Step is both timely and forward-looking as SBI aspires to increase its balance sheet size to 25% of the country’s GDP from 20%: Shri CS Setty, Chairman SBI
FinTech BizNews Service
Mumbai, April 24, 2026: State Bank of India (SBI), the nation’s largest lender, announced the inauguration of its Local Head Office (LHO) in Pune, marking a significant milestone in the Bank’s continued efforts to deepen its regional presence, enhance customer service delivery, and accelerate its growth journey.
Union Finance Minister, Smt. Nirmala Sitharaman
The Local Head Office was inaugurated by the Union Finance Minister, Smt. Nirmala Sitharaman, in the august presence of the Secretary - Department of Financial Services, Shri M. Nagaraju, SBI Chairman Shri Challa Sreenivasulu Setty, SBI Chief General Manager – Maharashtra Circle Shri Nand Kishor Singh, and Member of Parliament, Maharashtra, Smt. Medha Kulkarni, along with senior officials from SBI and other distinguished dignitaries.
The establishment of the Pune LHO underscores State Bank of India’s commitment to strengthening its operational capabilities in a key economic region. The state-of-the-art facility will house key administrative and operational functions of the Circle. This integrated framework will collectively enable a more seamless, responsive, and scalable banking experience. The Maharashtra circle was carved out of Mumbai circle to sharpen the Bank’s regional focus. While the Mumbai LHO will continue to serve the country’s financial capital and Goa, the Pune LHO will serve the rest of Maharashtra.
Inaugurating the Local Head Office, the Finance Minister Smt. Nirmala Sitharaman said, “The decision of State Bank of India to move its Local Head Office to Pune to serve the rest of Maharashtra, with districts towards the east and southeast of the state reflects the Bank’s nimble, dynamic, and responsive approach. This move is an indication of how SBI is moving forward to meet the aspirations of Viksit Bharat 2047.”
Expressing his thoughts at the ceremony, the Department of Financial Services Shri M. Nagaraju said, “SBI’s strengthened presence in Maharashtra through this new LHO is aligned with State Govt.’s own vision of economic development. This new LHO at the heart of Pune will bring financial decision-making closer to the people. It also positions the Bank right at the intersection of commerce, technology, and opportunity. SBI is an institution woven into the very fabric of India’s growth story with a balance sheet that represents nearly 20% of India’s GDP, and a customer base that is approx. 35% of the nation’s population.”
Commenting at this development, Shri Challa Sreenivasulu Setty, Chairman, State Bank of India, said: “The inauguration of our Local Head Office in Pune reflects our intent to be closer to our customers and be more responsive to regional opportunities. As SBI aspires to increase its balance sheet’s size to 25% of the Country’s GDP from existing 20%, this step is both timely and forward-looking as Maharashtra offers immense untapped economic potential and is also a leading indicator of India’s economic activity and scale of country’s ambitions. Within this Maharashtra circle, Pune accounts for its significant share – 27% of deposits and 34% of loans, underscoring its central role in our business. Pune has evolved into one of India’s foremost centres of education, technology, and industry. It is also recognized as thriving hub for IT, engineering, and automotive innovation. Therefore, establishing an LHO in Pune is a strategic alignment with high-growth, future-ready ecosystem.”
The inauguration reflects SBI’s continued support for the Government of India’s vision of inclusive and sustainable economic development. By strengthening its regional footprint, the Bank aims to contribute meaningfully to the region’s economic development by supporting critical sectors such as infrastructure, agriculture, MSMEs, and emerging industries. The Pune Local Head Office stands as a testament to the Bank’s enduring commitment to scale, service excellence, and innovation- further solidifying its leadership as India’s foremost banking institution.
As part of this special occasion, SBI donated Rs 22.15 crore under its CSR activities for supporting various projects such as water conservation, wastewater management, education, rural livelihoods, community well-being, and healthcare.
During the event, Finance Minister also unveiled a commemorative postal stamp dedicated to State Bank of India as tribute to the Bank's unwavering commitment to financial inclusion, innovation, and customer service.
