State Bank of India (SBI) is planning to undertake a major overhaul in branch formats and open new digital branches to target young customers.
SBI chairperson Arundhati Bhattacharya said: "We are going to convert quite a lot of our branches. The entire branch network is undergoing a transformation. So, there will be changes in the branch format, changes in the branch location as well depending on the need and where the habitation is moving.
"It will be well-thought-out based on the clientele in that segment and their needs."
She revealed that the bank is planning to launch around 250 Intouch Lite branches in the fiscal year 2016 as a part of its digital push.
Intouch Lite is a lighter version of the bank’s full-fledged digital branch, differing only by way of a smaller screen size.
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, Bhattacharya added.
The bank commenced its digital journey in July 2014, launching a large number of online products, collaborations and MoUs with e-commerce players.