Call to Action: Safeguard Kolkata's Banking Role

A civil society organization urged West Bengal's Chief Minister to counter State Bank of India's decision to relocate core functions from Kolkata to Mumbai. The move may affect employment, state revenue, and contravenes prior agreements. Immediate action is urged to protect Kolkata's banking stature.

A civil society organization has called on West Bengal Chief Minister Mamata Banerjee to address the State Bank of India's decision to relocate its Global Market Unit and other key operations from Kolkata to Mumbai.

The organization, Bank Bachao Desh Bachao Manch, argued in a letter that the move would severely affect employment and state revenue. It highlighted that this decision contradicts a 2008 tripartite agreement, which guaranteed Kolkata's role in certain banking operations.

The group emphasized the potential impact on hundreds of employees and families, urging the chief minister to intervene and demand that a portion of the operations be restored to Kolkata. The SBI maintains that such changes align with evolving business needs.

(With inputs from agencies.)