Rs.25 Crore Loss for West Bengal if SBI relocates GMU from Kolkata to Mumbai

A civil society group has claimed that West Bengal may lose nearly ₹25 crore in State GST revenue this year due to a major decision by the State Bank of India (SBI). As per reports, SBI is planning to shift its Global Market Unit (GMU) from Kolkata to Mumbai, which has sparked protests and concerns among citizen groups and banking employees.

What is the GMU and Why is the Shift a Big Deal?

The Global Market Unit (GMU) is a major division of SBI that handles high-value financial operations like foreign exchange and global finance. This unit has been operating from Kolkata for years and contributes significantly to the state’s revenue through GST payments.

According to the group Bank Bachao Desh Bachao Manch (Save Bank, Save Nation Platform), the GMU is expected to generate ₹25 crore in GST revenue for the West Bengal government in the 2025-26 financial year. If the unit is shifted to Mumbai, this amount will be lost to Maharashtra instead. In addition, the group says that more than 70 contractual employees working with the unit in Kolkata will lose their jobs if the relocation goes through.

This loss is just an estimate and the actual loss can be a lot more. SBI is the largest public sector bank in India and it is the backbone of Indian Economy. SBI is the major Bank that handles Financial transactions of states. SBI has a huge impact on economy both directly and indirectly. We will discuss about the impact of SBI in another article. In this article, we will know about the protests and Details of relocation of GMU.

Civil Society Calls SBI’s Move Unjustified

Leaders of the protest group, are strongly criticizing SBI’s decision, calling it “arbitrary and non-transparent”. They said that such a move has been done without proper reasoning or consultation, and lacks a clear explanation to the public.

In March 2025, the group wrote to the President of India complaining about the proposed relocation. In response, SBI’s Deputy General Manager (Operations) from the Corporate Centre sent a letter on June 11, 2025, explaining that such decisions are a part of SBI’s routine business operations based on changing operational and administrative needs.

However, the group was not satisfied with this response and called it “generic, bureaucratic, and without real justification”. They said the reply did not answer the main concerns and failed to explain why the GMU is being shifted when there is a previous agreement to keep it in Kolkata.

Legal and Historical Concerns Raised

The protestors highlighted a 2008 agreement between SBI and employee federations that promised to retain the GMU in Kolkata. The unit had evolved from the Foreign Department, which has historical significance in the bank’s operations in the region.

By shifting the GMU to Mumbai, the group said SBI is not just ignoring past commitments, but also undermining Kolkata’s role in the national banking sector. They described it as a pattern of marginalisation, where West Bengal is being slowly removed from important institutional roles in the country’s financial system.

Official Complaint Lodged

The group has now taken the issue to the Centralized Public Grievance Redress and Monitoring System (CPGRAMS), which works under the Department of Administrative Reforms and Public Grievances. They are seeking intervention to stop the relocation and protect the interests of West Bengal’s economy and workers.

What’s at Stake?

• ₹25 crore potential loss in GST revenue for West Bengal
• Over 70 contractual jobs at risk in Kolkata
• Violation of a 2008 agreement to keep the GMU in Kolkata
• Growing concerns over Kolkata’s declining role in India’s banking system

The protestors are demanding transparency, public accountability, and reconsideration of the relocation decision, urging SBI and the central government to protect the institutional integrity of Kolkata as a financial hub.

If SBI GMU moves out of West Bengal, then it will surely lead to financial loss for the state.