Should CM Banerjee Intervene to Stop SBI's Global Market Unit Shift from Kolkata?
Click to start listening
Synopsis
In a critical move, the 'Bank Bachao, Desh Bachao Manch' seeks CM Mamata Banerjee's intervention to halt SBI's relocation of its Global Market Unit from Kolkata, highlighting potential job losses and economic impacts. Discover how this decision could affect the state's finances and the future of hundreds of employees.
Key Takeaways
- Urgent appeal for CM intervention to halt SBI's unit shift.
- Job losses could affect 350+ employees and their families.
- Significant economic impact on West Bengal's finances.
- Violation of a 2008 agreement regarding SBI's operations.
- Kolkata's potential as a metropolitan hub for banking.
Kolkata, July 15 (NationPress) Bank Bachao, Desh Bachao Manch (Save Banks, Save Country Forum), a coalition of active and retired personnel from various public-sector banks across the nation, has urgently requested the involvement of West Bengal Chief Minister Mamata Banerjee to halt the State Bank of India (SBI)'s plan to relocate its Global Market Unit (GMU) along with three vital centralized processing cells from Kolkata.
On Tuesday, the forum sent a letter to the Chief Minister, urging her to directly engage with SBI’s senior management and the Department of Financial Services to prevent this relocation.
The correspondence, a copy of which has been obtained by IANS, outlines the adverse effects the relocation would have on the West Bengal state exchequer and the future of SBI employees linked to these essential units.
“If these departments are moved, around 150 permanent staff and over 200 casual employees will face job loss. This will directly impact more than 600 families. The Goods and Services Tax (GST) generated by these units is projected to be Rs 25 crore annually, representing a significant loss to the West Bengal government,” the letter states.
The forum also indicated that this decision violates a tripartite agreement established on March 13, 2008, between SBI management and the bank's officers and staff unions, which assured that the Forex treasury would remain operational in GMU Kolkata.
“In 2015, the Central Global Back Office was initiated within GMU Kolkata under the leadership of former SBI Chairman Arundhati Bhattacharya. This office was established to decentralize critical tasks and enhance Kolkata's role in global banking operations,” the letter emphasized.
The forum has also expressed concerns that SBI management failed to consider relocating tasks from other states to Kolkata, opting instead to withdraw operations from this state.
“This clearly indicates a biased stance. As a metropolitan hub and the state capital, Kolkata is well-equipped to manage such operations. The state government has consistently supported public institutions,” the letter concluded.
Point of View
It is essential to recognize the implications of SBI's decision to shift operations from Kolkata. Such actions could not only impact the local workforce but also have broader economic consequences for the region. The forum's appeal to the Chief Minister underscores the importance of maintaining public sector jobs and supporting local economies.
NationPress
27/07/2025
Frequently Asked Questions
What is the main concern regarding SBI's relocation?
The primary concern is the potential job loss for over 350 employees and a significant impact on West Bengal's state revenue.
Who is involved in the appeal to stop the relocation?
The appeal is made by the 'Bank Bachao, Desh Bachao Manch', which consists of current and retired employees from various public-sector banks.
What are the financial implications of the relocation?
The relocation could lead to a loss of approximately Rs 25 crore annually in GST contributions to the West Bengal government.
Is this relocation against any agreements?
Yes, it violates a tripartite agreement signed in 2008, ensuring the Forex treasury would remain operational in Kolkata.
What support does the state government provide to public institutions?
The state government has consistently extended support to public institutions, emphasizing the importance of maintaining operations within Kolkata.
