansion in the current financial year (FY27). The bank plans to recruit between 11,000 and 12,000 new employees and establish up to 250 additional branches across the country, as confirmed by Chairman CS Setty in a recent interview with news agency PTI.
SBI's Ambitious Hiring Plans
The recruitment drive will encompass both clerical and officer-level positions, reflecting the bank's strategic growth. Chairman Setty indicated that while the final number could fluctuate based on retirements and evolving organizational needs, the bank expects to conclude the year with approximately 12,000 new hires.
This year's hiring volume is substantial, though slightly less than the 25,633 employees recruited in FY26. Last year's figures included 4,640 officers, 19,340 associates, and 1,653 contractual staff. A key difference this year is a reduced need for specialist IT officers; SBI had brought in 1,500 such professionals in the previous fiscal year. As of March 2026, SBI's total workforce exceeded 2.45 lakh employees.
Expanding Branch Network
Despite its extensive national presence, SBI intends to further expand its physical footprint. The bank plans to add a net total of 200 to 250 branches in FY27. Chairman Setty highlighted the existence of 'white space' in various regions, including emerging residential colonies and commercially active districts, where SBI can enhance its accessibility and services.
Simultaneously, the bank is engaging in a process of rationalizing some existing branches. This strategic approach ensures that while new locations are opened to tap into growth areas, the overall branch network remains efficient and optimally distributed.
Stake Dilution in NSE IPO
In related news, Chairman Setty also confirmed that SBI and its subsidiary, SBI Capital Markets Ltd, intend to divest a combined stake of up to 1% in the National Stock Exchange (NSE) as part of its proposed ₹30,000-crore Initial Public Offering (IPO).
Specifically, SBI plans to sell 0.65% of its holding, while SBI Capital Markets Ltd will offload 0.35%. Currently, SBI holds a 3.23% stake in NSE, and SBI Capital Markets owns 4.33%. The exact percentage of divestment may be adjusted based on the participation of other shareholders in the IPO.