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Bengal may lose ₹25 cr GST as SBI shifts key unit from Kolkata to Mumbai
Kolkata faces a potential state GST loss of nearly Rs 25 crore this fiscal year as the State Bank of India (SBI) moves to relocate its Global Market Unit (GMU) from Kolkata to Mumbai, a civil society organisation has claimed.
This proposed shift has drawn protests from civil society groups like Bank Bachao Desh Bachao Manch (Save Bank, Save Nation Platform), describing SBI's decision as "arbitrary and opaque".
"The GMU and associated units contribute significantly to state revenues via GST, nearly Rs 25 crore this fiscal year. Additionally, over 70 contractual staff stand to lose their jobs," Bank Bachao Desh Bachao Manch joint convenors Biswaranjan Ray and Soumya Datta said in a complaint.
The State Bank of India recently stated that decisions regarding the opening, shifting, or rationalisation of branches and offices are part of an ongoing business process based on evolving operational and administrative needs.
This explanation was provided by the Deputy General Manager (Operations), SBI Corporate Centre, in a letter dated June 11, 2025, which responded to a previous complaint from Bank Bachao Desh Bachao Manch to the President of India in March.
The Manch found SBI's reply to be "generic and bureaucratic", and "devoid of substance or justification".
The group also noted that it neither addressed the core issues raised nor provided a rationale for the displacement of strategic banking operations.
The Manch then complained to the Centralized Public Grievance Redress and Monitoring System (CPGRAMS) under the Department of Administrative Reforms and Public Grievances.
Protestors have highlighted several concerns beyond the potential GST loss, including the disregard of historical and legal commitments, specifically a 2008 agreement between the bank and its federations to retain the GMU (which evolved from the erstwhile Foreign Department) in Kolkata.
The GMU's shifting is part of a "pattern of systemic marginalisation" of Kolkata's and West Bengal's institutional roles within India's banking landscape, the forum claimed.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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