The State Bank of India’s (SBI) decision to relocate its Global Market Unit (GMU) from Kolkata to Mumbai has drawn sharp criticism from civil society groups, who warn that the move could cost West Bengal nearly ₹25 crore in state GST revenue this fiscal year.
Bank Bachao Desh Bachao Manch, a civil platform campaigning to protect public sector banks, has termed the decision “arbitrary, opaque, and unjustified.” The group claims the relocation threatens not just state finances, but also over 70 contractual jobs tied to the unit’s operations.
In a formal complaint, Manch convenors Biswaranjan Ray and Soumya Datta cited that the GMU and its associated units contribute significantly to the state’s tax collections. They further alleged that the decision contradicts a 2008 agreement between SBI and employee federations to retain the unit—descended from the erstwhile Foreign Department—in Kolkata.
The protestors argue the move forms part of a broader trend of marginalisation of West Bengal’s institutional presence in India’s financial ecosystem.
SBI, in response to earlier concerns raised with the President of India in March 2025, said in a letter dated June 11 that shifting, opening, or rationalising branches and offices is part of its ongoing business process, driven by changing operational and administrative priorities.
However, Bank Bachao Desh Bachao Manch has dismissed the explanation as “generic and bureaucratic,” lacking a clear justification for the disruption. The organisation has since escalated the matter to the Centralised Public Grievance Redress and Monitoring System (CPGRAMS) under the Department of Administrative Reforms.
Apart from financial implications, protestors highlighted a disregard for historical commitments and local employment, calling the move a strategic downgrade of Kolkata’s role in the national banking sector.
As the issue gathers momentum, civil groups are expected to continue their campaign against the relocation, urging both state and central governments to intervene.
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