State Bank of India to Hire 12,000 Personnel and Add 250 Branches in FY27

State Bank of India plans to recruit approximately 12,000 personnel across clerical and officer cadres and expand its nationwide footprint by adding between 200 and 250 net new branches during the 2026-27 financial year. The strategic growth targets were outlined by Chairman C S Setty, highlighting the lender's ongoing capital deployment and workforce expansion across domestic markets.

The announcement comes as the state-backed financial institution maintains its position as one of the country's largest employers, operating with a workforce exceeding 2.45 lakh employees as of March 2026. Alongside its internal expansion plans, the bank is preparing for a significant capital markets maneuver involving its minority holding in the National Stock Exchange.

The planned recruitment drive of 11,000 to 12,000 appointments will focus primarily on core operational roles across officer and clerical cadres. According to Chairman C S Setty, the exact hiring figures may fluctuate depending on annual retirements and emerging business demands.

"In terms of recruitment, I think we would be looking at around 11,000-12,000 appointments across both clerical and officer cadres this year. This number may vary depending on retirements and emerging requirements, but I expect we should close the year with around 12,000 recruitments," Setty told PTI during an interaction. He noted that the scale of specialized technology hiring will moderate following a heavy tech intake in the previous fiscal year, when the bank onboarded 1,500 specialist IT officers.

The lender's massive personnel pipeline follows a heavy hiring cycle during the 2025-26 period. According to the bank's FY26 annual report, the institution added a total of 25,633 workers, comprising 4,640 officers, 19,340 associates, and 1,653 contractual personnel.

Beyond digital infrastructure and workforce additions, the bank intends to increase its physical footprint by opening 200 to 250 net new branches over the course of the financial year. Leadership indicated that despite an already expansive nationwide network, targeted opportunities remain in newly developed residential colonies and high-activity commercial districts.

Setty explained that physical expansion is balanced by structural optimization. "We also are looking at rationalisation of some of the branches, which means that our number broadly will be growing by maybe 200 to 250 per year on the net side," he noted, detailing how the institution continuously evaluates geographical performance to optimize service delivery.

In addition to internal operational updates, SBI and its subsidiary, SBI Capital Markets Ltd, confirmed participation in the upcoming initial public offering of the National Stock Exchange. The exchange recently secured regulatory approval for a landmark Rs 30,000-crore public offering, which is projected to become India's largest-ever market listing.

The combined SBI group plans to dilute up to a 1% stake in the exchange through the share sale. Setty specified the breakdown of the planned divestment: "We are participating in that divestment. We propose to divest 0.65% and 0.35% by SBI Capital Markets because both of us hold the stake. So together, about 1% as an SBI group... it could be less depending on any other shareholders joining."

SBI currently holds a 3.23% equity stake in the country's primary stock exchange, while SBI Capital Markets maintains a 4.33% holding. The proposed Rs 30,000-crore float is expected to surpass previous mega-listings, including Hyundai Motor India's 2024 offering and Life Insurance Corporation of India's 2022 listing.

Leadership addressed broader asset monetization plans, confirming that no immediate share sales or public offerings are scheduled for other banking subsidiaries. The clarification follows a successful monetization exercise executed in July.

In that transaction, SBI and French partner Amundi diluted approximately a 10% combined stake in SBI Mutual Fund, including pre-IPO shares. The country's largest asset manager raised Rs 11,675 crore through an offering that achieved a subscription rate of 41.66 times. Following the listing, SBI's equity holding in the fund house adjusted to 55.56% from 61.86%, while Amundi's stake moderated to 32.63%.