SBI's Relocation Sparks Protest in Kolkata
Kolkata risks losing Rs 25 crore in GST revenue as SBI moves its Global Market Unit to Mumbai. Civil society groups protest the decision, calling it 'arbitrary'. Over 70 jobs are at stake. SBI claims the decision is part of operational needs, but protestors dispute the rationale.
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- India
Kolkata is facing a potential financial setback with an estimated Rs 25 crore in GST revenue loss as the State Bank of India (SBI) plans to relocate its Global Market Unit (GMU) from Kolkata to Mumbai. This move has sparked protests from civil society organizations such as Bank Bachao Desh Bachao Manch, which criticize SBI's decision as 'arbitrary and opaque'.
According to the Manch's joint convenors, Biswaranjan Ray and Soumya Datta, the GMU's relocation threatens state revenue and puts over 70 contractual staff at risk of losing their jobs. SBI has defended its decision as part of an ongoing business strategy catering to evolving operational needs. This justification, detailed in a letter from SBI's Deputy General Manager (Operations), has not satisfied protestors.
The protestors argue that SBI's explanation seems 'generic and bureaucratic' and fails to address core concerns, including a 2008 agreement to retain the GMU in Kolkata. The Manch claims this is indicative of a broader pattern of neglect toward Kolkata's role in the banking sector, prompting them to bring their grievances to the Centralized Public Grievance Redress and Monitoring System.
(With inputs from agencies.)
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