Controversy as SBI Plans GMU Relocation to Mumbai

A civil society platform opposes SBI's plan to relocate its Global Market Unit from Kolkata to Mumbai, fearing job losses and a weakened financial ecosystem in West Bengal. They've urged President Murmu to prevent this move, arguing it contravenes financial decentralization and regional economic stability.

The civil society platform, Bank Bachao Desh Bachao Manch, is raising alarms over the potential move of the State Bank of India's Global Market Unit (GMU) from Kolkata to Mumbai. This move is deemed detrimental to the financial foundation of West Bengal.

In a letter directed at President Droupadi Murmu, the forum expressed grave concerns about SBI's proposal to centralize key foreign exchange operations in Mumbai. The GMU, active in Kolkata since its inception, handles critical international financial transactions.

The planned relocation is seen as a direct threat to regional economic stability and job security, affected stakeholders argue. The forum points out that this mirrors previous financial centralization actions, feared to undermine the state's economic contributions significantly.

(With inputs from agencies.)