Opens 1,000th branch and 10,000th ATM in Mumbai.
Mr. Bhatt said after the inauguration of the SBI's 1,000th branch and 10,000th ATM here in the current financial year. With this, SBI now has 12,448 branches and over 21,000 ATMs.
Mr. Bhatt said SBI would target a 20 per cent credit growth in the next financial year. The bank also planned to open more than 1,000 branches in the next fiscal.
On bank's plan to acquire a majority stake in Tata Motors Finance, Mr. Bhatt said the lender was now awaiting the RBI's nod to acquire up to 30 per cent stake in the Tata Group entity.
“We have written to the RBI. We are waiting for their response,” Mr. Bhatt said.
Eyes stake in Tata co
SBI is eyeing around 30 per cent stake in the vehicle financing arm of Tata Motors as acquiring a stake beyond that level would require approval from the government. “To acquire beyond 30 per cent we have to go to the government for clearance. So we will take somewhere between 20 and 30 per cent. That means we need the approval only from the Reserve Bank,” Mr. Bhatt said.
On part financing the Bharti-Zain deal, Mr. Bhatt said the bank had not committed any loans to Bharti, although it had been discussing the issue with the telecom major.
Last month, he had said the acquisition of Tata Motors Finance would enable SBI to strengthen its presence in the commercial vehicle segment and particularly to gain synergies in the bus and trucks business.
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