The State Bank of India is set to launch a number of invite-only banking centres for the super rich this year, starting off with Visakhapatnam in Andhra Pradesh, local media reports show. 

Following the successful launch of an exclusive branch for ultra rich individuals in Hyderabad last year, India's SBI wants to capture a wider share of the market by opening more of the same offices in other cities.

In 2011, SBI set up a premium banking centre at Kohinoor Banjara, which included conference rooms, a lounge, dressing rooms and a coffee shop, among other facilities. Clients need to have a minimum balance of Rs10,000,000 (approximately $188,000). To date, the bank manages Rs5 billion for 85 by-invitation clients and it hopes to replicate this success with new branches this year.

"We have had a tremendous response even before opening a new branch in Visakhapatnam and have found 25 such prospective rich customers. A decision has been taken to take this across the country," Rakesh Sharma, chief general manager for the State Bank of India, was quoted as saying.

According to Wealth-X, the global wealth intelligence firm, India is home to around 8,200 ultra high net worth individuals whose combined wealth amounts to some $945 billion. This is equivalent to about 70 per cent of the country's total economy size, the company said.

SBI is also set to open in Yuva, for high net worth young customers, and Vasundhara, for HNW women, in February.