Kolkata residents are worried about the State Bank of India (SBI) moving its Global Market Unit (GMU) from Kolkata to Mumbai. A group called ‘Bank Bachao Desh Bachao Manch’ is urging President Droupadi Murmu to step in and stop this move, as they believe it could hurt West Bengal’s economy and could lead to job losses.
The GMU has been in Kolkata since it started and is responsible for managing money transactions worldwide, including places like Sydney, Bahrain, Hong Kong, London, and New York. The group fears that shifting these important jobs to Mumbai will harm the financial balance in West Bengal, which is supposed to be decentralized.
In a letter to the President, the group mentioned that a similar plan to move SBI’s foreign operations was stopped in 2008 due to employees protesting. They believe the current move is part of a larger plan to weaken Kolkata’s financial position.
Past actions, like merging banks and moving SBI’s Central Accounts Office to Mumbai, have already affected local jobs and economy. The GMU in Kolkata helps generate about ₹25 crore in tax revenue for the state, and if it moves, the local government may lose this income, which is important for the community. The relocation could also lead to around 70 workers losing their jobs, including those who help with cleaning, security, and technical support.
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