SBI bets on Pune to drive next phase of growth, targets 25% GDP balance sheet

India’s largest lender, State Bank of India, has expanded its strategic footprint by launching a new Local Head Office (LHO) in Pune, positioning itself to tap high-growth sectors across Maharashtra.

The LHO was inaugurated by Nirmala Sitharaman.

“The decision of State Bank of India to move its Local Head Office to Pune… reflects the Bank’s nimble, dynamic, and responsive approach…,” Sitharaman said.

The bank aims to scale its balance sheet from nearly 20% to 25% of India’s GDP, signalling aggressive expansion.

Chairman Challa Sreenivasulu Setty said, “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…”

Pune accounts for 27% of deposits and 34% of loans within the Maharashtra circle, highlighting its growing financial importance.

“SBI’s strengthened presence in Maharashtra through this new LHO is aligned with State Govt.’s own vision of economic development,” said M. Nagaraju.

The move also aligns with SBI’s focus on infrastructure, MSMEs, agriculture, and emerging sectors.