Talking to The Financial Express, State Bank Mumbai circle chief general AK Purwar said: "The main idea behind setting up of these boutique branches throughout the country is to attract high net worth clients." The bank currently has over 47 such branches throughout the country. The service charges in these branches are higher than other bank branches. According to Purwar, SBI plans to set up over 100 branches throughout the country by next year. At present, there are over seven branches in Mumbai. SBI recently opened a boutique branch in Pune.

"These branches have five- star ambience and offer specialised value added services to customers," he said. According to him, in Mumbai circle there are 842 branches andsurplus staff in these branches will be deployed in boutique branches.