Civil society urges president to stop SBI's Kolkata shift

A civil society group in Kolkata is urging President Droupadi Murmu to step in regarding the State Bank of India's (SBI) plan to move its Global Market Unit from Kolkata to Mumbai. The group, called "Bank Bachao Desh Bachao Manch," believes this move could harm West Bengal's financial system and result in significant job losses. In a letter to the President, the group highlighted that the Global Market Unit handles key foreign exchange operations and has been based in Kolkata since its start. They argue that relocating this unit would centralize financial operations in Mumbai, which they say goes against the ideas of financial decentralization and regional stability. The group also pointed out past efforts to move SBI's foreign exchange operations in 2008 were stopped due to employee opposition. They feel that SBI's recent actions are part of a wider plan to weaken the financial importance of West Bengal. The letter mentions that the Global Market Unit generates around ₹25 crore in GST revenue each year, which benefits the state government. Its relocation could further reduce tax income for West Bengal and lead to the loss of around 70 jobs in various roles, including maintenance and security. The SBI's Bengal district chief general manager was not available for comment on this issue. The forum emphasizes that the move would harm the state's economy, reminding of recent bank mergers and closures that have already had negative impacts.