The State Bank of India is planning to add 80-100 branches during the current financial year in the State in addition to the existing 1,326, SBI Chief General Manager Hyderabad Circle Rakesh Sharma has said.

Speaking to media here on Saturday after inaugurating a branch in the industrial area at Mindi, he said it was the 68{+t}{+h}branch in the city and would cater to the needs of customers in the nearby industrial areas.

He said most of the new branches proposed to be opened during the current fiscal would be in metros and urban areas, as the bank wanted to compete with the private banks.

He said the main focus would be on retail lending, especially housing loans and car loans. “We are lending for house construction and purchase at the lowest rates, with no hidden costs. There are no processing hassles and the customers are happy. We are offering loans up to Rs. 30 lakh at 9.95 per cent, with a tenure of 20 years. That is why many customers of other banks are transferring their housing loans to us. We are taking them over. Our current market share in housing loans is 28 per cent and we wish to take it to 40 per cent,” he said.

Deputy General Manager of the Visakhapatnam zone Manoj Khattar said the Kohinoor branch of the SBI had so far collected Rs. 25 crore in deposits in the city from high net worth individuals.