The State Bank of India is planning to increase its branch network in Singapore to eight from four during the current financial year, reports quoting bank officials said.

The move is aimed at increasing the global balance-sheet size, it said. It also has 7 Automated Teller Machines (ATMs) in the country

SBI, according to the report, currently has four branches and the bank plans to add four more branches during the current fiscal.

SBI was present in Singapore since 1977 with an offshore banking licence involved in commercial and wholesale banking.

With branches located in Cecil Street, Little India, Jurong East and Ang Mo Kio, SBI's Singapore operations recorded deposits of US$70 million in 2008-09.

SBI is present in 30 countries through its 73 overseas offices. In commercial and wholesale banking, SBI's operation includes Indonesia, Sri Lanka, Malaysia, Thailand, Myanmar and Vietnam.

It serve the largest number of non-resident Indians and provide multiple channels for remittances from anywhere in the world, through its network of branches, tie-ups and correspondent banks.

In March 200, the Monetary Authority of Singapore (MAS) approved a qualified full banking licence (QFB) to SBI with privileges to establish up to 25 outlets, including ATMs and offer full range of financial services, for which the application had been filed six months earlier. (See: SBI gets nod to start retail operations in Singapore).

In fact, some of the other Indian banks that are present in Singapore - Bank of India, the Indian Overseas Bank, Bank of Baroda, UCO Bank, ICICI Bank and Axis Bank - do not offer retail services. Bank of Baroda and Bank of India have applied for QFB while ICICI Bank is in advanced stages of applying for one.