West Bengal to let go of Rs. 25 Cr GST Revenue as SBI shifts GMU to Mumbai
The forum Bank Bachao Desh Bachao Manch (Save Bank, Save Nation Platform) claims that the move could cost the state nearly ₹25 crore in GST revenue this financial year alone
The proposed relocation of the State Bank of India’s (SBI) Global Market Unit (GMU) from Kolkata to Mumbai has triggered strong opposition from civil society groups, with warnings of a significant fiscal impact on West Bengal, as reported by Economic Times. In a formal complaint submitted to authorities, the Manch alleged that the GMU and its associated units have been...
The proposed relocation of the State Bank of India’s (SBI) Global Market Unit (GMU) from Kolkata to Mumbai has triggered strong opposition from civil society groups, with warnings of a significant fiscal impact on West Bengal, as reported by Economic Times.
In a formal complaint submitted to authorities, the Manch alleged that the GMU and its associated units have been major contributors to the state's GST collections. "Not only will this relocation impact revenue, but it also threatens the livelihoods of over 70 contractual staff currently employed in these units," said Biswaranjan Ray and Soumya Datta, joint convenors of the forum.
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The State Bank of India, responding to concerns raised earlier this year, clarified that decisions related to opening, shifting, or rationalisation of offices are routine parts of business strategy. In a letter dated June 11, 2025, addressed by the bank’s Deputy General Manager (Operations) at the Corporate Centre, SBI explained that such decisions are based on “evolving operational and administrative requirements.”
However, civil society groups found the response unsatisfactory. The Manch criticised the bank's explanation as "generic and bureaucratic" and said it lacked any substantive justification for relocating a strategic unit like the GMU. “The reply does not address the core issues raised or offer any rationale for the displacement of such an important unit from Kolkata,” the forum said.
The group has now escalated the matter to the Centralized Public Grievance Redress and Monitoring System (CPGRAMS), under the Department of Administrative Reforms and Public Grievances.
Protestors have also raised concerns over what they perceive as a breach of historical and legal commitments. They cited a 2008 agreement between the bank and its federations, which, they argue, affirmed the retention of the GMU in Kolkata—a unit that evolved from the erstwhile Foreign Department.
Calling the relocation part of a “pattern of systemic marginalisation” of Kolkata and West Bengal in the national banking framework, the Manch has urged intervention to halt the shift and preserve the city’s institutional role in the financial sector.
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